Money management is one of the most important skills a mother can have. Between food shopping, clothes and extracurricular activities, it can be difficult to keep track of where all your money is going. One way to get a handle on your finances is to make a monthly expense list. Here we have put together a guide to help you start monitoring your monthly expenses.
1. Start with a blank sheet of paper or spreadsheet.
2. Label the columns with the following categories.
- Date
- Item
- Amount
- Payment Type (cash, cheque, debit/credit card)
3. Enter all expenses for the month in the appropriate columns. Include everything from food shopping and fuel to clothes and entertainment.
4. At the end of the month, review your expense list and look for patterns. Are you spending more money than you realised on eating out? Are there certain items that you could cut back on? Use this information to make changes in your spending habits for the following month.
5. Repeat steps 1-4 each month to get a clear picture of your spending habits over time. With this information, you can make adjustments as necessary to ensure that your money is going where you want it to go.
This is just a guide for the steps you can take to build your own monthly expense list. You may feel that you need to add more information about certain expenses or perhaps adjust the timings for certain bills, such as those that are quarterly instead of monthly.
A monthly expense list is a helpful tool for any mother trying to keep track of her finances. By taking some time each month to review your spending habits, you can make changes as necessary to ensure that your money is being spent in the way that you want it to be spent. With a little bit of effort, you can get your finances under control and provide security for yourself and your family.
