Episode #65: How To Increase Your Savings Rate - The Expense Tracking Method

Raise your hand if this sounds familiar:  

• You’re constantly trying to decide whether you should save some money this month or just spend it and have some fun going out to do things.

• Every month you say you’re going to increase your savings rate, but you just keep pushing it back a month at a time.

• Saving that recommended minimum 10% (and 20% for women) seems truly impossible.

If this sounds like you, you’re not alone (you’re actually feeling this way along with the majority of the population) and you’re going to LOVE the money saving trick I’m going to walk you through in today’s episode.

You’ve likely heard me talk about the importance of tracking your expenses each month (and hopefully you’ve started doing this….. you’re doing it, right?) and today I’m going to walk you through the extremely helpful little extra column you can add to your spreadsheet that will help you start saving money by ranking the importance of your expenses.

You’re going to use this ranking system to identify what your financial values are, and overall you’re going to learn how to save money by allowing yourself to spend more money on your financial values categories.

Yes, you read that right, you’re going to learn how giving yourself permission to spend money on your financial value categories, will actually help you save more money in the long run.

I usually write out a blog post to accompany every episode for those of you who love learning by reading, but today’s episode is best consumed in Youtube format so you can see the spreadsheet I use and how I use it.  So, instead of reading some long-winded explanation of how to do this, just watch the video linked above and learn how this one little modification to your expense tracking spreadsheet will help you start saving more money easy and naturally!

Also, if you want to learn more about how to track your expenses and spend according to your financial values, make sure you check out the expense tracking course I offer.  It comes with the spreadsheet I use in today’s video, and is a much deeper dive into how to incorporate an expense tracking and values based spending practice into your life.

Learning how to manage your spending is the #1 financial skill everyone needs to master, and you’ll use this skill throughout your entire life, no matter how much money you’re earning!  All the amazing financial goodness that’s to come for you one day will stem from tracking your expenses and understanding what you do with your money. 

So, don’t sleep on this, make sure you either register for the expense tracking course, watch all my past expense tracking videos, or simply add this one simple column to your own expense tracking spreadsheet today to make saving money so much easier.

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Want to learn more?  Check out the resources below!

Want to take the next step in your financial journey? Grab one of my free resources to start making moves with your money:

1. 3-Day Personal Finance Challenge: Break up with broke and start building financial confidence https://howtoadultschool.com/personal-finance-challenge-download-page

2. First-Time Home Buyer’s Guide: Everything you need to know before buying your first home https://howtoadultschool.com/first-time-home-buyers-download-page  

3. Expense Tracker: Finally feel in control of your spending with this easy-to-use tracker https://howtoadultschool.com/expense-tracker-download-page 

My favourite personal finance tools: 

1. Wealthsimple (High Interest Savings, Investing & TFSA/RRSPs):  My favourite platform for personal banking AND investing  wealthsimple.com/invite/OB9NB7 

2. EQ Bank (High-Interest Savings Account): Another great option for high interest savings accounts (for Canadians) join.eqbank.ca/?code=CORYNN4617 
   
   

Ready to get serious about mastering your finances? 

1. Financial Foundations Course: Learn every personal finance skill we all *should* have been taught in school. https://howtoadultschool.com/financial-foundations-course

2. Investing Essentials Course: Learn to invest with confidence and grow your wealth https://howtoadultschool.com/investing-essentials-course 

3. Group Coaching Subscription: Get expert guidance and support every month https://howtoadultschool.com/group-coaching-program 

Some of the links above are either affiliate or referral links meaning I receive compensation from their use. By signing up using these links you can help support my work.