Use the spending log example to see how you are spending your money. You just might be surprised. As you begin to prepare for Federal retirement, it is important to make certain you are eliminating as much waste as possible. Your spending log might show you where you can cut back and perhaps add a bit more to savings.
Without a lot of thinking, use the table below and quickly jot down how much money you think you spend daily in any given week. You may also itemize the things you spend your money on. Then revisit your personal spending log and examine in detail how you are spending your money.
Personal Spending Log
|
Weekly |
Income + $ (A) |
Spending – $ (B) |
| Sunday | ||
| Monday | ||
| Tuesday | ||
| Wednesday | ||
| Thursday | ||
| Friday | ||
| Saturday |
A minus BÂ gives you a guestimation of how you are spending your money on a weekly basis. Part of your retirement readiness checklist requires you to look at how much money you spend daily and if you can redirect some of the spending to create greater money management efficiency.
Try logging your income and purchases on a daily basis for a month. Analyze the results and decide what you can do differently with your spending.
P. S. Always Remember to Share What You Know.
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