This is it! Your new motto! The way to start some change in your life.
Let’s examine exercise and nutrition–two of my favorite things. I personally use MyFitnessPal for tracking exercise and nutrition while my wife participates in Weight Watchers. Both are great for what you need.
What they have in common–you track! And by track, I mean you track nearly every single thing you put in your body, a beer, a french roll, a string cheese, a bowl of ice cream and if you choose, even water… You track and you set goals which will restore control.
In December, I was 171 pounds and wanting to lose some weight for a Baker to Vegas (B2V), a law enforcement relay race. I set a lofty but achievable goal to get to 155 pounds (my Marine Corps boot camp weight). MyFitnessPal assigned me a daily calorie count and I started tracking what I was eating and drinking. Tracking anything religiously will improve performance because one will become aware of the good and the bad. I noticed I was eating too many high sugar and high carbohydrate foods, so I started to minimize those two things. And a few months later, Boom! Hit my goal. Unfortunately due to extenuating circumstances (Covid-19), B2V was cancelled. Insert sad face!
Been
Under
Debt
Get
Expense
Tracking
Now that we know our attitude about money, and we have discussed the Financial Warrior Mindset, we have to start a plan. In order to start our plan we need to start with Semper Semita. You can and will guarantee your success in your ascent to becoming debt free by tracking your expenses. By tracking, you take back control over money. In turn, relieving stress, reducing wasteful spending, and establishing a plan.
Once we begin to track our expenses and you become aware of where our money is going it will be eye opening. It’ll give you insight to where and what your needs and wants are.
So there are few ways to start tracking–handwritten, on a spread sheet, or using a phone app/website. There are pros and cons to all three. How you track is really up to you. What I can suggest is that you do whatever works best for you, and what you are willing to use. The biggest problem that arises is you start it and tracking goes great for a month, then you just stop. Semper Semita! You have to stay on it–track, track and track some more. Restart ANY time to get going.
Handwritten Tracking.
People still do that, yes they do. The cavemen approach to Semper Semita is still used. The reason it works for some people is because when you write it down you are physically and mentally aware of the money being spent. So grab a piece a paper and a pen and get started.
Any time you buy or pay for anything print the receipt or when you receive a paycheck/form of income–write it down. Some titles can be as simple as date, description, (+/- amount), and need or want. Don’t try to be too fancy, just keep it simple and understandable. The goal is to discover where your money is going.
(My wife would say everything at Target is a “need.” But, we know she’s a bit inaccurate here! Ha!)
That’s just a simple way to track your expenses. Or you can order an expense ledger from Amazon. Just type in ‘Expense Tracker,’ and explore the options. The other option is to go to Google and search ‘Expense Tracker.
Pros. Free, or low-cost. High awareness of spending habits. Minimal tools (pen, paper, and calculator needed).
Cons. Time intensive. Evidence gathering (receipts). Creates clutter.
Spread Sheet.
Google Sheets. A more in tune with present times way to Semper Semita. Google Sheets has a template for a Monthly Budget. So if you prefer the fingers-to-keyboard method then this is your solution. If you need help, then YouTube has a lot of beginner videos. Check out the screen shot below.
Pros. Free, easy to use, shareable
Cons. Time intensive, again you need receipts
App/Website.
Mint. I like this option.
Mint is an online website that also has an app. It is compatible with almost all cell phones. I personally use Mint because of the ease and simplicity of the site. Simply sign up and start linking your accounts–and I mean all accounts. It categorizes your spending and allows you to set goals and even provides a monthly credit score. So as you pay off that BAD debt, you’ll get updates on your rising credit score. The other part of the site I like–you can leave feedback. Mint did not have one of my banks listed (TRowePrice), so I sent feedback and ‘Bam’ they updated their banks! Great Service!
Pros. Free, simple, automated, shareable (with budget partner)
Cons. A lot of front end work, should be checked daily for accountability.
Whatever method you decide to Semper Semita with, just start. The most difficult part of anything it starting it. Once you have started the results WILL follow, and it will just get easier because it’ll become routine. And routines are a great thing. Think about how you brush your teeth or conduct a traffic stop–you have steps in place so you don’t forget anything.
You don’t have to track forever! Once you are debt free, you may not choose to monitor your money as often.
Your Assignment.
Not in a relationship—Start Semper Semita. Collect receipts and start a hand written expense tracker or Google Sheets OR sign up for Mint and link accounts.
In a relationship—Start Semper Semita. Come to an agreement between you and your significant other on how you want to track your spending. Once you agree, pick hand written, Google Sheets, or Mint.