A Customizable to individual requirements A good expense tracking system must be customizable to suit your particular individual requirements. A participant of one of my trainings had a lot of friends and was spending ,oney on birthdays and gifts for her friends very regularly. She customized my system and added a category for gifts. Feel free to customize the system I developed because for itu work for you it must suit your own requirements.
However, do bear in mind that if you can add your expense into a ready category, it may not be exactly the category that suit you, but it does have relevance. A category must be an area in your tracking system where you add in expenses regularly, that is, more than just once or twice a month. If you are only giving out gifts once a month you can put it under the miscellaneous category. Account for total income A good expense tracking system mut account for all the income you earn as well as all the expenses you spend money on. I even write down claimable items like air travel and hotels, which my company pays for as I represent it for training. When you get your claims refunded you can add them to your income coloumn.
It must also included all sources of household income, share dividents, business, spouse salary, property rental etc. This system must be complete as an overview so that you do have a complicated system that has multiple areas for the different categories or the relies entries from different categories or that relies entries from different places that you cannt view at glance. You need to see everything as an overview so that you can make adjustments as things or circumstances change. Ease of use A good expense tracking must be easy to use There is no point in having a complicated tracking system where youhave to take make multiple entries to key in one sxpense item. You have to first pick the most suited category where the expense is to be located, key in or pick the type of expense, pick a graphic or icon so it can be seen, add the date and three other thing or it to work.
Complication is not a;lways better. A good expense tracking system must be able to track all yout expenses for you, your wife and your children in no more than five minutes a day at the end of each day. The easier a system is to use, the more you are going to use it. A simple expense tracking system Listed on the next page is a simple tracking system that is a subdivided into categories. At the end of each day when you come home, record the total amount you have spent for the entire day. Fo example on the 2 nd of the month your breakfast lunch and dinner amounted .