Are you consistently breaking your budget? You might just need to take some time to write things down.
Budgeting experts say keeping a “spend” journal will force you to carefully consider whether you want to make a purchase.
“If you’ve ever tried to lose weight using a program using food journaling, then you know the value of writing things down,” says Leah Ingram, founder of the blog Suddenly Frugal.
“Doing so keeps you accountable for everything that goes in your mouth … or, in the instance of tracking spending, for everything that comes out of your wallet.”
It will also help you identify areas where you may be wasting dollars.
How do I know this? Each week, one of Bankrate’s personal finance reporters is reporting on a new way to save and chronicling the savings journey. This week, I put this theory to the test so I could share my experience with you. Read on to see what happened.