Have you ever looked at your bank balance and wondered where your money went? You might have a clear picture of your committed expenses such as your rent, mortgage payments or bills, but it’s possible there are some costs you barely notice like your subscriptions and other fees.
The best way to understand where your money is going is by becoming a forensic investigator of your finances. You’ll need to get all of your expenses on the table and may find this eye-opening. Becoming aware of your choices helps you set a budget so your money is doing what you want it to.
Our research found that those who keep a budget – either mental or formal – have higher financial wellbeing than those who don’t. A budget will help you track your spending, save money and be confident that your money goes where you want it to.
Here are three easy steps to help you start.