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It's called the Shoebox method. Get a
shoebox, cut a rectangular slot in the top. Now tape the box securely closed and
write the date on it. Some people find it helpful to coincide starting this on
payday or at the beginning of the month. Decide what start date works best for
you. Once you decide though, be faithful and stick to the plan. It takes one
month.
To start, pick your date. Now be sure to get a receipt for everything you spend
money on, no matter how small of an expense it is. Include cigarettes, coffee
(lattes), candy bars, nights out on the town, EVERYTHING! Every penny you spend,
be sure to get a receipt if possible. Put all these receipts in the shoebox. If
you pay your children allowance or have other expenditures that may not generate
a receipt, quickly make one and stuff it in the box. Be sure to put a copy of
your bills in there too.
Ok, it's been one month and you have been very good about gathering all your
receipts and expenses, putting them in the box. Open the box and get a tablet to
write on. Anything that is a repeated expense, be sure to write down under the
same heading. Adding everything up, you can quickly see where the money really
goes. Be sure to multiply those figures by 12 to see how much is spent a year!
This should allow you to see exactly where you can make some cuts by giving you
a great overview of your expenditures. Don't wait to do this, get started today!
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