Always keep a spending record.

[bitterguy28]

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

[joniboini]

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.

[Emmanuel1]

"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.

[Dr.Bitcoin_Strange]

"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.

[alltalk]

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.

[Zed0X]

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.

[bisdak40]

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.

[bitterguy28]

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

[PrivateKayla]

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.

[Dr.Bitcoin_Strange]

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.

[0t3p0t]

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.

[Dr.Bitcoin_Strange]

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.

[Chilwell]

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.

[libert19]

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.

[Dr.Bitcoin_Strange]

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.