If you’re not already using some sort of method to track your expenses and savings then you are making the biggest mistake of your financial life. How can you expect to become wealthy if you do not take care of your money. in order to know what’s happening you can use the hi-tech or low-tech methods.

The low-tech method is that which your parents or grandparents used – the accounting book or just an ordinary notebook. Using this method is great especially if you do not have computer access. It is quite portable, especially if the notebook can fit in your briefcase or handbag. If you carry it around with you then you can enter into the book as you spend.

In the hi-tech case, computer software is used. There are many paid options such as Quicken, however this can be challenging to use. Recently I found a great resource from Mint.com and best of all it is free. Mint offers an online system where you can consolidate all of your accounts into one easily-viewable dashboard. It offers mobile alerts for bills, fees, budgets, low balances, and much more.  To find out more about Mint check out the video below.

If you are concerned about security check out the next video.

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Tags: personal finance, software
Filed under: Frugal Tools