3 easy ways to track your spending
Instagram may be good for more than just selfies
Fewer Canadian drivers planning to buy an EV or hybrid
A new EY survey has found that demand for EVs and hybrid vehicles has dropped slightly, with drivers citing...
Before you can take control over your finances, you have to know where your money is going. The most common advice? Start a spending journal. To which we say: Get real. Journals are tedious, time consuming and a royal pain. While the advice is sound, the solution is flawed. Even die-hard financial nuts admit they quickly give up on it. The good news is there are easier ways. Here are three smart ways to track your spending—with minimal effort:
1. Charge it all
Putting all your purchases on one credit card is an easy way to track your spending. Some issuers even categorize purchases on your monthly statement. The key is to stick to one card and pay off the balance each month. Most banks now also provide tools to track spending on your debit card. Use them to tell you where you’re spending, then look for unnecessary expenses.
2. Instagram it
Need some added accountability? Use your smartphone to take photos of everything you buy, and post them to a private Instagram account. Include the cost in the comments. At the end of the month you’ll have a visual record of all your incidental purchases. If you’re a compulsive spender, you might even invite a partner to help you rein in bad habits.
3. Spendee it
Spendee is one of the simplest budgeting apps out there. Free for iOS and Android, it lets you set a budget that refreshes each payday and deducts recurring expenses. Key in and categorize your purchases and the app provides you with a live graph showing where your money is going. A pro version, at $17.99 a year (or $2.39 a month) lets you track multiple budgets with a spouse or partner.
This article was originally published January 2016
Want even more tips to shape up your finances? Join the Money Fit Club to curb spending, boost your earnings, lower your taxes and more!
Learn to tone your money muscles all year long with our interactive calendar and sign up for our weekly newsletter for advice straight to your inbox.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
How to buy a car in Canada and get the best loan rate
Buying a car is a big deal. Understand the financial part of the purchase and, hopefully, save yourself some...
Personal loan versus line of credit: Which should you choose?
Need the best interest rate? Want fixed payments or flexibility? Find out the differences between personal loans and lines...
Planning holiday spending and cash gifts? Here’s how to boost your budget
Sponsored By
Simplii Financial
GST holiday break: Is it good for Canada’s economy?
Economists share how the temporary tax cut and relief cheques may play into Canada’s growth picture.
Money-saving gifts that keep on giving: MoneySense’s 2024 holiday guide
Looking for gifts with great value? Our editors share ideas that are thoughtful, useful and even cozy—plus they can...
Inflation is on target in Canada, so why is food (and other stuff) still so expensive?
Why Canadians are still feeling the squeeze of high food costs, and what to do about it.
Deal or no deal: What to know before shopping Black Friday and Cyber Monday sales
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
The best no foreign transaction fee credit cards in Canada for 2024
Cards that waive or refund the fee for foreign currency charges are few and far between—but if you’re a...