The Bottom Line Business Advisory

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The Bottom Line Business Advisory Pty. Ltd.
is a CPA Practice

Three steps to track and improve your spending habits…

Three steps to track and improve your spending habits…

  1. Track Your Spending and Expenses:
    • Begin by getting a clear view of where your money is going day-to-day.
    • Choose how long to track:
      • For daily spending, track for at least one week. This helps you see all the money going out.
      • For recurring expenses, consider a fortnightly or monthly tracking period. This provides a more realistic picture.
    • Record your spending:
      • Use transaction statements from online banking or hard-copy statements.
      • Alternatively, use a phone app to track expenses at the time of spending.
      • Write down the amount, item (or store name), and date.
      • Track both cash and card purchases.
  2. Look at Your Spending Habits:
    • Identify where your money is going:
      • Small expenses can add up significantly.
      • Uncover hidden costs like account fees, unused subscriptions, or mistaken transactions.
    • Be mindful before making purchases:
      • Ask yourself: “Do I need this right now? Can I get it cheaper elsewhere?”
      • Being aware helps you control spending choices.
  3. Change Your Spending Habits:
    • Start with one spending habit:
      • Separate needs (essential items) from wants (things you can cut back on).
      • Cancel unnecessary subscriptions or reduce small, frequent expenses.
    • Begin a savings habit:
      • Use the money saved to set up a savings account or emergency fund.

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