The Power of Tracking
Guest: Mikelann Valterra
Can something that takes as little as five minutes a day change your financial life? Absolutely, say the proponents of that so-often-recommended piece of financial advice: track your spending. They believe it can be the key to a wealthier life, and research shows it may make you healthier as well.
There’s no doubt that tracking what you are spending can help you get a better handle on where you spend your money. The insights you gain — I spent how much on that? — may prompt you to curb your behavior in order to achieve your bigger financial goals.
Two years before they quit their jobs to take their dream trip around the world, Warren and Betsy Talbot started carefully keeping track of every penny they spent.
“Right after we started tracking our expenses we sat down for our monthly review together and discovered that our #1 expense after the mortgage was eating out,” says Warren. “We found we were spending $1,500 per month on all our dining out. Just by cutting this back to $500 month we were able to save over $24,000 in 2 years, which ended up being the same amount we spent in our first year traveling full time around the world.”
About My Guest
Mikelann Valterra, a published author, has been a Financial Recovery Coach for over 15 years. Her passion is to help people escape the money fog, feel more in control of their finances and love their financial life. She believes everyone can truly heal their relationship to money.
In addition to her private money coaching, Mikelann is the co-founder of MoneyMinderOnline
- spending plan software with emotional heart that helps people get conscious and connected to their money-- so they can create the life they truly deserve.
She is the author of Why Women Earn Less: How to make what you’re really worth
, as well as numerous workbooks and audios. Mikelann has appeared on dozens of radio shows, television
spots and in newspapers across the United States, as well as blogging for Forbes.