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Tracking Personal Financial Information

Tracking financial performance is the only way an individual can know if they are growing money-wise or not. The way people plan for saving and minimizing wasteful expenditure can best be understood by keeping proper records of the income, recurring expenditure, savings, as well as investment in different schemes. Therefore, we should track our financial information so that we can notice areas that need financial improvement and discipline.

Many methods can be used when tracking personal financial information, for example, manual approach and electronic methods. In the first strategy, we can track our spending data by manually recording down one's income versus what one's spend as well as what we keep aside as savings. In this case, one can use an excel template or simply noting information on a book. Secondly, we can save expenditure information on online platforms that we use to pay for goods and services. Almost everyone pays for products using credit cards; these pieces of financial data can later be extracted, enabling users to understand how they spend.

Personal budget is essential since...