Awareness is Key

Week 2 | Day 8 | GB 101: Budget Bootcamp

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This week is all about building awareness around our spending. We want to focus on becoming more aware of our spending because that helps us be more thoughtful and successful as budgeters. So over the course of this course (hehe) — but this week in particular —  we want to move from noticing “Oh, I spent money!” to “Look, I’m spending now” to “Hm, I am going to spend.”

When these habits and self-awareness are developed, we’ll learn to record our grocery spending before we even leave the store, rather than remembering we spent money weeks later when we look at our monthly bank statement.

Our friend Wayne told us that he often struggles to add his transactions as they happen in real time. And, we get it! It’s tough. But he also said,

“I’m much happier when I record purchases right when I make them… It’s frustrating when I’m recording an expense using only the information my bank provides, which is usually only the merchant name, amount and date. Purchases from big-box stores like Target and Walmart are the worst because I buy so many different things from those stores.”
We agree, that does sound like a pain. So let’s dive in and start working!
Today’s Assignment
  1. Today, your mini-mission is to track your spending in Goodbudget while you’re at the store. Or right away when you buy something online. Oftentimes we swipe our cards at the gas pump without even realizing we’re spending. So logging those transactions as soon as they happen helps you notice when you spend, rather than remembering a few days later.
  2. Comment below and let us know how you’re feeling. What happened when you paid attention while you were spending instead of after you already spent?
Happy budgeting,-The Goodbudget Team
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2 thoughts on “Awareness is Key”

  1. Tracking as I go makes me realise how all the little things add up. A 7$ train ticket here or a $2 doughnut from the corner store there aren’t terribly expensive, but lots of those little things has just as much impact as one or two “significant” purchases.

  2. The combination of having the GB on my phone and establishing the habit of recording expenses immediately (I prefer to record them using receipts as soon as I get in my car) has been life changing. We are newly retired and it’s more important than ever to be aware of spending unnecessarily, and knowing where exactly our money is going. Thanks for this course. I’m married to an Accountant and it’s still been really helpful! 🙂

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