One step is writing down every single penny that comes in or goes out. At first I thought this would be a no-brainer since I'm pretty stringent about maintaining our family's finances. While it's not difficult, it's been really enlightening. Why?
You Spent What on a Cell Phone Cover?
I had to keep track of what my husband spent on a daily basis. No easy feat, I might add. Plus, I was learning about the little things he was buying on a whim here and there. Like the $7.99 camouflage-colored cell phone cover? It was hideous and felt slimey. "Why don't you just put your phone in a plastic baggie if you're worried about it getting dirty?" I asked, half kidding, half serious. I dutifully noted the expense in our daily budget.
Ooh, I Found a Nickel Today!
I've never watched our budget down to the penny, and I mean the penny. If I found a nickel, it was +5 cents in the budget. I was excited to find money in the past, but now I could see it actually increasing our income. Granted it increased our income by a whopping 5 cents, but still!
Will That Be Cash or Credit?
Now this is interesting. I can easily recall exactly what I spent when I used cash. However, if I bought something with the credit card (gas, groceries, etc.), I either forgot about the purchase completely or couldn't remember the exact cost. I thought this was fascinating and could potentially help our budget. We've never paid for much with cash because we have a credit card through Upromise, which puts your cash rebate into a college fund. (While I could probably sign up for other more rewarding cards, this is a painless way to save for the college for our two children.)
I'll keep you posted on our progress.
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