May 19

How Do You Track Your Spending?

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The benefits of tracking spending is not limited to our elderly clients; there is also much to be gained for younger clients. We work with a successful salesperson with two homes and investment properties. However, he found himself to be incredibly stressed by his spending compulsion.

So, we downloaded the previous six months banking and credit card transactions into Quicken and categorized them.

We looked at his monthly spending on big categories such as home maintenance for his two properties, clothing, restaurants and entertainment. In reviewing this breakout, we could see that he spent way more on certain categories. We discussed this with him and he was able to start making adjustments without making many sacrifices.

What are the benefits of tracking your spending?

✅You’ll gain more control over your money
✅You’ll have better insight into your spending habits
✅You’ll have a better relationship with your spouse or partner
✅You’ll be inclined to spend less impulsively
✅You’ll be more confident about reaching your financial goals
✅You’ll feel less anxious about money

How do you track your spending?


Tags

credit cards, elder law attorney, elderly parents, spending habits, taxes


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