The ability to track your spending is one of the most beneficial things that you can do. Once you have started seeing where your money actually goes you have a much better chance of controlling it. This is the way that people form better budgets. They start tracking what they are spending their money on. This allows them to sort out the things that are wasteful.
Check Your Debit and Credit Card Statements
Most consumers are going to spend with plastic before they reach for cash. It is a lot more common to have a debit or credit card statement that has a more detailed account of what you are spending. Some credit card companies like Discover will give customers a real detailed breakdown of their spending. A person that has this type of account can access a 5 year history of their spending. They can get their expenses broken up into different categories. This is the best way to analyze what is spent without lifting a finger.
Scan Your Receipts With Apps
A person that keeps different receipts is just fooling themselves. They are never going to set down and manually put these receipts into a spreadsheet. This is why there are so many apps out there that can scan receipts. The receipts that you keep are easy to scan. This makes the process a lot easier. Consumers can get a lot of receipts scanned without wasting a lot of time.
There are apps like Lemon and Evernote that allows people to save receipts to their phones. These apps are great because the apps extract the expenses and add these amounts. A spreadsheet can be done to analyze total monthly spending just from scanning receipts.
Sort The Money Before You Spend It
Another valuable way to analyze money is by sorting it before you spend it. This has proven to be effective because you cannot spend more than you allocate. People that do this will not have to worry about how much they will pay each month. They will already know what they are spending based on what they have allocated.
Get Together With Groups
Sometimes it is easier to get together will a group of people that have already been analyzing their spending. There are always friends that have information that can be shared. Each one of you may be able to contribute something new to a budget tracking expense sheet. Everyone has different money management styles. When groups come together they will have a better understanding of where they have failed. They will be able to do a spending analysis together and build spread sheets for spending.
Design a Detailed Spread Sheet
At the end of the day it is easy to compile and export data if there is a spreadsheet. You can add data from a smartphone app or edit a preexisting app. It is just easier to analyze spending when there is detailed information that is properly formatted. Monthly bank statements make this process easier.