Always keep a spending record.

[Didia Sofunichi]

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

[Didia Sofunichi]

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?

[Chilwell]

. 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.

[Dr.Bitcoin_Strange]

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.

[bitterguy28]

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

[Celsius]

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.

[Agbe]

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

[Dr.Bitcoin_Strange]

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.

[Aanuoluwatofunmi]

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.

[EluguHcman]

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.

[EluguHcman]

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.

[Dr.Bitcoin_Strange]

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.

[bitterguy28]

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

[Dr.Bitcoin_Strange]

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.

[Aanuoluwatofunmi]

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.