If you ever feel like you don’t really know where all your hard-earned salary is going, you’re not alone. This is an issue that affects a lot of people, especially women, if a report by NBC News is anything to go by. According to the report, women are more financially stressed than men, and 67% of female millennials don’t save.
The good news is that a process called “financial tracking” can take away the stress of setting financial goals. It also removes the need to establish strict budgeting rules, as it gives you the ability to see your spending and saving patterns clearly.
Tracking your finances is like setting up a game plan. The idea is to gain an understanding of where your money goes, and then use that knowledge to make informed decisions about how you spend it.
Most women who benefit from financial tracking appreciate the way it helps them see and seize the big picture and, therefore, make better financial decisions. Perhaps the most powerful aspect of financial tracking is how it changes one’s mindset with regard to money. Once you start getting a better understanding of how and where your cash is going, it’s easy to rewire the way you think about spending.
Instead of living in a state of stress, you’ll find yourself feeling more confident and empowered as your financial situation becomes clearer to you over time.
Tracking your finances is different from budgeting; it doesn’t require you to limit yourself or even cut back on spending for the sake of saving more money. Instead, it’s about knowing where your money goes and making small changes to make more of it.
How do I get started with financial tracking?
If this strategy sounds like a good fit for your life, then it’s time for action!
Our women-run company understands that many hard-working women don’t have time to spend hours tracking every detail of their spending. That’s why we’ve built a simple mobile finance app that makes it easy to manage finances, known as Lucy. Our application is based on the idea that forming new financial habits requires consistent tracking, accountability, and action.
Lucy enables you to set up multiple fee-free accounts, each with a Mastercard. You can give each of these accounts its own name, reflecting what it’s for – so one for personal expenses, one for household and groceries, one for your small business, and one for your children, for example. To help you save, you can also create multiple “pocket savers”, which you can give names and goals to – helping you to separate spending and savings, and monitor your progress.
Join hundreds of women who have already used this approach to get ahead financially by visiting www.welucy.com to learn more and signup.