Startup budget tracking can be a hassle. On top of that, it often feels like you’re playing a game of whack-a-mole all the time. One day, you’ll have an easy project, only to find out later it wasn’t as simple as it seemed. It’s essential to learn how to keep your budget on target consistently and, most importantly, be able to track it.
By formulating a simple budget management system, you’ll be able to keep track of your expenses more efficiently. To kick start on how to track your budget, here are some of the methods that can help one stay on task:
The very first step on how to track your budget is saving receipts. This way, you’ll have a physical record of the money that went out of your pocket. One of the best options is to take a picture of receipts with your phone, but even better would be to scan the receipts. Adobe Scan is a great app that you can download on your phone to help you snap copies of your receipts on the go. It even allows you to share a copy of your receipt to your cloud storage such as Google Drive.
The second step in tracking your budget could be using the check register method. Before you start putting down the funds, decide whether it is a recurring or one-time expense.
The last step in tracking your budget could be creating a ledger with columns for each month and dates listed at the top, so when you have paid out certain accounts or have a bill coming due, it immediately catches your eye. It will help you stay on top of your budget and know exactly where the money is.
By tracking your budget, you will be more aware of how much money you are spending, where it’s going and how quickly it moves through your hands.
Knowing how much money is coming in at the beginning of the month allows you to plan for upcoming costs or business expenses. As such, you can make more informed decisions about how to allocate your money.
The benefits of tracking your budget include saving time and keeping track of your financial health. It will also enable you to avoid unnecessary costs and mistakes.
Managing your budget will be one of the most popular skills you will have to take throughout your life. The abilities needed how to track your expenses can transfer to other areas of your life, and having a solid understanding of it is imperative to success.