Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: Dr.Bitcoin_Strange on September 10, 2024, 07:00:27 PM
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
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. Do you keep records of your spending or you only do budgeting?
Well, I'm not into record keeping of my spending but I'm more into budgeting. I always use budgeting when it comes to spending my money and it always helps me. But, I'm thinking that record keeping of my spending could be a good thing that I might consider in future.
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1. Do you keep records of your spending or you only do budgeting?
2. Do you think that record keeping is also good as budgeting?
1. Sometimes but I take reviews on the record of my spending just to observe what I did wrong with things that just my wants and not my needs. Sometimes when we are outside buying things we may pick and pick things not included on our list and that would add up to the budget so yeah that is the reason why I double check records so I have ideas to improve next time I go shopping.
2. Well yeah as I said above records can be very important for our assessment whether we have had unnecessary things that needs to be eliminated next time and that could possibly lower our spending and that is a form of budgetting.
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I agree with this because it is important to know where your money is going and keep track of it, whether you are using an app or a spreadsheet. As long as you know the categories, you will be more adept and conscious of where you are spending.
Implementing it in crypto would be challenging. That’s why I only do my stuff and track the spending on my card
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this is what receipts are for. some people just compile them but maybe adding them on the spreadsheet to view them for a summary of the spending. this is where you see where the money goes and may be able to decide which to lessen the budget.
lets say you spent more on beers than the breakfast for your kids because every morning they only eat cereals. maybe every other day preparing them omelette and bacon will make a difference in their class performance. ;D less beer for week days, maybe just week ends.
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1. Do you keep records of your spending or you only do budgeting?
[/quote]Since I normally have a budget plan of the amount to spend every week, I don't see any reason to keep record of what I have spend. I don't see the need for that anyway, since I am spending the amount budgeted for the week wisely, not lavishly. When someone budgeted money is spend wisely, they will find the need not to begin to keep record of it because it's not necessary.
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
My own idea of budget is that it's a way to make plans of the thing you might be needing to purchase on the long run and how much you should be preparing to spend on them. It's different from keeping a spending record that because you can spend most times without even budgeting for it and then When you have no records, you might not know how you spent your funds and probably thinking you lost them on the way or something. I do keep record, when I make large purchases that I have already budgeted for. But for smaller items I just know I would still buy them lon a regular bases, so I don't keep records.
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
Having a spending record is also as important as having a budget, I went through your points and I must say that they are very sound and agreeable. A lot of people spend without keeping track of their expenditures and at the end of the day they start feeling like they threw their money away but whereas it was spent on something. After having a budget list you can also checkmate what you achieved on the budget instead of making another List of spending record although while making a budget they might be some contingencies, the prices of might be slightly increased or you might decide to make some changes, having a spending record isn't going to be a bad idea due to this contingencies
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My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
I budget what I spend every month and break it further down to weekly and this help me know my limit on spending. Without budgeting what I spend weekly, I observe that the money I keep for expenditures on savings doesn't tally, at the end I even get confused because I will calculate everything and still found out like I didn't spend but the money are no where to be found.
I'm not sure about the record keeping but sometimes as a human being, there are some spending you don't even expect especially when you have too much liability around you. Remember there are days you will spend on your health and there is no way you will know exactly what to spend on your health issues, sometimes you also make donations you don't plan sometimes unless you included it on your budget.
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. Do you keep records of your spending or you only do budgeting?
Well, I'm not into record keeping of my spending but I'm more into budgeting. I always use budgeting when it comes to spending my money and it always helps me. But, I'm thinking that record keeping of my spending could be a good thing that I might consider in future.
Budgeting is also a pretty great way to also track your spending, especially for people are always busy or choked with activities, because when you’ve got piles of activities lining up in your schedule, you can barely squeeze in the time to start recording. The only difference between the both concepts or types of tracking your spending is that, while budgeting could be seen as an alternatively great way to track your spending, it may not give you an exact track record of your spending, it can only give you a range of how much money you spend on that particular expenses within a particular range of time or interval, but when you manage to squeeze in time into your busy schedule to record your spending, you’ll be getting an accurate track record of your spending, thereby avoiding overspending or underspending in some cases.
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. Do you think that record keeping is also good as budgeting?
Keeping track of how much you've spent by having a spending record can help you spend less and be more conscious of impulse buying, which is a challenge that most people face whenever they have a lot of money in their hands that they feel is sufficient for their wants.
A spending record can help you keep in check your spending habits so that you do not try to spend more money today than you did yesterday unless it is totally unavoidable.
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I plan things and I'll make sure I stick with it, so yeah keeping the record of spending is necessary if you want to avoid unnecessary spendings and it also gives you an idea where you have been spending your money and who knows you maybe spending on something more than you expected to be.
But it's just a part and it will becomes a habit and no need to do anything extra once you follow it for few weeks.
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I don't keep rvord of my spending budget because I think that it is irrelevant since money spent is gone whether you spend it wisely on not. From your spending budget it means that you have written down the important things that you want to do with your money and whatever expenses that is not recorded is known as miscellaneous spending. I doubt that anyone will finding writing down every penny that leaves his pocket out funny. It is easu said than done because money that you spent on petty things is not important to record.
