Why my spending diary is my day one
Ssh, don’t tell anyone, but I’m a bit of a hoarder. You know, Jam Jars, candles that I never light, chocolate bars in the salad box in the fridge and shopping receipts
“Shopping receipts?” I hear you ask
Yes, I keep all of them, I love them literally more than Chocolate!
Because they are proof of purchase, this means if you have to return anything, it’s proof of where, when and how you bought it, which makes the customer services job so much easier.
They are also great for keeping a spending diary.
What is spending diary?
It is a diary that you pin all your receipts into every day.
I started one many years ago and stapled my receipts to each page every day. I could then keep track of every penny I spent. So the habit of keeping track of my money has been with me for as long as I can remember.
Warning, there is no hiding place!!
And like my best friend it knows all my spending secrets. I mean every penny. No matter how large or small, so each coffee, lunch, snack, travel ticket, magazine etc. All the receipts are pinned securely in the diary. If it’s online, it’s written into the journal referencing the confirmation of purchase.
Suddenly impulse buys are highlighted, it could help you to budget more effectively because quite honestly, there is no hiding. Every penny is accounted for.
Statement Reconciliation made simple
If you paid by contactless, credit card or cheque, you can check your receipt against your bank statement. Making sure the correct amount of money is deducted from your account.
It’s called a Statement Reconciliation in the finance world, and I have reconciled hundreds, of statements over the years as part of my job. To make sure I’m not overpaying the bills.
You can also use the receipts to check your credit card statement.
Yep, that’s right, check your credit card statement to make sure your account has been debited correctly. Let’s face it if it’s not your purchase, Why should you pay and maybe even be charged interested on your outstanding balance?
If you’d like to give it a try, I can help
Book a free 30 minute appointment, for a free assessment.
If you feel you would like to work me with, I would be happy to help you with your statement reconciliation.
Use the tools that suit you
There are many apps out there you could use instead of a diary, but quite honestly, I still like to use a physical diary.
In my experience, after a while, you may not need the diary. Keeping track of your spending becomes a habit, so reconciling statements becomes easier.
It’s like everything, practice makes perfect.
Give it a try; it might help. Let me know if it does; your feedback is always appreciated.
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Sometimes we all need someone to talk to about our finances and help us create a strategy for us to reach our financial goals.
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Where to go if you need advice:
Patricia Buckland, 459 Micklefield Road, High Wycombe, BUCKS HP13 7HZ
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