Keeping track of family finances is easier than you think. Keep all records, receipts, and bills in one central location. Review receipts and records from your checkbook based on what was spent last month, and estimate what you will spend this month. Divide your spending into categories such as housing, food, transportation, clothing, personal, recreation, medical, education, and savings.
Publications to assist you in tracking your expenses can be found at the following Web address: http://extension.missouri.edu/explore/hesguide/famecon/gh3830.htm
or http://extension.missouri.edu/explorepdf/hesguide/famecon/gh3830.pdf.
After tracking your spending, you may discover you have to make some adjustments to find the money to meet your goals. Expenses such as food, clothing, recreation, and other flexible expenses are easier to reduce than fixed expenses such as rent and car loan payments.
Use envelopes and/or folders to file your expense records. File tax deductible expenses together for easier calculating at tax time.
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