Two Huge Benefits That Come From Spending Summaries

Want to turn a corner on your personal finances in 2025? Well, this short video will truly help.

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 In the world of finance, actually in all fields, some things work better in theory than in real life. Often sound ideas don’t survive their battle with human nature. “All else being equal” meets the reality “all else isn’t equal” and well, things break down. Not true with spending summaries. I really believe they may work even better in real life than they do in books and courses.

So many people are getting back to us to share spending-summary success stories. People listened to earlier videos, tracked their spending for two months, (all of it, meticulously) and are reaping two HUGE benefits. Number one, by tracking all expenses, it quickly becomes clear where the leaks are, where the overspending is taking place.

A spending summary, two-to-three-months’ worth, should precede developing a budget. It informs that process. It makes it much more likely to be realistic, thus adhered to. Two, the summary shines a light on where money is being spent inefficiently. What do I mean by that? So often, in fact, almost every time, spending-summary users say something like this: “We knew we were spending a lot on blah, blah, blah, blah, blah, but actually seeing it on paper made us question whether it really meant that much to us.

Were we getting our bang for our buck? Weren’t there better places for this money?” Look, I didn’t even like nor push spending summaries the first twenty years or so I was doing this. But I was wrong! These things are gold as is once again being proven by this feedback I’m receiving over and over from our earlier videos. Don’t worry about doing this in December, busy time. But, you want to turn the corner to personal finances, better job in 2025, do a spending summary in January and February. Trust me.