MODULE 2
1. Easily Tracking Your Spending
Step One of the Budgeting Process
Tracking your spending is the very first step to creating an action plan. Luckily, there are easy ways to do this. Here’s an online tool that you can use to do all the work for you:
Mint is a free online tool that categorizes your expenses and keeps track of your spending for you. You have the ability to adjust and reorganize as you go. Open a Mint account HERE
REMEMBER: Don’t try and use the budgeting apps that go along with some of the online expense trackers. As singers, our income is wildly unpredictable, and it’s nearly impossible to stick to a fixed budget. I suggest ONLY using the spending tracker portion of these sites and apps.
What are expenses?
These are categories in which you spend money. There are fixed expenses, which are categories that show up every month in the same amount (rent, insurance payments, internet bill, etc.) Expenses can also include categories like self care, wardrobe, transportation, and groceries. If you spend money on it, it’s an expense!
Learn Something About Yourself…
Either use an online tracker, or go through a few months of your last bank statements. Where is your money going? Are you surprised at any of your expenses? Take a moment to fill out page 8 of your workbook. List the categories in which you want to improve, and then brainstorm ways to make it happen.