The little things add up…
Once you start tracking your expenses, you’ll figure out where your money is really going. Then you can identify your spending leaks.
Use the activity sheet to help calculate what you spend on small-reoccurring purchases. Are you a coffee, energy or soda drinker? Like fast food or cigarettes? Add up these expenses to help identify ‘spending leaks’ that may help you balance your budget.
Starbucks is a normal spending leak that people have shared in the past. Let’s use a Starbucks Grande Mocha as our example. Currently the cost for the drink is $4.75 (includes tax). Purchasing this drink once a week is $20.58 monthly and $247 a year. Enjoy the drink more than once a week and this ‘special treat’ really adds up!
Be sure to do this activity with your family members- including children. If one of your goals is to go on a family vacation, maybe you can find ways to cut back on the ‘leaks’ and put the savings away.
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