I’ve been tracking my expenses since I was 7 years old. I would say it’s something that, once you develop the habit, becomes second nature. It even feels odd not doing it!
Over the years, I’ve tried various methods to track my expenses. As a child, my dad gave me a notebook to record my daily spending. Eventually, as I grew older, I transitioned to using apps and Excel spreadsheets. Currently, I’m using Notion for this purpose.
I’m aware of the many apps available for expense tracking. However, I find that both Notion and Excel spreadsheets work best for me because they allow for greater customization. This customization helps in visualizing spending habits more effectively. Apps, on the other hand, are typically limited in terms of the data output they provide. In contrast, Excel spreadsheets and Notion offer more control.
Here are a few key aspects I believe are vital to track:
1️⃣ Monthly spending (obviously!)
2️⃣ Breakdown by categories
3️⃣ Month-on-month category breakdown
4️⃣ Spending across different months, which can help identify seasonality in your spending patterns
I’ve been using Notion for my expense tracking for a few years now and find it incredibly useful. It even helps me identify the months when I’m more likely to fall sick, as indicated by increased spending in the “Doctor” category during those months!
So, are you tracking your expenses? How do you manage your expense tracking?