Sometimes our money just seems to disappear! Where and what do we spend it on? This week's exercise is to track ALL of your spending. This especially includes the "little things" you buy everyday. Tracking your spending may seem time consuming, but taking time to see where your money goes will help you understand what you need to do to achieve your financial goals. Record all of your spending this week, even those "little things" like buying coffee or paying for parking. You can use the Bank On Memphis Spending Tracker to keep up with what you spend each day.  
 
Share your progress with us each week on our Facebook group page for a chance to win a $100 Visa Gift Card at the end of the four-week challenge.
Download the
Bank On Memphis Spending Tracker

Tips For the Week

  • Tip #1: Download the Bank On Memphis Spending Tracker

  • Tip#2: Categorize your Spending into Essential vs. Discretionary:
    • Essential: Mortgage/Rent, Groceries, or Utilities
    • Discretionary: New outfit, going out to eat or getting your nails done

  • Tip#3: Save your Receipts: It is a physical reminder of what you need to record in your spending tracker.

  • Tip#4: Choose one discretionary item from your spending tracker that you think you could do without, and calculate how much you spend weekly on that item over the course of a year. An example would be: Going Out to Eat Weekly Cost: $40 x 52 (Weeks in a Year) = $2,080. If you just decreased your spending by $10 a week, you could put an additional $520 into your savings account every year. Look back at one of your goals. Is there a goal that you could achieve with some of that extra savings?
Share your progress in the
Financial Fitness Challenge Facebook Group