Budgeting 101: How to Track Your Expenses | Ep. 4 | Winenance Wednesday
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What you’ll learn in this episode:
1. The Difference Between Tracking Expenses vs. Budgeting
Budgeting is how you should spend your money.
Tracking expenses is how you are spending your money.
2. Why Tracking Expenses is the First Step to Creating a Budget
You cannot build a budget without first determining where you money is currently being spent and in which categories.
To know how much you should spend each month, you first need to know how much you spend and if that's the right for you.
3. How to Determine the Right Amount to Spend
Don't guilt or shame yourself for "overspending" in a particular category.
If you are spending where you find value (i.e. spending intentionally), then you're putting your money where it's most important to you.
4. Why It's OK Your Expenses Fluctuate and Change
Life changes over time, and so do our expenses.
Review your budget at least once a year to ensure you're on track to meet your goals.
Avoid feeling defeated by making a habit of regularly tracking your expenses.
Resources mentioned in this episode:
FREE 401k Guide
WORKSHOP: Building Wealth in Your 401K
Challenge of the Week
Drink of the Week: Kombucha Mocktail
8 oz kombucha (flavor of choice)
1 lime wedge
1 sprig of fresh mint
Muddle lime & mint in a glass.
Add ice and kombucha.
Stir and enjoy!
Want to continue the conversation? Join us Wednesday at 8 pm ET on YouTube & Facebook Live for our weekly Financial Independence show: Winenance Wednesday!
Need help tracking expenses and building your wealth? We’re big fans of these apps and tools:
Qube Use code WINENANCE25 for 25% off lifetime memberships through 12/31/20
Disclosure: some of the links above are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and sign up to use these tools.