*Moneymistakes: Not paying attention where your money is going

Not paying attention where your money is going

Your money is going somewhere whether you are paying attention or not. You better be paying attention where your money is going if you want to achieve your financial goal or desires.

We have our individual pattern of spending. It is a pattern we repeat month after month. If we end up broke, we conclude more money is the answer. Not paying attention where your money is going is a common money mistake. Rather than look inward for answers, we look outwards.

The solution to your problem may be hidden inside the way you spend. Often times you wonder who took your money. You money seems to develop wings and flies away. The best way to catch it red-handed in its disappearing act is to pay attention where your money is going. Simply itemize your expenses as it is happening or track it only if you don’t use cash, and review it often.

Like a forensic examination, a review of your recent spending can reveal a pattern of misappropriation of funds. You can see where you went off track – spent more than you budgeted for, or on non-budget items. You get to see how spending to please others or yourself can land you where you don’t want to be financially.

There is nothing wrong with making more money. The challenge is, if your bag is leaking, the extra money you make may end up where the others went. You are better off knowing how to make better use of what you already have. It spares you needless financial pressure and positions you to make better use of more money when it comes.





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