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Do you know where you are spending?

Filed under: Uncategorized — Jimy Shah @ 7:43 pm

How many times have your thought that you should not have spent your money on something after you had already done that? When was the last time you regretted your decision about eating out tasteless food, buying that useless electronic gadget, going on vacation and then realizing it wasn’t worth it? I think this happens to most of us and the reason is simple, if you don’t enjoy what you are spending your money on, it is not going to satisfy you. My definition of controlled spending is to know the value of your spending and enjoying it.

There has been occasions when I will eat lunch out for the entire week and on the weekend when I evaluate my weekly expense that “oh no” feeling comes to my mind. Recently this has reduced a lot as I take home cooked lunch to work. It gives me immense pleasure while eating and also gives satisfaction while my weekly expense analysis. This is just a small step which I took to cut down on calories, but it also proved to be economical. This does not prevent me from eating an odd meal out with friends. Friday nights have always been a blast and fun-filled events. It is almost a no-limit night as far as spending is concerned. All we are looking for it to burn down the weekdays work pressure and get ready for a relaxing weekend. I never think twice before spending on Friday nights, why? Because I enjoy what I do and I strongly feel that my money is worth spent.

Starbucks coffee, I spend around $50-$100 on my Grande sweetened Iced Coffee. I enjoy every drop of it and I don’t think I will cut back on them even if they doubled its price. For me this is not a lavish spending. I am sure you all must be having few of such habits which might appear to be wasteful spending to other but for you it’s absolutely worth it.

Recently I have started following few blogs on personal finance and investing. One of my favorite is simple dollar. The most important thing that I get from these readings is the motivation and that extra push which helps me in executing my financial plans. Maintaining monthly budget sheet and doing regular analysis helps me in finding the bottlenecks and gives me a chance to rethink on my spending. I can see the spending graph linearly increasing each month. Now I know where exactly my money is going and I am trying to take measure to cut down on spending which I don’t enjoy much. I believe in Spending More and Earning More but when I don’t enjoy what I am spending on it does not make any sense in continuing such spending. To realize this you need to analyze and think about your spending. Analysis of your finances does not always mean finding ways to cut down on spending but it’s a tool which gives you that second chance to rethink about it. If you decide your spending is worth, its fine, go ahead with it but at least now you know what are you are spending on. My only aim, when I started keeping track of my spending and creating those beautiful looking graphs in MATLAB and Excel, was to know what I am spending my money on.

Do you follow any other techniques which have worked for you to keep an eye on your finances? What is your mantra of life when it comes to spending or controlling wasteful spending? Do share your experience on how you manage your finances. I am sure each one of you has a trick in your bag which could be helpful to others.


-Jimy Shah

Live 2 Eat, don’t Eat 2 Live!


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