You and your money

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Do you ever thought after withdrawing a $10 from an ATM, where it goes within a day? Have you ever calculated the tit bits of money you spend for no or very less important reasons? No, we people generally do not think of this way and just put these in daily expenditure account. But to run a business successfully we should count in all these. How can we, it's too time taking and boring job too? Ya, you are correct. But what we can do is a simple thing to take the trackback of these spendings easily and may save or utilize these over spend or unknowingly spent money. Here's how to do it: Take a blank piece of paper and create a column for each day of the week, Monday through Friday. Put the piece of paper in your wallet or purse – somewhere where you can have it with you at all times. Make a note of every single penny that you spend – This is very important, if you forget to write down a coffee here and a soda there, you won't have a complete picture of how you're spending your money by the end of the week. At the end of the week quickly order the items that you spent money on throughout the week into the following categories: Food, transportation, entertainment, clothing, housing and other. Next add up your expenses in each category. Here's an example of one day: Monday Coffee - $2 Food: $ 8.30 Bus fare - $2.30 Transportation: $5.00 Lunch – $5 Entertainment: $1.30 Magazine - $1.50 and so on. Next, find out what percentage of your money you spend on each category by dividing the total for each category by the overall total. Once you have completed your calculations look carefully through your analysis. Does anything surprise you? Are you spending more money than you thought on small items? Small things, like coffee, drinks, cigarettes etc… can really add up in a week! Just think, if you spend $2 on coffee every day, that's $14 a week or $728 a year! Identify these areas that surprise you and look for opportunities to cut back on your spending. Keeping a daily spending diary is an easy way to take control over your spending and to identify some less than desirable spending habits. Also as an added bonus, by keeping a daily spending diary, you're already halfway there in creating your own personal budget. To be successful in your own business with whatever money you have, you have to be wise with your money spending and that will automatically boost your business. Remember you should look after your money to get more money.