Important Note: When you buy through our links, we may earn a commission. As an Amazon Associate we earn from qualifying purchases. Content, pricing, offers and availability are subject to change at any time -.
The best way to track your monthly expenses and where your money goes is with a monthly bill tracker. It may be one of the most under-utilized devices available, yet the most important. When it comes to keeping track of your spending and your upcoming bills, a bill tracker is the most efficient and useful tool available.
Long ago, people wrote out their expenses on a sheet of paper. They poured over where their money went, how it was allocated, and figured out how to balance their checkbooks. Money wasn’t spent through a debit card. People carried cash with them. When the money ran out, that was often it. People just made do.
Then, we evolved into the use of a spreadsheet that did pretty much the same thing. Instead of writing out expenditures every month, they were recorded and tracked via a computer program. This made things more convenient.
Now, we have the benefit of a monthly bill tracker. Things could not have been made easier! Yet, why aren’t we using it more?
Why Use a Monthly Bill Tracker?
A better question would be why not? While tracking what you spend your money on can be overwhelming if you haven’t previously done it, or have been procrastinating on it, then you might find this liberating.
A monthly bill organizer allows you to regain control of your spending, your budget, and your money. Having a firm grasp on what you owe, when it needs to be paid, and how much you have leftover decreases the amount of stress you experience. It will let you know which areas you need to cut back on and provide you with peace of mind.
You may have different reasons for doing this. Maybe you want to know where your money goes. Perhaps it’s to deal with debt, or you may have a goal in mind. When you are ready to take that first step, there are options available.
For Personal Budgeting
Many of us don’t know where our money goes. A weekend goes by, and by the time Monday rolls around, our account is depleted. We scratch our heads and wonder with amazement at where it went.
A bill payment tracker and an expense calculator will help you make sense of your spending habits. Some trackers link directly to each of your bank accounts. They automatically download all activities. Some will even sort it into different, pre-determined categories for you so you can visually see what areas you spend the most in.
You can set up how much you want to spend in each area. Some will give you a notification when you are approaching your limit and when it has been exceeded. If you have a spouse that likes to overspend, this can act as a reminder.
For the first little while, you may be adjusting these figures as you balance your budget. However, after a while, you may find that you have money left over at the end of the month.
What a wonderful world that would be!
You Will Become Familiar With Your Households Spending Habits
It is not always our personal spending habits that affect our finances unless we are single and without kids. A spouse can accidentally overspend, especially when they don’t know what has gone through on a joint chequing account.
A bill tracker allows you to see changes in real-time so you always know what is in your account.
Furthermore, it will help you examine areas of overspending or things you can cut back on. It is often the nickel and dime items that quickly add up, as well as food costs. A tracker will help you spend more mindfully.
When Were My Bills Due? Did I Pay Them This Month?
How many of us have had one of those “uh-oh” moments, where we wonder if we forgot to pay the bill? A bill tracker will help you see what is due and if it was paid or not. Many will set up automatic reminders to notify you of what is coming up.
Since Life Is Unpredictable …
Tracking spending and your budget is a great start! However, any budget can be thrown off track without a savings strategy. A bill tracker not only tracks spending but can also help you with your savings objectives as well. This way, you can ensure you have a rainy-day fund in case an emergency arises.
You can choose to do things the old-fashioned way or ignore your finances altogether. However, monthly bill trackers will provide peace of mind and will give you a realistic snapshot of your current situation to avoid those unpleasant, embarrassing, “oops, I overspent” moments. No one likes being caused off guard. This allows you to keep on top of things.
Plus, it’s ridiculously easy!
Some Tools to Help With Your Journey
The best expense tracker is Mint. It contains a loan repayment calculator, has a bill tracking feature, a home affordability calculator, and free online money management advice. It is very easy to set up, and it tracks expenses automatically. It has all the features mentioned above, plus more!
Also, wherever you go, Mint is there. It has an app for both Android and iPhone users. The cost is very budget-friendly and allows you to view all your expenses in one, simple app. Also, “Mintsights” allows you to make the best use of your finances. It can discover missed savings.
It also allows you to monitor your credit score.
You Need a Budget (YNAB) is for people serious about budgeting. As opposed to traditional budget buckets, customers take every dollar to earn something (zero-based budget system). This allows you to account for every dollar you spend.
This system links to your bank accounts and credit cards. It has multiple security features but won’t categorize your expenses. It will also provide you with educational resources.
It does have an app for iOS and Android.
To gain a better understanding of your finances and to help you track where your money goes, a bill tracker is a wise investment.