Hi,
I will be writing blogs to cover various aspects of monthly bill paying problems. Today I want to address a method to identify our miscellaneous monthly expenses. These include grocery bills, drugstore charges, dry cleaning, entertainment, etc. The only way to get an handle on our monthly expenses is to know where we spend money. Many of my clients have been successful using the following method to identify miscellaneous expenses.
For one month:
1) Save all receipts (including ATM receipts), charge slips., records of donations etc, for EVERY dollar that you spend in a month.
2)At the end of the month separate your receipts into the following categories: food, drugstore expenditures, entertainment, transportation, clothing, donations, dry cleaning, and miscellaneous.
3)List all your receipts relevant to each category, recording each receipt and date of each expenditure.
4)Total the amounts of each category.
The accumulated information will give us effective data in getting monthly obligations under control. Many people doing this exercise are amazed to find out the amount of money they actually spend in different areas of their lives.
Tomorrow I will blog about the various categories and relevant ways to reduce expenditures in each.
Until then,
Alan
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