Is your money disappearing? The critical mistake of not tracking your spending

Even with a plan, it’s useless if you don’t track where your money actually goes. A friend of mine, John, used to think he was great with money because he earned a decent salary. But when he finally reviewed his bank statements, he was shocked to see how much he was spending on takeout and subscriptions he’d forgotten about.

By not tracking, he completely underestimated his discretionary spending, leaving little room for savings or debt repayment. This lack of awareness caused serious stress when unexpected expenses arose, like a medical bill he struggled to cover.

It’s useless if you don’t track where your money actually goes

Solution:

• Check bank statements weekly: Use Online Banking to review transactions and spot discrepancies.
• Leverage budgeting apps: Tools like YNAB or PocketGuard categorize spending automatically for real-time insights.
• Set reminders: Schedule 10 minutes each week to log and review your expenses.

Read more: Budgeting mistakes to avoid: 13 real-life examples

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