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Keeping track of how much you've spent by having a spending record can help you spend less and be more conscious of impulse buying, which is a challenge that most people face whenever they have a lot of money in their hands that they feel is sufficient for their wants.
A spending record can help you keep in check your spending habits so that you do not try to spend more money today than you did yesterday unless it is totally unavoidable.
Indeed, overspending and understanding is sometimes the biggest problem some people face, and one effective way to tackle this particular is situation would be to keep track of your spending habit, by doing this, you’ll be able to know exactly how and where your money goes and then possibly make readjustments when/where needed.
You’re als very correct, a lot of people end up buying things they don’t even need and probably won’t even make use of, and all this is simply because they fail to keep a proper record of their spending, maybe they just budget particular amount for shopping or accessories, and due to the fact that there’s still money left in the budget, and rather than putting the money to cover another expense, you’ll see them lavishing the money on irrelevances
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Generally i belong to a middle class family due to which i have to keep track of income and expenses. After i keep a record of expenses i set a budget. Since i am involved in crypto investing so i keep aside as a budget the amount of money needed to manage life. Then extra money i can spend in crypto invest.
On the other hand the record keeping is definitely better and more effective for middle class and poor people If my income is low then i have to keep the spending budget low. Let's say if i budget $100 in expenses for the current month, that needs to be recorded. It is definitely better to keep a record of how and where i spend so that i don't face new problems next month.
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It is easu said than done because money that you spent on petty things is not important to record.
and that is how you will lose money lol
what if everything a person does is just spend their money on little petty things that they don’t really need? if they don’t keep track of just how much they have been spending then they wouldn’t realize how much they have wasted already it is very easy to spend money and if you don’t keep track of it sooner or later you’ll find yourself penniless
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I guess I could say I have one, even though I'm not actively recording it. I spend most of my money through online shopping or transfers, so I can easily export the record from apps that I use. When I need to withdraw cash from my bank though I try to note down what I buy with my money. I have practiced this habit since high school so it's easier to stick with it. I imagine it can be a bit difficult to get used to if you never do one.
It doesn't help much to prevent my reckless spending on games or stuff like that though. Maybe because my self-discipline is lacking in that regard.
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"My questions are; "
. Do you keep records of your spending or you only do budgeting
?
. Do you think that record keeping is also good as budgeting?
The two work hand in hand without detailed recording it is difficult to prepare a budget accurately. So keeping record is like a tracker that tracks every financial activities and every money being spent, such as investment and savings. While budgeting involve allocation of fund appropriately for various need through planning your income and expenditure on time. Budgeting help to mitigate over spending why keeping record help you to know where your money goes.so both of them are important, they help you to manage your finance properly.
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"My questions are; "
. Do you keep records of your spending or you only do budgeting
?
. Do you think that record keeping is also good as budgeting?
The two work hand in hand without detailed recording it is difficult to prepare a budget accurately. So keeping record is like a tracker that tracks every financial activities and every money being spent, such as investment and savings. While budgeting involve allocation of fund appropriately for various need through planning your income and expenditure on time. Budgeting help to mitigate over spending why keeping record help you to know where your money goes.so both of them are important, they help you to manage your finance properly.
Indeed, while one may be able to effectively apply one of both strategies, applying both can give a more accurate and effective result in one’s personal finance. When the duo is combined together, they’ll provide a more effective result towards taming certain unprecedented chaos that one may likely encounter in financial management.
Keeping of record lays the foundation and also provides a clearer picture of your financial landscape. It’s like being able to track every transactions with a GPS, which helps to identify your spending pattern and also detect the areas that requires you to make certain alterations and possible improvements too.
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Keeping track of how much you've spent by having a spending record can help you spend less and be more conscious of impulse buying, which is a challenge that most people face whenever they have a lot of money in their hands that they feel is sufficient for their wants.
I think it probably doesn't lower your spending, but it avoid an excessive spending.
When you evaluate your spending, you must plan to limit it in the future. Limit the spending means budgeting your spending, this way will minimize the chance of an excessive spending.
A spending record can help you keep in check your spending habits so that you do not try to spend more money today than you did yesterday unless it is totally unavoidable.
It is good to have a spending record, we can recheck how our spending weekly or monthly. However, there should be some limitation on your spending budget. If you only have a spending record without a plan of limit the budget, it will work nothing. Spending record isn't only the media to monitor our spending, it is the way to avoid unnecessary spending.
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Budgeting and record keeping are clearly not the same.
~ Records can be stored for so many years and one can still reflect back to them any time you want.
Businesses do this mainly for audit and tax purposes. As an individual, how long do you plan on keeping these records and what's the real purpose? This can be time consuming if you're doing this alone and those little times could be spent on something else that's also productive.
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keeping a spending record is good because it can help you to know what you spend your money on it is also important to use on business. Also, it is time-consuming to just budgeting your money if it is just for personal activities. Still, if you want to spend your money more wisely and efficiently you can add extra effort by keeping a spending record while in a spending budget.
