Learn where exactly every penny goes to become smarter with moneyBy MP Dunleavey, Editor of DailyWorth.com
What's the Payoff?
A better quality of life. Once you know where your money is actually going (not just where you kinda think it might be going), you make better spending choices.
Why You Shouldn't Avoid It
Budget leaks will drain your coffers. When you fritter away your money on things you don't really care about, you won't have the capital to pay for your true priorities. Photo by Getty Images
Related: Learn about 9 buys that are cheaper online.
1. Pick Your Method
There are probably two dozen ways to track your cash, but they're all versions of one of the following:
The manual method You jot down everything you spend, ideally as you spend it.
Go this route if... you love lists and you think you'll be consistent about whipping out a notebook every time you pay for something. You can also keep receipts and tally them later, but you'll be more accurate if you do it on the spot.
The software solution Use a