To find your current expenses when building your budget, you should primarily look at:
- Your bank and credit card statements : These provide detailed records of your spending and help identify both fixed and variable expenses. Reviewing these statements helps you pinpoint spending patterns and categorize expenses like rent, utilities, groceries, subscriptions, and discretionary spending
- Account summaries from checking accounts and credit cards : These often group transactions into broad categories, making it easier to see where your money is going
- Receipts and bills : Collecting physical or digital receipts and bills for regular payments (e.g., utilities, insurance) ensures you capture all fixed and recurring expenses
- Budgeting or expense-tracking apps : Apps like Mint, Wallet, or Fast Budget can automatically import transactions from your accounts or allow manual entry, helping you track and categorize expenses in real time
- Spreadsheets or budgeting templates : If you prefer manual tracking, spreadsheets can help organize and categorize your expenses accurately
By gathering this information, you can list all your expenses, categorize them into fixed (e.g., rent, utilities) and variable (e.g., food, entertainment) costs, and get a clear picture of your current spending to create an effective budget