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keeping a spending record is good because it can help you to know what you spend your money on it is also important to use on business. Also, it is time-consuming to just budgeting your money if it is just for personal activities. Still, if you want to spend your money more wisely and efficiently you can add extra effort by keeping a spending record while in a spending budget.
it is necessary to keep a spending record on business because it is to track your spendings and earnings and to decide whether your business is flunking or it’s being successful some business even hire some people to do this for them but you need to be careful because you can be fooled by anyone if you are not aware of how to maintain and manage your financial records
it is also helpful to help you keep track of supplies that you are spending too much on or too little without financial tracking your business will go nowhere
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
I budget and keep records of my spending. My spending record tells me where I've spent my money and gives me an idea if I've overspent on something and need to do better. I think most of us have that feeling of "I know I still have this much, but how come I only have this." The spending record let us know why.
In business, it's doubly important. These are financial records a it will need for statements, compliance, and for making decisions.
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
I budget and keep records of my spending. My spending record tells me where I've spent my money and gives me an idea if I've overspent on something and need to do better. I think most of us have that feeling of "I know I still have this much, but how come I only have this." The spending record let us know why.
In business, it's doubly important. These are financial records a it will need for statements, compliance, and for making decisions.
Yes, if you only depend on budgeting when it comes to your personal finances, your spending can get messed up sometimes, because there are also times certain adjustments needs to be made and without proper recording, you may not be able to figure out which area needs to be adjusted and which is okay, since you don’t have an accurate account of your previous expenditures. let’s say their budget for groceries for a week is often around $200, and for countries with very high inflation, price of things can rapidly change and without proper record keeping, you can end up under budgeting thereby messing up your expenses.
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
I budget and keep records of my spending. My spending record tells me where I've spent my money and gives me an idea if I've overspent on something and need to do better. I think most of us have that feeling of "I know I still have this much, but how come I only have this." The spending record let us know why.
In business, it's doubly important. These are financial records a it will need for statements, compliance, and for making decisions.
Yes, if you only depend on budgeting when it comes to your personal finances, your spending can get messed up sometimes, because there are also times certain adjustments needs to be made and without proper recording, you may not be able to figure out which area needs to be adjusted and which is okay, since you don’t have an accurate account of your previous expenditures. let’s say their budget for groceries for a week is often around $200, and for countries with very high inflation, price of things can rapidly change and without proper record keeping, you can end up under budgeting thereby messing up your expenses.
True. I am living in a third world country with high inflation and without proper recording, I don't think we are able to track where, when and what was the exact amount to spend or simply how we are going to fit daily expenses and other liabilities as it may leave us getting short or out of budget. That is why I keep records of my expenditures or just buy my family's needs nothing else to avoid overspending or short.
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True. I am living in a third world country with high inflation and without proper recording, I don't think we are able to track where, when and what was the exact amount to spend or simply how we are going to fit daily expenses and other liabilities as it may leave us getting short or out of budget. That is why I keep records of my expenditures or just buy my family's needs nothing else to avoid overspending or short.
Exactly.
Budgeting and recording works hand in hand to ensure an adequate and stable personal finance. One can't go without the other. If you only record without also budgeting, you'll still end up overspending or have a messed up finance planning, same thing with when you also do the latter. To get a much better result when you combine both of them respectively.
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Keeping records of your expenses, help you to calculate the total amount of money spent on your daily basis, it save every income and expenses of the company, it creates clear finances, it gives a good accurate and reliable result. It eliminates confusion and frustration, it helps to maintain and minimize lavishing the money, a good plan budget make it easier for keeping records(book keeping). Budgeting is the creation of a good plan on how you will allocate your financial resources to achieve a specific goals, it helps in money management and financial planning, it help to spend smartly, it save money and it promote liabilities reduction.
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My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
We are in digital era, banking apps keep track of spending records for you, there is no effort needed from your side. Regarding budgeting, I don't really keep budget, but I tend to have idea in my mind that only this much money should be going for expenses weekly.
As said, I don't really deliberately do either, it just happens naturally, and I do find use of both.
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We are in digital era, banking apps keep track of spending records for you, there is no effort needed from your side. Regarding budgeting, I don't really keep budget, but I tend to have idea in my mind that only this much money should be going for expenses weekly.
As said, I don't really deliberately do either, it just happens naturally, and I do find use of both.
Yeah you’re right that we are in a digital era and banking apps does actually helps us to record our transactions but then again, there are things, some micro transactions and hidden budgets that these banking apps may not be able to record. Normally, it may not be necessary to record every single transaction you make but there are certain spendings you make that really requires you to record down, in order to enable you make certain readjustments in your weekly and monthly budgets, because it’s impossible to carry al that data in your head except of course you have absolutely nothing you’re thinking about.
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We are in digital era, banking apps keep track of spending records for you, there is no effort needed from your side. Regarding budgeting, I don't really keep budget, but I tend to have idea in my mind that only this much money should be going for expenses weekly.
As said, I don't really deliberately do either, it just happens naturally, and I do find use of both.
Yeah you’re right that we are in a digital era and banking apps does actually helps us to record our transactions but then again, there are things, some micro transactions and hidden budgets that these banking apps may not be able to record. Normally, it may not be necessary to record every single transaction you make but there are certain spendings you make that really requires you to record down, in order to enable you make certain readjustments in your weekly and monthly budgets, because it’s impossible to carry al that data in your head except of course you have absolutely nothing you’re thinking about.
In India, we have thing called UPI, it's like online payment system and every shopkeeper accepts it, no matter how small or big, we use this UPI to pay instead of cash, paying with UPI means all transactions are automatically recorded in one's banking app, so I don't have to keep track of transactions manually as one may have to do with cash.
