It is literally impossible to manage your money unless you know exactly what you’re spending it on. Even if you allow yourself a cash allowance and don’t use your debit card, not keeping track of the purchases you make with your cash is tantamount to losing control.
Regaining Control Over Spending
In order to effectively manage your money, you must know exactly where it’s going so that you can make an informed decision about whether your spending choices meet your financial goals and objectives. Starting now, take some time every evening to write down all of the day’s purchases. Document the amount you spent, what form of payment you used (cash, credit card, debit card, check) and what items you spent the money on. Then, each week review the spending decisions that you have made and make sure they’re in line with your budget and your priorities.