Now imagine this going on every week for a year; that is potentially $4,680 that has “disappeared.” Extrapolate out two years, three years, four years…that’s a lot of money that is unaccounted for!
When I ask coaching clients and workshop attendees, “Do you know how much money you spent last year AND on what items?,” an alarming 80% reply “no.” Of the 20% that say yes, half only know the amount of what they spent, but not the details of the amount.
The cumulative affect of not knowing what you are spending your money on is costly, and not just financially.
When you are unable to account for your money, you miss out on the opportunity to make choices that will enable you to treat it well and in turn have it treat you well. Likewise, you miss the chance to see – on paper – if you are spending your money in ways that support your values, goals and priorities, and to calculate if you are operating at a profit, break-even or loss. Ultimately, you miss the chance to increase your financial productivity and heighten your financial self-awareness.
We started this eCourse with a tracking exercise: Tracking your time. Seems only fitting to conclude it with another tracking exercise: Track your money. It is a tip that a lot of people resist doing even though knowing – I mean really knowing – where your money is going, as well as where it is coming from, is paramount for financial success!
For the next thirty days, I want you to track ALL of your money. Get a receipt for literally everything you purchase, make note of every bill you pay, and record all sources of your income. And remember, the specific tracking tool matters a lot less than the discipline and commitment to track!
There are myriad benefits to tracking, but the ultimate one is that it reminds you that you don’t manage money…you manage choices. Tracking exposes the choices you are making and whether those choices are furthering your efforts to have and be more or hindering them!
This concludes your eCourse: The 7 Best Money Choices You’re Probably Not Making…But Should! I hope these tips (and reasons for the tips) become an integral part of the tool-kit you use to master your relationship with money!!
p.s. please complete this one-question survey to let me know how this brief eCourse helped you: click here to complete this statement, “This eCourse helped me…”