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In India, we have thing called UPI, it's like online payment system and every shopkeeper accepts it, no matter how small or big, we use this UPI to pay instead of cash, paying with UPI means all transactions are automatically recorded in one's banking app, so I don't have to keep track of transactions manually as one may have to do with cash.
Well too bad not all countries make use of the UPI. Every country has their own very payment systems and still regardless, they still make use of cash, especially some elderly folks who are yet to be conversant with these various payment systems. Not just the old folks, there are still several people who still believe having their money in cash is a lot more safer and it might interest you to know that in some third world countries, not everyone owns a bank account, yeah, that’s just the reality, so every transaction to make is totally offline. Thus the need to adequate recor keeping and manual budgeting.
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Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
It's always economical and Wise to always keep records of what we do and that also should include your financial spending as it will go a long way in helping you with how you spend your money and what you have been able to do and how you spend your money, taking a detailed record of your expenditure of your spending should be taken serious if one is to attain financial freedom and be accountable to your self because critically looking at the topic there's no difference between record keeping and budgeting as two of them are one word with two meaning because for one to have a good budget that person most also be a good record keeper
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It's always economical and Wise to always keep records of what we do and that also should include your financial spending as it will go a long way in helping you with how you spend your money and what you have been able to do and how you spend your money, taking a detailed record of your expenditure of your spending should be taken serious if one is to attain financial freedom and be accountable to your self because critically looking at the topic there's no difference between record keeping and budgeting as two of them are one word with two meaning because for one to have a good budget that person most also be a good record keeper
all you've said is entirely true.
Although while it's impossible to record every single penny that leaves your account or your hand, it is still essential to have the habit of keeping adequate records of how you spent your money and things you spent on, this essentially helps you in knowing how much you allocate or should allocate to things that are not initially included in your budgets.
Yes everyone has a spending budget, either weekly or monthly, some even daily, but these budgets can be flexible as sometimes you find out that you spend more than your budgets due to unforeseen circumstances that may have likely arise within that period, and without proper recording, these unplanned spending would always mess up your financial plans every single time you budget.
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Keeping record of spending is good but when you as a family man start keeping record of your spending it attracts alot of negative issues in the family. Stinginess comes in when a family man starts keeping records of spending he would definitely be stingy he won't feel free to bring out Money for some expenses. There are some things the family may need but when yourself see them as a not relevant things but your family needs them, problem has started. Another thing is anger when you keep records of your spending be ready to fight with anger cause when you are out of funds you might likely go back to check your record and some of the things you found pleasing but because there is no more funds you get angry at why you got them and maybe your wife persuaded you to get it😄.
It is better to keep budget rather than taking record.
I talked in respect of family. Maybe a single person may not see things as a family man sees it
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Am in support of this, we need to maintain an effective way of keeping in record all our spending, this will not give us any problem when accounting for them, we are also going to be more reliable and trusted in handling finances because we have the attitude of making inventory of all our expenses, this will help us work on each aspect of concern to us on how we are spending our money, because we could see and trace them all.
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. Do you keep records of your spending or you only do budgeting?
Well, I'm not into record keeping of my spending but I'm more into budgeting. I always use budgeting when it comes to spending my money and it always helps me. But, I'm thinking that record keeping of my spending could be a good thing that I might consider in future.
The fact is you can't be talking about budgeting without proper record keeping of your spending, record keeping of your spending we go a long way in helping you to cut down on spending that are not necessarily and important to your vision and goals in life so people should take their spending and take proper record of it as it's part of budgeting process which is key in life
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The fact is you can't be talking about budgeting without proper record keeping of your spending, record keeping of your spending we go a long way in helping you to cut down on spending that are not necessarily and important to your vision and goals in life so people should take their spending and take proper record of it as it's part of budgeting process which is key in life
People only believe that allocating or budgeting a particular amount of fund for a particular purpose or purposes is enough to help them manage their finances. Well there are those that it can actually helps, for example those who do not really have so much to record or budget for, but still, recording is still very much important because when you only budget, it can sometimes mess up your finances when you lose track of some things you should’ve usually budgeted for.
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The fact is you can't be talking about budgeting without proper record keeping of your spending, record keeping of your spending we go a long way in helping you to cut down on spending that are not necessarily and important to your vision and goals in life so people should take their spending and take proper record of it as it's part of budgeting process which is key in life
People only believe that allocating or budgeting a particular amount of fund for a particular purpose or purposes is enough to help them manage their finances. Well there are those that it can actually helps, for example those who do not really have so much to record or budget for, but still, recording is still very much important because when you only budget, it can sometimes mess up your finances when you lose track of some things you should’ve usually budgeted for.
Yes because when you keep a spending record you can track the things you bought and this helps you spot unnecessary expenses and cut back on things you don’t really need. It can also help you build better spending habits and manage your budget more effectively.
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Its an important act or behavior that we keep a track record of what we are spending, because this will help us to know how we are going to make plan ahead toward what is needed of us for the future, but its a pity whereby we discover that some never know the importance of making this a habit, some will say they don't have the time of doing that while some will say its of no meaning.
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In India, we have thing called UPI, it's like online payment system and every shopkeeper accepts it, no matter how small or big, we use this UPI to pay instead of cash, paying with UPI means all transactions are automatically recorded in one's banking app, so I don't have to keep track of transactions manually as one may have to do with cash.
