The Peso Tracker

Cosmopolitan (Philippines) - - Work -

In­stead of giv­ing your­self a rigid spend­ing limit, the Track Ev­ery Peso (TEP) sys­tem re­quires you to keep a metic­u­lous record of ev­ery trans­ac­tion you make for at least two weeks. Here’s how it works.

1. RECORD ev­ery trans­ac­tion you make, down to the cen­tavo. Log them in the notes app on your phone, col­lect re­ceipts, or put ev­ery­thing into a spread­sheet or Word doc. this strat­egy works only if you’re dili­gent, so re­serve at least 20 min­utes at the end of each day to make it hap­pen. 2. TRACK your ex­penses by date, item, and cost, with the to­tal sum at the bot­tom that shows how much you’ve spent to date. You can even break it down by cat­e­gories, such as money spent on food, bills, debt, pets, clothes, and en­ter­tain­ment. 3. CHECK in with your goals. You might be shocked by what you’re spend­ing your money on, like bot­tled wa­ter, for in­stance. Just car­ry­ing around a re­us­able bot­tle could add back a de­cent chunk of change to your bud­get.

adapted from Brokemil­len­nial by Erin lowry.

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