Smart Money Training Program

Topic 4.2: Expenses

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Understanding your expenses will help you decide how to save, share, and spend your income

Tracking Your Expenses

By tracking your expenses, you can see if you are using your money in line with your values and goals. 

• Tracking your expenses may also uncover where you can make changes.

• When you track your expenses, you tend to spend less!

Managing Your Expenses

Managing your expenses helps you avoid:

• Late fees 

• Interest on unpaid balances 

• Negative credit report entries 

• Loss of services and related service restoration fees

Payment Calendars:

Consider using a monthly payment calendar, either on paper or a mobile app, to keep track of your bills and how you pay them. 

Sometimes, you can pay bills online, in person, or with a mobile app on the same day they are due without paying a penalty.

Be sure to know what fees you may be charged, depending on how you choose to pay your bills. The person or business to whom you owe money must receive your payment by the due date. Receipt by the due date is what counts—not the postmark or when you mail the payment.

Remember the Key Takeaways:

• Understanding your expenses will help you decide how to save, share, and spend your income.

• By tracking your expenses, you can see if you are using your money in line with your values and goals.