This is my first time hearing such payment system which I think is very convenient for the costumer to automatically track spending and transactions as it was all recorded in that payment system. Here in my country we don't have that system and hopefully in the future we can implement that here.
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. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
I always keep track of my spending, even if most of them are not documented, I know what and how I spent my money. Record keeping is as beneficial as budgeting. Budgeting and record keeping are inextricably linked, in my opinion. Anyone who wants to be financially responsible must be able to budget and keep track of their expenses. Records will show which areas require additional spending and which require reductions.
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Yes because when you keep a spending record you can track the things you bought and this helps you spot unnecessary expenses and cut back on things you don’t really need. It can also help you build better spending habits and manage your budget more effectively.
Indeed, no matter how careful we are with our spending, there’ll always those things that we spent on but couldn’t really remember what they were and how important they are/were too. Sometimes those things could be things that are not really necessary but without appropriate recording, we could end up budgeting more than we are supposed to for the next week, considering how the previous week turned out to be. And when this happens, we could be spending more than we could’ve imagined on irrelevancies without even knowing, and when we eventually get adapted to this spending habit, it’ll be difficult to stop it, and this has the potential of either delaying or ruining our financial goals.
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Its an important act or behavior that we keep a track record of what we are spending, because this will help us to know how we are going to make plan ahead toward what is needed of us for the future, but its a pity whereby we discover that some never know the importance of making this a habit, some will say they don't have the time of doing that while some will say its of no meaning.
When advising people to track their expenses, some may think it's unnecessary or a waste of time. However, maintaining a record of expenses is crucial as it helps individuals monitor their income, expenditures, and spending habits over time.
The act of tracking expenses is an essential step in managing finances effectively and achieving long-term financial stability.
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Its an important act or behavior that we keep a track record of what we are spending, because this will help us to know how we are going to make plan ahead toward what is needed of us for the future, but its a pity whereby we discover that some never know the importance of making this a habit, some will say they don't have the time of doing that while some will say its of no meaning.
When advising people to track their expenses, some may think it's unnecessary or a waste of time. However, maintaining a record of expenses is crucial as it helps individuals monitor their income, expenditures, and spending habits over time.
The act of tracking expenses is an essential step in managing finances effectively and achieving long-term financial stability.
You are right but for me to just make things easy is that we must have this discipline for us to be able to only prioritize our needs of course to avoid unwanted or over spending. As time passes by due to inflation prices and quantity of the goods we buy will change a lot that is why we should atleast know how to budget
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Keeping a spending record is very important. It will help to track areas of recklessness in spending, it will also help to make future informed personal financial decisions.
People who want to save and maximize their limited resources have to keep track of their expenditure. Keeping track will also make you realise if you are spending above your means or not
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1. Do you keep records of your spending or you only do budgeting?
2. Do you think that record keeping is also good as budgeting?
1. Sometimes but I take reviews on the record of my spending just to observe what I did wrong with things that just my wants and not my needs. Sometimes when we are outside buying things we may pick and pick things not included on our list and that would add up to the budget so yeah that is the reason why I double check records so I have ideas to improve next time I go shopping.
2. Well yeah as I said above records can be very important for our assessment whether we have had unnecessary things that needs to be eliminated next time and that could possibly lower our spending and that is a form of budgetting.
Budgeting is not an easy task. A lot of people find budgeting almost impossible considering the fact that things are expensive and yet income isn't improving, you must be a very strict, careful and detailed person to be adhere to budget.
Please share with me, how are you able to maintain a life of budgeting?
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. Do you think that record keeping is also good as budgeting?
Keeping track of how much you've spent by having a spending record can help you spend less and be more conscious of impulse buying, which is a challenge that most people face whenever they have a lot of money in their hands that they feel is sufficient for their wants.
A spending record can help you keep in check your spending habits so that you do not try to spend more money today than you did yesterday unless it is totally unavoidable.
Exactly, keeping spending records is essential or important because it serves multiple purposes. If you are maintaining accurate budgeting or spending records it will helps and guide you in managing your expenses effectively, and you will have the ability to avoid financial difficulties and inconveniences.
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Exactly, keeping spending records is essential or important because it serves multiple purposes. If you are maintaining accurate budgeting or spending records it will helps and guide you in managing your expenses effectively, and you will have the ability to avoid financial difficulties and inconveniences.
Most definitely!
And in addition, adequate budgeting and recording of your daily, weekly and monthly expenses helps you take charge of your finances and also helps you avoid certain complications in your spending. Sometimes there can be so many things to do and you may not even know which to attend to first, sometimes, your income could even disappear just few days after its arrival and you can’t even give an account of what you did with it, these situations could be avoided when one records their spendings.
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Sometimes there can be so many things to do and you may not even know which to attend to first, sometimes, your income could even disappear just few days after its arrival and you can’t even give an account of what you did with it, these situations could be avoided when one records their spendings.
as someone who has not taken record of my expenses you totally will undermine just how costly everything is until you have spent all of your money you think you can just mentally take note of everything you buy but trust me it’s impossible no matter how good you think your memory is at some point you will forget certain expenses and will leave a gap on your memory as well as in your wallet
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My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
A record of income and expenditure must be kept, otherwise it is not possible to organize life properly. Moreover, the amount of expenditure is so high today that it is not possible to improve life unless income and expenditure are in balance. Moreover, I have to create a budget based on my monthly income and according to that budget, I have to create a weekly and daily expense account and income account, otherwise, one will never be able to do personal development.
