In today’s world, we may not always find cash in our wallets, but most of us are always carrying a debit card and some credit cards in our wallets. This practice allows us to spend our money, “cash or no cash,” quite easily. But knowing how much, how often and where we are spending our money becomes a difficult task, especially when we use many different credit cards for purchases each day.
If we don’t track our spending, we may find ourselves accumulating more debt and fewer savings for our future. I find when a client is willing to sit down, do the hard, and sometimes emotionally draining task of tracking their spending month to month, they tend to make smarter choices on future expenditures.
Yes, tracking spending is an arduous task, and it can evoke emotions such as guilt, worry, and remorse – but dealing with the situation in a proactive manner may help us find a solution to our overspending or under saving life practices.
Knowing our expenses can play a vital role in many of our life decisions, like making a large purchase, starting a new business or when to retire. Studies have shown that those who make a habit of monitoring their money are likely to be more successful financially than those who don’t.
Let’s not put our future selves in financial jeopardy, especially when today’s technology can provide us with great tracking tools. We use eMoney for our clients; this program allows them to see their whole financial picture in one convenient place.
Sit down with your financial advisor today and start the process, so you don’t have to worry about carrying an “empty wallet” into your future.
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