Middle East North Africa - Financial Network

Demand More is a registered trade mark of MENAFN.COM

  Quotes: MENA   Enter Symbol: NewsLetter: Search News: advanced
 Home | How-To Guides
How-To Guides
Advisory & Analysis
UAE- Buyers flock to supermarkets
KSA- Nonfundamentals bringing markets back to senses
Mixed outlook for Dubai rents
How to Get Out of Debt
How to Conduct a Business Trip
Teaching Your Children How to Save
How to Buy a New Car
How to Avoid the Financial Burden of Your Vacation
How to Land the Ideal Job
How to Shop Online
Tips for First-Home Buyers
New Car vs Used Car
The Good, Bad and Ugly of Credit Cards
How to Hire Employees
How to Invest in the Stock Market
How to Secure a Mortgage for Your Dream Home?

How to Track Your Spending

[-] Text [+]

There are numerous resources available now in our day and age to track your spending; however, it seems to be a difficult task for many people. Most individuals simply spend until they run out of cash. It is a concrete fact that the first step to practical financial management is keeping record of your spending and controlling it. As soon as you track your spending, you are able to see where your money goes.

Tracking Finances for the Technology Minded

If you have a computer, you can track your spending electronically by creating your own expense sheets and tracking system. There are also good financial software programs to buy that not only track your spending but also assist you with printing checks, balancing your checking account, providing charts to help you assess your financial situation and many more. These programs are simple to use and consume little time and are offered by software companies for a reasonable price

Saving Receipts

A good way to find out where your money goes after you get it out of the ATM, is keeping all your receipts for two to four weeks and keeping a log of all other money spent without a receipt. Make sure to get a receipt for all your expenditures as they are available with most purchases and label them by expense category. On monthly basis, add up the amount in each expense category and keep record of the total on a notepad and compare how each month your expenditure for that category is up or down. Gather the receipts in a drawer in your kitchen or any place you find convenient and don’t forget to involve every member in your family. This will help you find out if you are spending money on items that are important to you, or if you are just spending randomly. It is very important to get your expenses and income on paper to see how you are using and managing your money.

The Envelope Strategy!

If you tend to overspend, keep record of your finances by putting sums of money in envelopes corresponding to your budget categories such as food, clothing, entertainment…etc. For example, if your budget for clothes shopping is 550 Dirhams monthly (lets assume for men that it is for entertainment purposes), spend with money from the ‘clothing/entertainment’ envelope. Every time you take cash from the envelope, replace it with the purchase receipt to evaluate your spending. When the money runs out, spend NO MORE!

Keeping record of income and bills

To track regular payments, get a large-size calendar and write on it the income you receive as well as due bills and expenses. Cross off each bill from the calendar when you pay it. You can also use this method for irregular non-monthly payments such as gifts, insurance, taxes…etc.


Always apply the KISS strategy in tracking your spending (Keep it simple and stupid) and avoid unneeded details. It would help if you put a member of your family in charge of tracking all family spending as well as setting a fixed date for recordkeeping. Any method you may use will not be of benefit if you don’t analyze your spending behavior. You need to check if you listed all your expenditures and if they were within your income. The whole purpose of tracking your spending is to bring financial satisfaction and comfort to you and your family, help you live within your income, and eventually help you in realizing your financial goals.


A transaction that reduces the risk of an investment... 

Financial Glossary 

Easy Forex


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help