How To Keep Track Of Your Money To Avoid Overspending

With the plethora of bills and luxuries that we buy for ourselves in this day and age, it’s easy to accidentally overspend and then find ourselves struggling for money until the next pay day where we can make up for lost cash. Luckily, it doesn’t always have to be this way and you can easily keep track of what you’re spending so that you don’t find yourself with £50 to last you for three weeks worth of shopping until pay day. Here’s how to keep track of your money to avoid overspending.

Relinquish any unnecessary bills

We’ve all done it. Signed ourselves up to a product or service that we could afford years ago that we have never really used or simply even forgotten about. Call your bank and see exactly what goes out each month to see if you’re paying for anything unnecessarily. Things like magazine subscriptions and unused gym memberships should be relinquished to free up some extra money for you and your family each month.


Another idea would be to call around all of your utility companies and see if you can get a better deal than the tariff that you’re on. It’s very likely that they will be more than willing to lower the amount that you pay each month rather than lose you altogether as a customer.

Use personal finance tools

There are apps and programs that you can get which can help keep track of your spending. Head over to your app store and you will likely find a plethora of free apps which can advise and also help try and reduce the amount you spend each month. Remember though that the free apps can only help you so far, and that it might be worth buying an app to get the full benefits. Investormint has a great article on two personal finance tools that you can take a read of and make your decision.

Write down everything

Be sure to write down or make a note of everything that you purchase, even if it’s only something as simple as a newspaper. Everything that you spend soon adds up, and you might find that the coffee round you’re buying each morning is something that should be eliminated from your spending. It will also help you keep track exactly of what’s going out of your bank without having to look at a statement. You will be able to make a monthly total and compare it to what comes in each month, then eliminate things from there.

Utilize the luxury of internet banking

Having the luxury of being able to log into internet banking is something that’s only been available in the most recent of years. Thankfully, our banks give us the ability to see exactly what’s gone in, and you can even view your direct debits too. Be sure to check yours regularly so that if anything unusual pops up you can sort it sooner rather than later and get yourself back on track financially.


Try these four things and see how much they help you avoid overspending!