How Should I Track My Spending with Catriona & Tina
On this episode of Financially Naked: Stories from The Financial Gym, our hosts are Catriona and Tina, two Level 3 Trainers at The Financial Gym. They are here to talk about an important step of every financial journey: tracking your spending. They dive into the why behind this practice and how it can help you become intentional about your finances.
Catriona and Tina share valuable tips on creating a sustainable reflection habit. You'll learn about different methods to track your spending, from pen and paper to modern apps and tools. If looking at your spending makes you anxious, don't worry; this conversation is not about judgment but instead about gaining awareness to make mindful decisions.
Podcast Notes
An important step in every financial health journey is to track your spending. It’s an exercise in gaining awareness, not judgment. The point is to reflect, not beat yourself up.
Most people lack true awareness of their spending habits. Tracking your spending gives you a clear picture of exactly where your money is going.
This picture is the foundation for mindful spending. In order to spend money on what you truly care about, you need to know where you’re starting out.
How do I track my spending?
Choosing a tracking method depends on your preferences and lifestyle. The most important thing is consistency, so you want to select a process you can stick with.
Pen and paper is a classic method that works for many. Use a cute notebook you enjoy looking at.
Financial Gym clients can access the Training Zone, which automatically tracks spending and accounts. Your trainer has access to this info, and it’s a great tool!
Spreadsheets are a classic, powerful tool loved by many for tracking and budgeting.
Some budgeting apps include Mint, Honeydue, RocketMoney, and Cleo.
You Need a Budget, or YNAB, is a popular tool, though it’s more complex and a paid subscription.
Tips for consistent habits
The system does not need to be complicated. Start with a few categories and expand from there as needed.
Once you pick a tool to track your spending, set up a time to look at the numbers and reflect. A tool isn’t useful if you aren’t opening it up and using the data.
This becomes a smaller project if you have a system and keep up with it. When starting out, we recommend tracking weekly or at least monthly. A longer period of time can show you different trends.
Once you have a good tracking system in place, the next step is to plan your spending in advance, aka set up a budget. This helps you have a system for your regular life and plan for unexpected things, too.
You can then plan for your goals as part of the bills. When you make this shift, you see consistent progress toward financial goals, and it can all be automated.
Benefits of tracking your spending
You can ensure your spending aligns with your values when you take the time to see where your money is going now.
You do not have to track your spending forever if you don't want to. It's a great tool when starting a financial journey or if you want to practice mindfulness.
Don't stress about doing it exactly right or setting up rigid rules for yourself; just focus on being intentional and finding a system that works for you. It's all about taking it back to the basics.
The ultimate goal is for your finances to be boring. If you're in a good rhythm and don't have to look at it all the time, you're in a good spot.
If you want to work with a Certified Financial Trainer to help track your spending, schedule a free warm-up call today! If you want to share the biggest surprise you learned after tracking your spending send an email to trainerpodcast@fingyms.com.
Resources
Meet The Trainers
Meet Catriona Williams, Level 3 Certified Financial Trainer
Meet Tina Hang, Level 3 Certified Financial Trainer