Always keep a spending record.

[libert19]

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.

[Dr.Bitcoin_Strange]

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.

[Agbe]

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

[Dr.Bitcoin_Strange]

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.

[rachael9385]

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

[_act_]

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.

[Agbe]

. 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

[Dr.Bitcoin_Strange]

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.

[bisdak40]

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.

[_act_]

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.

[0t3p0t]

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.

[DragonF]

. 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.

[Dr.Bitcoin_Strange]

L
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.

[Chilwell]

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.

[0t3p0t]

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