Collection.....of Receipts

Continuing the 101 cost savings ideas leads us down the road of collections. Not collections as in credit card but collecting receipts. Most of, in fact all of our clients that come in our office do not have or are operating with a budget.  We have talked previously about the importance of a budget but today we blog about how to get one going.  The most common assignment we hand out after our first meeting is to begin to collect receipts. 

Collecting receipts is like counting calories, not very fun but the truth in this case, about your spending habits are made clear. In fact our clients often tell us that within the first couple of days they begin to spend less because they now realize what they are buying.  In the case of a budget you only have so much to spend. 

The receipt collecting not only serves a purpose for cutting spending but also budget creations. If you try to do a budget and are not aware of just how much you spend then you can guarantee your budget will not work. So to make the most successful budget we need to know that it cost $525 for groceries, not that you think or want it cost $250. A budget can only work if it is real and collecting receipts can make that happen.

Tip….

Put a shoebox next to where you drop your keys when you come home.  Mark the shoebox receipts and empty your pockets every evening.  Remember that it can take 2 to 3 months to create a working budget.