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Keeping track of records - home book keeping

Keeping track of your money means making sure that you always have an overview of your financial situation. One way you can do that is to keep a written record of everything you do with your money. On one side write down how much money you got - as salary or as benefit - and on the other side how much you spent. The more detail you include, the better your record is.

So if you withdraw £100 from the cash machine, do not just put down that you withdrew the money, but also what you did with it (e.g. buy clothes, go out for tea, buy tickets for the cinema). When you use the cash machine it asks if you want a printed receipt; you should say 'yes' and file it for future reference.

Here you can see what this kind of personal record could look like:

Now try to make a record yourself. Click the printer icon to on the left to print out a blank budget sheet (you will need a printer attached and switched on). Write down how much money you got on the one side and how much you spend on the other side. After listing everything, add each side up (you can use our pop-up calculator if you want to).

Now see if your spending is less than your income. Remember, you should not spend more than you have. You may also like to take a look at the Budgeting section.

 

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