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My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
A record of income and expenditure must be kept, otherwise it is not possible to organize life properly. Moreover, the amount of expenditure is so high today that it is not possible to improve life unless income and expenditure are in balance. Moreover, I have to create a budget based on my monthly income and according to that budget, I have to create a weekly and daily expense account and income account, otherwise, one will never be able to do personal development.
You're in order because there must be a good record concerning your spending because it is an easy way to see how you are managing your financial life which is key for anyone to have a life that is balanced in terms of what you receives in a month and what actually goes out of your hand because what most people have failed to realize is that for you to be financially stable there needs to a check and balance system where what you spend and what comes into your hand is recorded to have a balanced financial life
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as someone who has not taken record of my expenses you totally will undermine just how costly everything is until you have spent all of your money you think you can just mentally take note of everything you buy but trust me it’s impossible no matter how good you think your memory is at some point you will forget certain expenses and will leave a gap on your memory as well as in your wallet
You’re totally correct. I’ve observed more time than I can recall that I usually feel lots of financial strain and pressure whenever I fail to adequately take note of all my spending habits and expenses, or whenever I feel I can just do that using my head. And that is how come I got to realize the importance and essence of taking note of one’s expenses. Before, I used to feel there wasn’t actually much need for that, but when I started doing it, the difference became pretty noticeable and clear.
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I do keep records of all my spendings so that I may be able to recall on what I've spend my resources on, having a track record of what we have done is very important, because it also helps to revert on them after some time in other to plan ahead for the future, therefore it's very important and for reference purpose, we need to keep track on what we are using our money for, same as making adequate budgeting for all to work together for good.
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
If you check it out very well, you will see they are the same because the spending records you keep is as result to follow up your expanses based on how you have planned them. It is just a keep your expenses on track which is governed by earlier budgets.
So going through your spending budgets is to have a trace of really you are spending as efficiently or inefficiently.
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
If you check it out very well, you will see they are the same because the spending records you keep is as result to follow up your expanses based on how you have planned them. It is just a keep your expenses on track which is governed by earlier budgets.
So going through your spending budgets is to have a trace of really you are spending as efficiently or inefficiently.
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If you check it out very well, you will see they are the same because the spending records you keep is as result to follow up your expanses based on how you have planned them. It is just a keep your expenses on track which is governed by earlier budgets.
So going through your spending budgets is to have a trace of really you are spending as efficiently or inefficiently.
Yeah and to also detect when your spending budgets are changing, if they are increasing or decreasing, so as to know the best readjustments to make. Budget tracking is very important to everyone, regardless of your financial status, because some people feel it’s not necessary since they’ve got a lot of money to throw around on daily or weekly expenses. But they fail to realize that financial management begins with little expenses before it can be extended to way much bigger ones. And if one cannot learn how to manage little expenses, managing much bigger ones would also be a problem.
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Budget tracking is very important to everyone, regardless of your financial status, because some people feel it’s not necessary since they’ve got a lot of money to throw around on daily or weekly expenses. But they fail to realize that financial management begins with little expenses before it can be extended to way much bigger ones.
this is such a mistake that eventually they will realize because when you have a lot of money and yet have no idea where it is going, sooner or later you will find that you are left with nothing and you will scramble to find more money to spend so it’s better to be wise with how you handle your money even if it seems infinite it will all be spent soon
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this is such a mistake that eventually they will realize because when you have a lot of money and yet have no idea where it is going, sooner or later you will find that you are left with nothing and you will scramble to find more money to spend so it’s better to be wise with how you handle your money even if it seems infinite it will all be spent soon
Yeah no matter how unlimited money might seem to be, the truth still remains that the more you spend it, the more you lose it. And when you keep losing money without making more money it’ll continue going down until it’s finally exhausted.
And the truth is that, the reason why some people feel it’s unnecessary to keep a spending record, is because they believe they have budgeted more than enough for their day to day spendings, forgetting that most of the times, we could potentially spend outside our budget and those little expenses that we feel isn’t a problem when compiled could cause us financial distress in the future.
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It is important but we keep records of things we do down for future reference purpose, though we may not obviously acheive to placing down one everything we do in life, but there are times we must just have to record a d archive on those important contents, except when we don't have the privilege of getting any means of that record, which I also don't see as something we need to look away upon, in some certain situations, it's very important to have something to trace or fall back on.
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I do keep records of all my spendings so that I may be able to recall on what I've spend my resources on, having a track record of what we have done is very important, because it also helps to revert on them after some time in other to plan ahead for the future, therefore it's very important and for reference purpose, we need to keep track on what we are using our money for, same as making adequate budgeting for all to work together for good.
Yeah first reason I kept tracking things I bought is that the priorities should always be on the right spot and then the next thing is the price so I know how fast is it increasing and I know how much to bring. Bringing the exact amount will save us from spending on something that isn't important though bringing extra incase prices increases is also a smart way but having the discipline to stick to the plan is what we should always do.
