Track savings instead of spending.

In an attempt to exercise financial prudence, it is common for most of us to create a budget for expenses. While there are personal finance apps out there to help you out, tracking expenses and keeping within budget can be an arduous process, week after week.


For expenses, I only record big ticket items that are outside of my usual spending habits. What I like to do is to track my savings instead. Everytime I receive an income, I’d “Pay Myself First”. By setting aside a pre-determined amount for savings the moment I receive an income, I can ensure that my savings will increase at a steady pace across the year. In that way, if I really do spend everything that is left after setting aside for savings, I needn’t feel guilty about saving nothing. Don’t try to spend first and save what’s left. SAVE FIRST, and spend the rest prudently.

Another thing I like to do is to make pre-payment for recurring expenses. You can set aside money for things such as insurance premiums, utility bills or gym memberships. In doing so, you ensure that you continue having access necessities without the possibility of missing a scheduled payment in times of financial distress.

Everything can be compiled on an Excel spreadsheet for easy tracking.


So try these three simple things today.

  1. “Pay Yourself First” – Save first and spend the rest prudently.
  2. Track only big ticket items (T.V. , Computer, Phone, Travel, Expensive Dinner Date)
  3. Make pre-payment recurring expenses (insurance, utility, memberships & other subscriptions).

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Till next week, have a good weekend!


Nigel Fernandez


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