Run For Your Money

Does it seem that your paycheck has legs of its own? Sometimes it can feel as though it has vanished in the blink of an eye with nothing tangible to show for it. One of the most important tools to gain mastery of your finances is to know where it is going in the first place. Save all your receipts for the next month, throw them in a shoebox and then tally them up into categories. Different color high-lighters can add some fun to this project.

Housing, transportation (including car payment), food, entertainment, medical, charity/gifts, pets, technology/communication, late-night pizza orders, are some to start with. Make up your own categories that are meaningful to you or use these as a base. You may be surprised by the results. Spending on food is one of the most commonly underestimated categories, those subway runs can add up to a surprising chunk of your earnings. So empowered with your new knowledge, is this how you want to be spending your hard-earned dollars? Stay tuned for more on how to take back your paycheck.