Why You Should Track Your Spending Habit This Year

Did I hear you tell someone the trending ‘New Year, New Me’ phrase? Well, rightly so, since there is yet to be a law against expressing plans for one’s personal growth.

After all, it’s a new year, the best time considered shrewd to have noteworthy projections and fresh expectations towards the next 366 days. Now let’s take all this whole framework to your financial status, especially your current spending habit.

Maybe call it a “New Year, More Money” or “New Year, Smart Spending”. Whatever your choice is, what you do with money and how often you get it — is directly linked to your spending pattern which consequently determines your financial status created.

Are you still wondering why stress over how you spend? Here are four reasons you should include tracking your cash inflow and outflow in your new year goals;

Gain financial freedom

Tracking your spending is important. It determines whether you are on a path to financial freedom or debt. If consistently practiced, this action helps you understand the relationship between your earnings, savings, expenses, and investments.

It also allows you to make grounded financial decisions which will consequently upscale your current status. Especially if you choose the “New Year, More Money” mantra.

Know what you mostly spend on

Knowing how you spend and what gulps up your money arms you with enough information needed to address unnoticed loopholes. Often time, a large paycheck impulsively expended is the culprit behind an empty bank account.

This could start as a harmless shopping spree with friends; a hang-out with the guys at your favourite spot or purchasing an irresistible item seen while surfing the internet. These little actions, if left unchecked may grow into a long pipeline that constantly drains out your money.

Helps You Prioritise

You can also prioritise your needs and achieve your goals once you start to manage your spending. It helps you differentiate your essentials from impulsive wants. Indulging in constant spontaneous purchase usually makes you ignore your basic needs and focus on immediate desires.

Save Money on Expenses

Don’t just have a budget for your spending but leverage on good deals that allow you to save money as well. The ThankUCash app offers you up to 10 percent rewards for all your spending at our merchants’ stores. Download the ThankUCash app on Google Play or Apple Store to get locations of all ThankUCash partners and start earning cashback on all your purchases. You can also visit our website to view our merchant lists.

Key Take-Home Resolution for the Year: Track your spending habits, gain financial freedom, achieve your goals and a bigger BONUS— Save Money Daily on all your purchases with ThankUCash!