Have you ever asked yourself this before?
If you have you are not alone. This exact question is asked by thousands of people every time they look at their bank statements or call their banks.
Two things are wrong. This means that as consumers, it is our job to keep track of our money, not the banks' or anyone else's. Most people don't know that as customers, we shouldn't have to call the bank to ask this question because we should already know the answer.
Let's talk about this some more...
Most people don't keep track of their money. Why is that? Some of the most common "reasons" I hear:
- I'm not sure!
- "Forgetfullness"
- Not enough time
Not enough time
People often complain that they don't have enough time in the day to do everything they need to do. With soccer practise, doctor's appointments, helping with homework, and all the other things we have to do every day, it's no wonder we don't have time to do the simple things.
If you know how to do it right, keeping track of your account is a simple task.
The funny thing about all of this is that the banks give you the tools you need to manage your accounts well. But most of us don't use even a small part of those tools.
Most banks, for example, have some kind of online banking service. This option makes it easy for you to keep track of your banking transactions from anywhere with an internet connection. You don't even have to call your bank to do some simple maintenance tasks.
This is a great tool because you can use it any time, day or night. So, once you've put the kids to bed and settled down, you could use this helpful tool to keep track of your daily costs.
Note:
Here, it's important to remember that the tools the bank gives you are just that: tools. They won't keep an eye on your account for you. That's what you do.
Forgetfulness!
With everything going on in our lives, it's hard to keep track of everything we buy in a day. We will always forget something, which is one reason why we often find ourselves scratching our heads and asking, "What happened to my money?"
It's important to set up a system that lets you stick to your schedule and keep accurate records of your daily expenses.
Depending on how you live, you should look at your daily habits and find a way or time to keep track of what you spend your money on every day.
Not Sure
This is just a case of being totally and completely lazy. There was no other way to say it.
People get lazy. It is easier to not do it and hope that someone else will do it than to care every day about where your money is going.
We all know that being lazy almost always causes more problems. By not taking OWNERSHIP of YOUR money, you give it to other people to handle.
"If you want something done right, do it yourself," my dear, sweet grandmother used to say.
If that's not about right, what is?
If you want to change your financial situation, you need to know where to start. You can't do that if you don't know where your money is going right now.
Now that we've talked about some of the most common reasons why most people don't keep track of their money, what are some ways to fix this?
- Stop being so lazy and do it.
- Hire a bookkeeper
Let things keep going as they are. (It's not a good idea)
You can choose. I suggest option #2.
If you want to know how my wife and I started keeping better track of our money, click on the link below:
System for Budgeting
You will not only learn how to easily and quickly keep track of your daily spending, but you will also get tools and tips to help you make the best budgeting system ever, which will make your bank account grow at an alarming rate.
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Mosiekk Conley owns and made the Budgeting Basics System, which shows you how to budget in a smart and effective way. If you want to know more:
System for Budgeting
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