BET Lesson 3 of 11 · 4 min read
Track where your money goes
Before you plan, look at what you really spend. Two weeks to a month of tracking is enough to learn a lot.
Track before you plan
Most people underestimate small, frequent spending: coffee, snacks, rides, apps. Write down everything you spend for at least two weeks, or even a full month. Include cash, cards, automatic payments and money sent to friends.
Fixed and flexible costs
- Fixed costs stay about the same each time: rent or mortgage, car payments, child care, insurance, and taxes you pay yourself.
- Flexible costs change from month to month: food, gas and transportation, clothing, entertainment, and often utilities.
Fixed costs are hard to change quickly. Flexible costs are where you have the most control from month to month.
Questions to ask when you’re done
- What surprised me?
- Am I paying for subscriptions or memberships I don’t use?
- Am I paying bank or service fees I could avoid?
- Where would I most like to spend less?
Tip
The Consumer Financial Protection Bureau offers free printable tools for this: a spending tracker, an income tracker, a bill calendar and a budget worksheet. BET does the same job and keeps the totals for you.
Remember
- Track everything for two weeks to a month before setting your budget.
- Fixed costs are steady; flexible costs are where you have the most control.
- Look for surprises, unused subscriptions and avoidable fees.
Track your spending in BET
Add expenses as they happen, scan receipts with your phone, or import a bank statement, and BET totals each month for you.
Sign in with Google to try itSources and further reading
- Track your spending with this easy tool (Consumer Financial Protection Bureau)
- Building a Budget (Penn State Extension)
- The Basics to Budgeting: Personal Finance Series (Part 1) (University of Florida IFAS Extension)
- Budgeting: How to create a budget and stick with it (Consumer Financial Protection Bureau)