Personal Finance for Dummies : Tracking spending without using technology

I’m now reading one of the best personal finance book. The book entitled ‘ Personal Finance for Dummies ‘ by Eric Tyson. As the book is thick, I need time to finish it. I want to share some of the content in the book. Maybe some paragraph that is interesting to share. I like the content about how to tracking spending the low tech way. We don’t need to have knowledge about using technology. Only using the book and write it.
To start analyzing our spending, we must become like detective. The goal is to reconstruct the crime of spending.To get started, find :-

1. Recent pay stubs
2. Tax returns
3. Online banking/ bill payment record
4. Checkbook register or canceled checks (and monthly debit card transactions)
5. Credit and charge card bills

Ideally, we need to assembloe teh documents needed to track one year’s spending but if our spending patterns don’t fluctuate greatly from month to month, we can reduce data gathering to one six-month period or to every second or third month for the past year. We must include if there a major vacation or we spend a large amount on gifts during certain months of the year.
Track the purchase made by cash. Think about a typical week or month – how often do we buy things with cash? We must adding all the cash withdrawals from our checking account statement and then working backwards to try to remember where the money goes.Separate expenditures into as many useful and detailed categories as possible.

Put all the expenses in your book and update regularly. For more tips on how to manage your personal finance, buy the ‘Personal Finance for Dummies’.

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