Today I wanted to share something that I do every day that’s had a big impact on my finances.
I log into every one of my accounts and enter the current balances on a wealth spreadsheet.
That includes my business account, current account, savings accounts, investments, pension, credit card (which I use for cash back purposes and pay off immediately), and even mortgage.
“You check and log every account DAILY?” I hear you say. I should point out, I mean every working day. At the weekend nothing changes, although on Saturdays current accounts can change so I will update on a Saturday.
This has had a massive impact on my entire relationship with money.
I used to feel afraid of money
A long time ago, not only did I not keep track of what I was spending, I was afraid to log in and check my balances. Ignorance is bliss? No it really is not.
I’ve found that ever since I’ve tracked my accounts every day, I’m never afraid to log in because I know:
a – what it was at yesterday
b – because I know what it was at yesterday, I’m very aware of what I’ve spent between now and then, and therefore what it’s likely to be at today
c – including pension and investments means I’m making sure they are working for me and growing
d – including credit card (although I use it for cash back and not strictly borrowing, I like to make sure I’m up to date and know what’s owed from my current account)
It also gives me a good idea of my exact financial situation and a feeling of much greater control over it all.
I encourage you to track all of your accounts/savings/debts DAILY
Here’s my top reasons why:
1. Seriously, it’s like shining a giant big light on a dark cave at first (which you’d rather not go in) – shine that light, find out what’s REALLY going on in there!
Do this even if you feel you’re in a good state financially. You may get a surprise (I hope it’s a good one, but if it’s not – knowledge is power). There’s always room for improvement.
Do you have a pension / savings / investments that are growing for you?
We’ll get more into making your money grow for you in later posts. I’m big on learning about finances and investing.
2. You’ll never feel afraid to check your accounts ever again. Because you already know what’s going on.
3. You’ll feel so much more in control of your money, and it makes you love and appreciate every single penny as you watch your various ‘pots’ grow.
4. If you have debts which you need to reduce, taking action to start reducing them and then seeing them shrink is very empowering.
5. Knowing your exact financial situations gives you a starting point to then start building upon. At first it might feel AWFUL to see these figures but as you log in each day, you will feel inspired to keep improving them!!
Awareness and knowledge really is power. So start tracking!!!
Are you already a tracker?? Have you found it helps you? Leave a comment, I’d love to hear!
PS I’m considering giving away my money tracking spread sheet as an example for you to make your own. If this is something you’re interested in, let me know 🙂