Record keeping

How do you rate your #recordkeeping experience?
Two years back, recording and #trackingexpenses was seen to be a more of formal practice for big #Businesses, #Organizations and #companies not until when my friend jokingly asked me a question, "How much do you spend compared to your income in a month?".

The truth is that I could earn and as well spend #money but I failed to answer the question that to be simple. My friend had not meant to ask me such a question, we were having fun, sharing stories about how life is taking us.

I became curious about knowing how much #cashflows in my pocket, how it flows out and how much cash flows out in a month. I waited for a fresh month to start taking record of every coin or note that came my way as well as any coin or note that was spent.

The curiosity to know how much I earned and spend that month kept motivated me to record any #income I earned starting from salary, money from my gigs or side hustles, small debts from friends and any other money I earned. I did the same to expenses, it became funny to me! even recording minor #expenses.

When the month ended, I was shocked by the results🥺. I was spending more than I earned, when I shared back with my friend, he told me that " You would spend more than that if you spent not considering that you were taking records". he laughed 😁. 

I took advantage of the records to Identify where I spent much, expenses I need to cut, prioritizing #basicneeds over #wants and my target was at least having a #balancedbudget than a #deficitbudget.

Friends, since then I realized the power in keeping and taking records both as an individual, family, small and big #business.
 
My #lessons from a one month experience;
✍️ Tracks cashflows ( income, expenses and savings)
✍️ You stay organized 
✍️ Planned spending 
✍️ Helps in managing finances 
✍️ Prioritizing needs over wants 

If you are given a microphone, what would you say about keeping records?👂👂

#finance #financialliteracy #financialeducation #money #business
#investment #personalfinance #wealthy
#financialfreedom #financialplaning

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