A bullet journal is a type of journaling which is aimed at keeping everything in one place and allowing you to organize all aspects of your life to simplify things for you.
The bullet journal is typically used as a daily diary but is also used to track different things such as good habits, diet, reading and even sleeping habits. It is a type of journaling which has taken the world by storm over the last few years purely because of the convenience of it all.
Expenses are one of the most popular things to track in a bullet journal, and this is simply because a lot of people manage money better by sorting things down. It is easy to see your bank statement at the end of the week and know what you have, but by writing down your incoming and spending you will find that you behavior actually changes.
The purpose of a spending log is to track what you spend day to day and to encourage you to spend less and save more. There’s no need for you to know about complex financial terms and things such as prepaid credit card to build credit, mortgages and investments: you simply need a pen and paper, and a record of your spending habits.
The best way to create a spending log is by starting with your wage. If you are paid weekly or monthly you need to write down what you earn for the month. This will act as the basis for the rest of the month and your aim should be to spend less than you earn. Simple, right?
As you create your expenses log you will start by making a simple table. This table is going to consist of five different columns:
- Description (coffee from Starbucks, food shopping, mobile contract etc…)
- Money in
- Money out
Every time that you spend money during the month or earn some money, you need to log it in your bullet journal along with a description. This will show the the real extent of your spending because you will suddenly be able to see the impact of that coffee you buy every day or the cheeky pair of jeans you buy because they were half price. It will become apparent to you exactly how much money you spend every day and this will make you stop and think before you purchase unnecessary things.
You can also set yourself some savings goals to complete throughout the month and this can help you to save money for your holiday, your first home or even just a treat at the end of the year. Saving is hard enough on its own, but when you spend money willy nilly it can become out of control and you never end up being able to save a single penny. By creating savings goals you can hold yourself accountable for your actions and assure your goal is met.
This is honestly an amazing way to change your spending habits and it could even be the way you faultless break out of your bad habits and make better decisions when it comes to finance.