One money saving tip I give my clients is to record all your expenses. This should be done as soon as possible to avoid anything getting missed or the amount of expenses piling up and taking too long to record accurately.
A great way to view your expenses in one place is by looking at your monthly bank statement. Many people avoid looking at their statements as they feel embarrassed or ashamed about the amount of expenses they have. However, this is one of the easiest ways to see exactly where your money is going.
I see lots of people with unnecessary app subscriptions such as two music subscriptions giving exactly the same service. In this case, I tell them to choose the one they want to keep and delete the other. Sometimes they are not aware they are paying for subscriptions as they lost track of when their free trial ended. This is an excellent example of why checking bank statements is so important.
Once you have recorded all your expenses, you must go through them with a fine tooth comb and ask yourself ‘do I really need this?’ If the answer is Yes, keep it on your list. If the answer is No, record the amount you will save each month if do not have the expense anymore.
Recording the amount you will save each month will give you motivation to keep cutting unnecessary expenses.
Francis Fabrizi
Accountant
Keirstone Limited
