Track your spending

Keeping a spending diary will help you save more.

Do you know exactly where your money goes each month?

Yes!

Brilliant!
You’re already no doubt a super saver and very much in control of your finances!

No!

Then start a spending diary!
In no time, you’ll be more aware of where your money’s going and how you can spend less!

Start a spending diary

Keeping a spending diary will help you find quick and easy ways to spend less and save more. You’ll also learn about your spending habits (the good and the not so good ones!). 

Not sure how to do it? Have a look at our example and follow our steps below to find out more!

Track your Spending

Here’s how!

Track your spending

Start by creating a table like the one above, you can do this in a small notebook or on your phone.

Track your spending

Start by creating a table like the one above, you can do this in a small notebook or on your phone.

Each time you buy something, write it down in your diary.

Remember to record every expense, however small. Don’t forget to include the things you buy online too! Even the small purchases add up! 

Track your Spending

Understand your Needs vs. Wants

At the end of every week, decide for each expense, if it’s a ‘need’ or a ‘want’ and fill in the Needs (N) or Wants (W) column as we’ve done in the example diary below.

Understand your Needs vs. Wants

At the end of every week, decide for each expense, if it’s a ‘need’ or a ‘want’ and fill in the Needs (N) or Wants (W) column as we’ve done in the example diary below.

A need is essential to maintaining a basic standard of living:

e.g. EZ link top up, remittance

A want is something nice to have but it’s not essential:

e.g. a new bag, lunch at the mall

Track your Spending

Make one simple change

Take some time to reflect on your spending. We always have a choice when it comes to how we spend our money. You’lll see from your diary that you have the choice to spend less and save more every day! 

Make one simple change

Take some time to reflect on your spending. We always have a choice when it comes to how we spend our money. You’lll see from your diary that you have the choice to spend less and save more every day! 

Ask yourself:

  1. Do you think you could reduce your spending on ‘wants’ to help you save more?

  2. Could you plan your spending on ‘wants’ better? E.g. buy the ‘wants’ that are most important to you and your family first e.g. birthday presents

  3. Can you spend less on your needs e.g. find a cheaper phone contract or walk short distances instead of taking the bus? Saving money on your needs can be a bit trickier though and might require you to be a bit creative! 

Track your Spending

More saving ideas

Next steps

1. Keep a regular spending diary.

Make this your new money habit!

2. Share it with other MDWs!

Why not share what you’ve learnt about your spending habits with other MDWs?

3. Check out Ulfa’s story.

Ulfa is our #SuperStarSaver – Check out her top savings tips here:

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