Where Is Your Money Going? How to Track Your Spending

March 11, 2021 | Louis Tully

Man with magnifying glass tracking where his money is going

You can't track your spending if you're not paying attention to it. And the process is much harder when you've got bills coming from all different directions. So, simplify your life with a few proven strategies and track your spending without losing sleep.

Where Is Your Money Going?

Most people have no idea where their money is going unless they create a budget or track their spending somehow. Plus, many consumers have numerous financial obligations to manage each month. Thus, it can be hard to determine what's coming in versus what's going out.

For a majority of consumers, their largest debts are what keeps them up at night. Meanwhile, your money could be going in a thousand different directions at any given moment. Things get even more complicated when new family members arrive, jobs change, people move, and the unexpected happens.

Thus, it's important to manage your finances like you're well aware of this fact. Here's where your cashflow is most likely leaking:

  • Entertainment
  • Recreation
  • Comforts
  • Convenience
  • Gifting
  • Bad habits
  • Old debts

At the same time, everyone has to pay for housing, nutrition, and healthcare. But all those costs can add up, and if you don't track them, they can ruin your credit or put a stop to your future goals.

How to Track Your Spending without Stressing

The good news is that you don't have to stress out because your bank account is hemorrhaging money. In fact, it doesn't have to hemorrhage money at all. You can mitigate the problem by tracking your spending and making a flexible budget that you stick to no matter what.

When the unplanned happens, you've got several options to get you out of the hole. So, here's how to track your spending without stressing out about it in the meantime:

    1. Write Down What You Make Each Week or Month. Many people use a calendar, but you can create Excel spreadsheets or work with a financial advisor to keep a better eye on your cash.
    2. Find out How Much You Spend on the Basics. This includes housing, utilities, food, clothing, medical care, transportation, and education. It does not include social obligations or upgraded extras.
    3. Find the Difference Between the Basics and the Final Funds. Your basic expenses should total a certain amount, so check that against the money in your bank account to determine how much you spend on unnecessary purchases.
    4. Determine Which of Your Extra Expenses You Can Dispose of. Try to get rid of things that negatively affect your credit score or require you to make recurring payments.
    5. Choose Credit-Friendly Funding Options for Everything Else. Title loans, for example, give you quick cash even if your credit isn't perfect. Plus, you get to keep your car while enjoying easy installment options.

Remember to track your spending efficiently, meaning you must know exactly how much you're paying for each debt on the calendar. So, make it easier by consolidating your obligations using a lump-sum payment if you can get one.

TIP: You can get online title loans in Delaware worth as much as $15,000 if you and your vehicle qualify.

Man with title loan cash smiling

Where Is Your Money Going After the Bills Are Paid?

Getting your bills paid on time is only half the battle. What happens after everything is handled? If you're not careful, you may end up in the same boat next month - struggling to make ends meet despite having tracked your spending like a hawk.

The best way to track your spending after getting the bills paid is to get rid of some of those bills. And the best way to get rid of some of your bills is to pay them off completely. However, most people can't do that unless they hit the lottery or use credit-friendly funding options like title loans.

Tips for Getting Title Loans in Delaware

1. Start the Application Process Online

Open our Home Page, find a short inquiry form to submit your request virtually. It only takes a few minutes, and you'll get an answer within a few minutes. Then, a loan agent will set up an appointment to complete the process at your earliest convenience.

2. Present Your Information and Ask Questions.

The loan agent will arrive to finish your application and get you approved for fast cash. Here's what they'll ask to see:

  • Your government-issued driver's license or photo ID
  • The lien-free title of your vehicle
  • Your vehicle for a quick inspection

By having everything ready to go, you can hasten the process to get paid faster.

3. Get Your Money as Soon as Possible.

After asking your questions, sign the necessary paperwork to receive your loan in the checking account provided. Then, pay off some debts, rework your budget, and begin tracking your money like a pro.

Get Your Delaware Title Loan Today!

Now you can answer the question, "Where is your money going?" without feeling foolish. You can also take care of those stressful debts without stressing yourself into insomnia.

Don’t wait until your problem gets bigger and causes more issues – apply for your title loan today with Delaware Title Loans, Inc.! We have multiple title loan locations in Delaware and will be happy to assist you with other types of loans in Delaware as well.