April 28, 2007

Tracking Expenses

I think I have spoken here before about how we track expenses in our house and how important it is to us to track nearly every penny. (sometimes pennies escape but not often)
This week I ran across the Report from the NFCC Financial Literacy Survey.

Financial experts generally agree that having a household budget is sound financial management. But only a minority of Americans keep close track of what they spend on typical monthly expenses. And although a majority of the public has at least a somewhat good idea of where their money goes each month, more than two in 10 keep little or no track at all.

Contrary to some stereotypes, how closely Americans manage their money does not vary by gender, age or income. Women are as likely as men, younger people are as likely as older people and lower income households are as likely as higher income ones to keep close track of what they spend.
Well, having an idea of where your money is going isn't the same as tracking it. Believe me. Seeing it all lined up every day...definitely is helpful and informative.

I also was interested in the fact that age doesn't factor into how people manage their money.

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