Tips to Start a Money Diary

Article Written By: taamiv

If you want to keep a money diary, you have to make sure that you must get into the habit of checking it every day so that you have a true picture of your spending. Writing your daily spending on money diary will bring money leaks to light, so that you put stop to them. You can keep it going for as long as you can for getting better results.

It should be something that has enough space to write daily spending on weekly basis. Make a chart of a week expressing per day spending within that week. By doing this, you will come to know that on which particular day you spend more than others. This will give you a clear idea of where you are spending much and how you can control them.

Always keep it with you whenever you go out. This will help you to write each and everything you spend on. Note every spending on the diary, such as every time you write a cheque, pay cash for something even it is for few pence, use credit or debit card etc. if you don t have time to write it on the diary at that time, make sure that you write those in the diary at your earliest.

Avoid writing the long entries in the diary. By keeping them short you will ensure that your diary will keep going with enough space to note more things. A brief description of the item and how much it costs is more than enough. Here make certain that you keep the description of every item spare from others. Don t mix things up and write a sum of all. Entries should be separate to have a better idea of your spending. For example, you bought toast and coffee, you will write it as:

• Toast £1.00

• Coffee £1.50

Never attempt to write it as a whole 'Breakfast stuff £2.50 . You need to write each item and its cost separately. Though, the description would be short, you will get to know in detail that where and how you are spending money and which things are such which can be opt out for next time.

Similarly, you need to write things which are unexpected such as if your car has a broken wing mirror and you purchase it for £35, do write it in your diary. These are additional spending which are not usual and there are many of those. Write all those in your diary. If you pay you mortgage or rent by rent, it is recommendable to include it in your diary as well.

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