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I do keep records of all my spendings so that I may be able to recall on what I've spend my resources on, having a track record of what we have done is very important, because it also helps to revert on them after some time in other to plan ahead for the future, therefore it's very important and for reference purpose, we need to keep track on what we are using our money for, same as making adequate budgeting for all to work together for good.
Yeah first reason I kept tracking things I bought is that the priorities should always be on the right spot and then the next thing is the price so I know how fast is it increasing and I know how much to bring. Bringing the exact amount will save us from spending on something that isn't important though bringing extra incase prices increases is also a smart way but having the discipline to stick to the plan is what we should always do.
Record keeping can be very helpful as it helps to to keep track of your spending rate especially when it comes to things that are not important especially when it comes to things that contributes to your growth level as a human being record keeping can also serve as a way of knowing how well you have used your money so far in a positive way wether the money ment for certain projects is actually been used in the right channel or not
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
Well personally I mostly make use of budgeting , this is because due to the hight cost of things in the market. Without budgeting to be sincerely speaking I may no even be able to buy more than 4 items in the market. But I personally believe than record keeping is also good because a good record keeper is a wise individual, because it helps to even know if one misplaced his money or it was stolen this is because after you are back from the market and begin to calculate the things you used your money on in juxtaposition with the twenty thousand you took to market, and you discovered that the the money is short . One can begin to trace where and how this came about. So personally speaking budgeting is better but record keeping is best and wonderful
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Well personally I mostly make use of budgeting , this is because due to the hight cost of things in the market. Without budgeting to be sincerely speaking I may no even be able to buy more than 4 items in the market. But I personally believe than record keeping is also good because a good record keeper is a wise individual, because it helps to even know if one misplaced his money or it was stolen this is because after you are back from the market and begin to calculate the things you used your money on in juxtaposition with the twenty thousand you took to market, and you discovered that the the money is short . One can begin to trace where and how this came about. So personally speaking budgeting is better but record keeping is best and wonderful
Yeah I know that, and I also believe that record keeping is a much more effective way of managing your finances more than the said budgeting. Even before budgeting, one needs to collate data from their records in order to have an insight on how much exactly to budget on a particular thing, else you may end up spending more on something that you could’ve just spent less even after budgeting.
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Well personally I mostly make use of budgeting , this is because due to the hight cost of things in the market. Without budgeting to be sincerely speaking I may no even be able to buy more than 4 items in the market. But I personally believe than record keeping is also good because a good record keeper is a wise individual, because it helps to even know if one misplaced his money or it was stolen this is because after you are back from the market and begin to calculate the things you used your money on in juxtaposition with the twenty thousand you took to market, and you discovered that the the money is short . One can begin to trace where and how this came about. So personally speaking budgeting is better but record keeping is best and wonderful
Yeah I know that, and I also believe that record keeping is a much more effective way of managing your finances more than the said budgeting. Even before budgeting, one needs to collate data from their records in order to have an insight on how much exactly to budget on a particular thing, else you may end up spending more on something that you could’ve just spent less even after budgeting.
That's true for you to have an effective budgeting system you can't take away the place of good record keeping because it's record keeping shows you how your finances are spent and where exactly the money is going so having a good record keeping is something that everyone should do, record keeping is a much better way compared to budget because it helps you to know which area of your life that more finance is going to and know which areas that is lacking so that you can have a balanced financial life
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That's true for you to have an effective budgeting system you can't take away the place of good record keeping because it's record keeping shows you how your finances are spent and where exactly the money is going so having a good record keeping is something that everyone should do, record keeping is a much better way compared to budget because it helps you to know which area of your life that more finance is going to and know which areas that is lacking so that you can have a balanced financial life
Yeah, it also helps you detect when you’re shifting from your budget, that is when you’re spending above your initial budget or when there is some sort of price change, in order for you to make every necessary adjustments where and when needed, because budgeting may not be able to detect these shifts, you’ll only know that there has suddenly become an irregularity in how you spend but you may not be able to detect exactly where, that’s another amazing benefit of record keeping.
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That's true for you to have an effective budgeting system you can't take away the place of good record keeping because it's record keeping shows you how your finances are spent and where exactly the money is going so having a good record keeping is something that everyone should do, record keeping is a much better way compared to budget because it helps you to know which area of your life that more finance is going to and know which areas that is lacking so that you can have a balanced financial life
Well said, budgeting gives room for record keeping, proper budgeting provides a foundation for effective record keeping because with proper budgeting you will be able to manage your spending and purchasing things that you need for a couple of months or year, after proper budgeting you will be able to keep record of your expenses and also tackle your incomes and expenses.
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That's true for you to have an effective budgeting system you can't take away the place of good record keeping because it's record keeping shows you how your finances are spent and where exactly the money is going so having a good record keeping is something that everyone should do, record keeping is a much better way compared to budget because it helps you to know which area of your life that more finance is going to and know which areas that is lacking so that you can have a balanced financial life
Well said, budgeting gives room for record keeping, proper budgeting provides a foundation for effective record keeping because with proper budgeting you will be able to manage your spending and purchasing things that you need for a couple of months or year, after proper budgeting you will be able to keep record of your expenses and also tackle your incomes and expenses.
