Prudential Life Assurance Kenya

Tracking Your Expenses

How much did you spend on transport alone last month? How much do you put aside for your family’s entertainment? Are you aware of your financial status today?

To attain financial honesty, it is essential to track your spending. This is the only way to fulfill financial planning.

Let’s take, for instance, an athlete. He could be the fastest sprinter on earth, but unless somebody is timing the race, no one can tell how fast he truly can run.

If you have to steady the financial ship, you need to know where the ship is. Hence, you can only attain financial health once you start tracking your finances.

How do you do it?

  1. Create a ledger in which you will input all your daily expenditures.
  2. Gather and input your records from your M-Pesa and bank notifications if you swipe to pay.
  3. Involve your spouse and children in this exercise.

Do this daily or every one or two days to maintain an up-to-date ledger.

Does tracking mean you need to live within specific means?

Tracking helps you to become AWARE of your spending, and as a result, helps you plan better. It does not, in any way, put a cap on your spending habits. If anything, it frees you.

Involving your family ensures you have all the support you need to achieve financial resilience, and what better way to do it than learn, earn, save, and donate together.

Tracking your money is an integral part of financial planning and the only way to become financially honest. Start tracking your money now, as it is your best gift today, and your children’s tomorrow.

Take care of yourself, Take care of your money.

Learn. Save. Earn.

#GlobalMoneyWeek2021 #TakeCareOfYourMoney #LearnSaveEarn