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If you want to take charge of your finances, keeping track of your spending is a good place to start. The information you collect will help you identify opportunities to reduce your spending.
Online tools can make the process of tracking your spending completely automatic. For example, My Spending Report with Budget Watch automatically captures each deposit and every purchase and payment you make with your Wells Fargo credit cards, debit cards, checks, and online bill pay. This allows you to sort your expenses into familiar categories so that you have an accurate and current picture of where your money is going, without having to save receipts or key in transactions. You can establish your own spending and budget goals and track your progress over time.
Some individuals may be comfortable with lower-tech options such as recording expenses with a simple pencil and notebook or logging expenses into a spreadsheet program. Keep in mind that these manual options may make it more challenging to categorize expenses. They also cannot link automatically to the activity in your bank accounts.
If you choose to track your spending manually, get in the habit of consistently following a few basic practices:
By taking these steps, you will have a more accurate view of where your money is going.
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