The important of budgeting and keeping records of our expenditure can not be over emphasized. Especially with the kind of economic hardship that some people are facing in their country, there's a vital need for keeping record or expenditures and also making budget for every paycheck someone receives, except if the person is already very rich such that they don't care about how they spend because the money is already too much in their bank account and they also have different income means that generate more funds to them always.
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The important of budgeting and keeping records of our expenditure can not be over emphasized. Especially with the kind of economic hardship that some people are facing in their country, there's a vital need for keeping record or expenditures and also making budget for every paycheck someone receives, except if the person is already very rich such that they don't care about how they spend because the money is already too much in their bank account and they also have different income means that generate more funds to them always.
actually i feel like the more money you have the more you should be keeping a stricter spending record you might think your money is infinite it is very easy to think that way but you should realize sooner or later your money will run dry too if you are not wise enough and your money will not grow if you continue to just spend it mindlessly
and more people can take advantage of you and your money if you do not keep a spending record
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My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
Keeping a record of your spending is a good idea than budgeting because you can keep track on all your spending and will try to minimize your expenses if you think that you can't reach your allocated funds.
By keeping track of your spending, you can check what the alternative products or services are to keep track of your budget. Keeping track of your spending is very important in running a business and, if applied in personal expenses you can save a lot.
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. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
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As for me, I don't keep record of my spending because I feels it's as come and go, and has far as am concerned I have already achieved what I want to buy or acquire. While budgeting, I do it because it gives me straight ideas to know what I want or what I want to purchase. But well with your explanation on record keeping, I will consider it and make it part of my life so I could be able to track what I have spend now and in future time.
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With a mobile app I do track all my expenses and gained money. I dont make it very detailed, like putting down list of every food and product I buy, but I have record of major categories (food, fun, services, purchases, education, vacation, vehicle and etc). Not only it helps to balance expenses, as I see where I have already spend a lot this month, but it works as a reminder of past prices. For example I cant always check in no time how much I have paid for service (helps a lot when its car fixing time).
I have starting keeping spending record when I have met my future wife. I have started spending crazy (to make an impression), and spending record helped me to realize that I should slow down on expenses, otherwise I would go broke really fast.
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Record keeping is an important aspect of our daily lives because it helps us in keeping accurate pictures of our financial transactions, and also helps in monitoring our spending habits.
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Record keeping is an important aspect of our daily lives because it helps us in keeping accurate pictures of our financial transactions, and also helps in monitoring our spending habits.
What it helps the most is you can compare prices and total spendings from previous to present transactions which I usually do so that I am on the right budget and item because what's on the list are what I definitely bring home no more no less not unless I have something in need that is not on the list from my previous items.
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Record keeping is an important aspect of our daily lives because it helps us in keeping accurate pictures of our financial transactions, and also helps in monitoring our spending habits.
What it helps the most is you can compare prices and total spendings from previous to present transactions which I usually do so that I am on the right budget and item because what's on the list are what I definitely bring home no more no less not unless I have something in need that is not on the list from my previous items.
It means that what you do or implement is not only controlling the amount of money that comes into your hands and spending it, but also it helps you to perform the power of decision deliberately. Whenever a person decides to follow a list that has been compiled, there is a control that is gradually established. There must be a correlation between those small decision that are trained by it and the fact that there is no space for impulse that lead to waste. It does not mean that you lock yourself from flexibility, but you always remember that needs are to stay the primary rule while moments of gluttony and passion are temporary. This way you are saving quite a lot of time and do not have to worry about one-sided judgments as you can just compare the past data to see if there is a tendency of increasing, decreasing or stabilising.
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How well do you agree that keeping a spending records is very important as making a spending budget? Some people believes that making a spending budget is same thing as keeping records but I don't agree.
Budgeting helps to guide us on how to, what to, when to and where to spend our money but record keeping helps in taking and keep a detailed information of what the money was actually spent on. We can keep record as long as we want but we can only budget based on our weekly, monthly or yearly income. Records can be stored for so many years and one can still reflect back to them any time you want.
My questions are;
. Do you keep records of your spending or you only do budgeting?
. Do you think that record keeping is also good as budgeting?
In my own case, i keep the record of my spending and also do budgeting too, following such steps it's really helping me on how to plan, schedule my spending and on how to trace my spend money. without it i think i may have been lost in planning my affairs about my income.
Many individual have lost track on how much they have earn or spend for a particular period because of lack of keeping record and also budgeting, which have lead to financial embarrassment and for that they have lost the trace of their assets. many might not know the useful purpose of it now but holding on to it might help us in the future.
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In my own case, i keep the record of my spending and also do budgeting too, following such steps it's really helping me on how to plan, schedule my spending and on how to trace my spend money. without it i think i may have been lost in planning my affairs about my income.
Many individual have lost track on how much they have earn or spend for a particular period because of lack of keeping record and also budgeting, which have lead to financial embarrassment and for that they have lost the trace of their assets. many might not know the useful purpose of it now but holding on to it might help us in the future.
I mostly keep record even before spending because if for example I want to buy something, I will first of all no the price and if there are more others I will also get their prices and make a budget for them, so before going to the shop I have already recorded the amount I will spent and if peradventure i made an expenditure more than my budget based on how I found out other things I might be needing I will definitely add it as I'm returning back because there is nothing confusing as not keeping record of anything because you wouldn't no how all the money was spent.