How To Track Your Spending And Slay Your Finances (2024)

More From Forbes

Healing The Emotional Crisis In Leadership Through Somatic Connection","scope":{"topStory":{"index":1,"title":"Healing The Emotional Crisis In Leadership Through Somatic Connection","image":"https://specials-images.forbesimg.com/imageserve/66189aeda9caa98bf15ee47c/290x0.jpg?cropX1=19&cropX2=1598&cropY1=0&cropY2=1183","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 12, 2024","hourMinute":"07:19","amPm":"am","isEDT":true,"unformattedDate":1712920740000},"uri":"https://www.forbes.com/sites/meimeifox/2024/04/12/healing-the-emotional-crisis-in-leadership-through-somatic-connection/"}},"id":"eiggk9fdf59400"},{"textContent":"

How AI Tools Can Make More Money For Small Businesses","scope":{"topStory":{"index":2,"title":"How AI Tools Can Make More Money For Small Businesses","image":"https://specials-images.forbesimg.com/imageserve/6617e62763b4902c0a74535c/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 12, 2024","hourMinute":"06:00","amPm":"am","isEDT":true,"unformattedDate":1712916000000},"uri":"https://www.forbes.com/sites/melissahouston/2024/04/12/how-ai-tools-can-make-more-money-for-small-businesses/"}},"id":"6n99eqo5oq0800"},{"textContent":"

3 Ways To Exude Confidence As A Leader","scope":{"topStory":{"index":3,"title":"3 Ways To Exude Confidence As A Leader","image":"https://specials-images.forbesimg.com/imageserve/66187575f2737bbbf3795962/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 12, 2024","hourMinute":"02:13","amPm":"am","isEDT":true,"unformattedDate":1712902396281},"uri":"https://www.forbes.com/sites/jiawertz/2024/04/12/3-ways-to-exude-confidence-as-a-leader/"}},"id":"2r6kaiq09n6c00"},{"textContent":"

Why Closing The ‘Golf Gap’ Is An Important Step For Equity In The Workplace","scope":{"topStory":{"index":4,"title":"Why Closing The ‘Golf Gap’ Is An Important Step For Equity In The Workplace","image":"https://specials-images.forbesimg.com/imageserve/66184c3c173b1a3b53241cf2/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 11, 2024","hourMinute":"06:07","amPm":"pm","isEDT":true,"unformattedDate":1712873247560},"uri":"https://www.forbes.com/sites/elizabethpearson/2024/04/11/why-closing-the-golf-gap-is-an-important-step-for-equity-in-the-workplace/"}},"id":"3jm7ero4qbao00"},{"textContent":"

The Woman Trying To Clean Up Boeing’s 737 MAX Mess. Plus: What Banks Don’t Understand About Female Founders","scope":{"topStory":{"index":5,"title":"The Woman Trying To Clean Up Boeing’s 737 MAX Mess. Plus: What Banks Don’t Understand About Female Founders","image":"https://specials-images.forbesimg.com/imageserve/6618511c57b6a218d6edfa1a/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 11, 2024","hourMinute":"05:15","amPm":"pm","isEDT":true,"unformattedDate":1712870107887},"uri":"https://www.forbes.com/sites/maggiemcgrath/2024/04/11/the-woman-trying-to-clean-up-boeings-737-max-mess-plus-what-banks-dont-understand-about-female-founders/"}},"id":"6jao3njme32g00"},{"textContent":"

Fabletics Commemorates Its 10th Anniversary With Renewed Commitment To Create Activewear For Every Body","scope":{"topStory":{"index":6,"title":"Fabletics Commemorates Its 10th Anniversary With Renewed Commitment To Create Activewear For Every Body","image":"https://specials-images.forbesimg.com/imageserve/6613fa4ec142148b65e3d012/290x0.jpg?cropX1=0&cropX2=1651&cropY1=454&cropY2=1383","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 11, 2024","hourMinute":"02:23","amPm":"pm","isEDT":true,"unformattedDate":1712859801525},"uri":"https://www.forbes.com/sites/gabbyshacknai/2024/04/11/fabletics-commemorates-its-10th-anniversary-with-renewed-commitment-to-create-activewear-for-every-body/"}},"id":"cpifq9f4q1m800"},{"textContent":"

7 Communication Mistakes That Make You Sound Less Competent And Shy","scope":{"topStory":{"index":7,"title":"7 Communication Mistakes That Make You Sound Less Competent And Shy","image":"https://specials-images.forbesimg.com/imageserve/660f0c4a94ad0b108cfcdf68/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 11, 2024","hourMinute":"11:00","amPm":"am","isEDT":true,"unformattedDate":1712847600000},"uri":"https://www.forbes.com/sites/womensmedia/2024/04/11/7-communication-mistakes-that-make-you-sound-less-competent-and-shy/"}},"id":"dr0mrklp8n9k00"},{"textContent":"

Top Skills To Transition From Career To Entrepreneurship","scope":{"topStory":{"index":8,"title":"Top Skills To Transition From Career To Entrepreneurship","image":"https://specials-images.forbesimg.com/imageserve/66168a5bdb842f85414d7167/290x0.jpg","isHappeningNowArticle":false,"date":{"monthDayYear":"Apr 11, 2024","hourMinute":"06:00","amPm":"am","isEDT":true,"unformattedDate":1712829600000},"uri":"https://www.forbes.com/sites/melissahouston/2024/04/11/top-skills-to-transition-from-career-to-entrepreneurship/"}},"id":"574ij3ciq32000"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};

How To Track Your Spending And Slay Your Finances (2024)

FAQs

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Can I track my spending? ›

Review bank statements and credit card statements.

If you mostly shop online, your monthly statements will have the spending record you need. Review them at the end of the month.

Why track my spending? ›

The main reason you should track your expenses is to identify and eliminate wasteful spending habits in your financial life. Moreover, consistently tracking your expenses will help you maintain control of your finances, and promote better financial habits like saving and investing.

What does keep track of spending mean? ›

In a nutshell, expense tracking is a budgeting method for keeping a record of all expenditures throughout a period of time and avoiding getting off-track in your budget.

What are the three types of expenses? ›

A normal budget breaks down expenses into three categories: Fixed, Variable, and Periodic.

Is 4000 a good savings? ›

Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved.

How much should I save per month? ›

How much should you save each month? For many people, the 50/30/20 rule is a great way to split up monthly income. This budgeting rule states that you should allocate 50 percent of your monthly income for essentials (such as housing, groceries and gas), 30 percent for wants and 20 percent for savings.

How to budget $5,000 a month? ›

Consider an individual who takes home $5,000 a month. Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000.

What is the average monthly expenses for a single person? ›

The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month. Housing tends to consume the highest portion of monthly income, with the average annual spending on housing at $1,885 per month per person.

Top Articles
Latest Posts
Article information

Author: Msgr. Benton Quitzon

Last Updated:

Views: 6179

Rating: 4.2 / 5 (63 voted)

Reviews: 94% of readers found this page helpful

Author information

Name: Msgr. Benton Quitzon

Birthday: 2001-08-13

Address: 96487 Kris Cliff, Teresiafurt, WI 95201

Phone: +9418513585781

Job: Senior Designer

Hobby: Calligraphy, Rowing, Vacation, Geocaching, Web surfing, Electronics, Electronics

Introduction: My name is Msgr. Benton Quitzon, I am a comfortable, charming, thankful, happy, adventurous, handsome, precious person who loves writing and wants to share my knowledge and understanding with you.