Using a spending expense tracker is incredibly handy when you're trying to get your finances together. We're going to show you exactly how to use one below. We also cover how to use title loans in Delaware to cover emergency expenses that your budget can’t cover.
What Is A Spending Expense Tracker?
A spending expense tracker does what it says on the tin — it helps you track your money. There are many kinds of financial trackers. You can decide to use a new-fangled mobile app, Excel spreadsheet, or stick to more traditional paper-based methods.
How To Set Up A Budget Using A Spending Expense Tracker
Let's get right into how you would go about setting up your budget using a spending expense tracker.
1. Check Your Account Statements
Look at all your accounts, including your checking accounts and credit cards. See what you're currently spending your money on. This will allow you to identify the areas where you're spending most of your money.
Don't forget to look at your incoming finances too. It's important to understand what's coming in as well as flowing out.
2. Make Categories
Now you can begin grouping your expenses. Depending on your credit card, each purchase may already be tagged by your provider when shopping for groceries, department stores, and automotive garages, or gas stations.
You may find that your Starbucks coffee is costing you an arm and a leg. Or perhaps you'll discover that you are paying for a Hulu subscription you no longer use.
Both fixed and variable expenses will be shown in the categories. Fixed are mortgages/rent, utilities, debt payments, and insurance. Variable, however, can be changed. These include your clothing, food, and travel.
3. Choose The Best Spending Expense Tracker
Now you should choose which spending expense tracker you'd like to use. Find some of the best methods/apps below:
- You Need A Budget — YNAB forces you to give every single dollar of your income a purpose. Whether you decide to save it, invest it, or use it for expenses, you must assign a task to each dollar. The app then uses this to show you the recommended budget. It automatically tracks your expenses from any linked bank account.
- Mint — Mint is one of the most popular trackers. It supports a lot of banks and lenders. Plus, it was made by the very trusted brand, Intuit. This Mint app will help you create a budget, track your expenses, and monitor your bills.
- Mvelopes — This app provides spending forecasts and gives you the advice to keep you from going over budget in the various categories.
- Clarity Money — Clarity Money is easily navigable and supports a wide range of banks. It shows you highlights of your activity, including your savings and investments.
- Spreadsheets — There are lots of free budgeting templates for Excel and Numbers. This is the best solution if you're not into the apps.
4. Identify Where You Can Make Adjustments
As you start tracking your expenses, you need to be prepared to make some changes. If you can, try lowering your monthly 'big' costs, including your utilities and mortgage/rent. This will drastically impact your monthly spending!
5. Ensure You Record Your Expenses Every Day
If you're using an app, it will usually do this step for you. If you're just using a spreadsheet or a notebook, however, you need to remember to track spending yourself.
6. Stay Within Your Limits
Apps will notify you if you're going to spend too much from a certain category. But if you're doing it yourself, then you'll need to keep a running total to stay within your budget.
If this is the first budget you've made, you may realize that it's unrealistic. Transfer money from one category to the other and amend your budget to fit. As we've mentioned, it's supposed to work for you!
7. Decide What To Do With Unused Money
Once the month ends, you'll need to figure out whether you want to roll any leftover money over to the next month or save it. Electricity bills fluctuate. So, if you have leftovers in this category, it's worth rolling it over. Cash left from your entertainment fund is best used as savings or for investing.
What Happens If Emergency Strikes?
There is never a good time for an emergency. But when you are yet to build up an emergency fund, a sudden emergency can be one of the worst things.
Try not to panic. Delaware Title Loans, Inc. gives you access to the online title loans Delaware has, which can help ease your crisis (medical bills, unexpected but necessary travel, or home repairs, for example).
Our title loans online allow you to borrow between $300 and $15,000 depending on the value of your vehicle. All you need is your driver's license, lien-free title to your vehicle, and your vehicle.
Your money will be with you in as little as 30 minutes. We understand that emergencies wait for no one. So, we won't make you wait either.
How To Get Title Loans Online
- Fill out title loans online form on Delaware Title Loans, Inc.
- Wait for a call from a loan representative — and you won’t be waiting long. Delaware Title Loans, Inc.’s representative will ring you right away to follow up. You can discuss the loan requirements and have any questions answered.
- If you chose to come to the store, simply drive to the location of your choice. If you’d rather not head over to a store, that’s fine, too. A representative can meet you at the location of your choice (home, work, or any public place) to continue to process.
- Whether at the store or otherwise, the representative will complete a vehicle inspection to determine the amount of the loan you qualify for, which usually talks less than 30 minutes, and verify your required documents.
- Once the term documents are signed, you get your cash — and drive away in your car.
Get Title Loans Online Right Now
To get started with your title loans online today, just fill in the inquiry form. We'll guide you through the rest! Make sure you have your spending expense tracker on hand so you can record your cash acquisition as well.
For more about budgeting your paycheck, read our other budgeting tips and tricks articles.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
