Create A Spending Log

Use the spending log example to see how you are spending your money.  You just might be surprised.  As you begin to prepare for Federal retirement, it is important to make certain you are eliminating as much waste as possible.  Your spending log might show you where you can cut back and perhaps add a bit more to savings.

• Also Read: New TSP Withdrawal Rules and What They Mean for Your Federal Retirement Plans
• Also Read: TSP Investment Moves That Could Help Federal Employees Retire on Their Own Terms
• Also Read: Early Retirement Myths Federal Employees Need to Stop Believing

Without a lot of thinking, use the table below and quickly jot down how much money you think you spend daily in any given week. You may also itemize the things you spend your money on.  Then  revisit your personal spending log and examine in  detail how you are spending your money.

Personal Spending Log

Weekly	Income + $ (A)	Spending – $ (B)
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday

 

A minus B  gives you a guestimation of how you are spending your money on a weekly basis. Part of your retirement readiness checklist requires you to look at how much money you spend daily and if you can redirect some of the spending to create greater money management efficiency.

Try logging your income and purchases on a daily basis for a month.  Analyze the results and decide  what you can do differently with your spending.

P. S.  Always Remember to Share What You Know.

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