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5 Ways To Track Your Spending

I don't even know how I spent that money so and so gave to me. Only God how I spent my last Salary. That money so and so gave to me I can not even tell how I used it. Do these statements sound familiar? I'm sure it is but if you are the one constantly making these statements then you need some education on tracking how you spend. 

It is important to know where your money goes if you are going to make financial progress. However, tracking your spending can be tedious if you don't know how. I will sharing tips on how to keep track of how you spend your money. Some of them you probably have tried but the first and most important thing to note is that tracking your spending just like other aspects of our finances requires DISCIPLINE

We will get right into the 5 ways to track your spending.

1. Review Your Bank Account Statement

You probably get a monthly bank statement from your bank in your mail but do you read it thoroughly? This is one of the easiest ways to track your spending as your bank statement has a description of each transaction you make throughout the month.

Take time to study your bank statement for each month to gain insight on how you spent money that month. You can easily tell if you have spent wisely or not. This leads us to the next point


On perusing your bank statement, categorize the spendings you have made. The very first way to this is to divide your expenses for the month into recurrent and current. The recurrent are those items or services you spend money on on a daily, weekly or monthly basis. This can include transport to work or your place of business, utility bills, money spent in food and so on. 
The current expenses are those that happen only once in a while and can include unforseen circumstances like sickness. 

Having done the above, you can then go on to examine how much you are spending on each item in each category and you can tell where your money has been going.

Draw a table to record your spending as you go. Make sure it is a very small portable book that you take with you everywhere. Record every expense made as you make those payments. If you purchase airtime, record it. If you buy snacks along the road, record it. Make it a habit. You will find that this will give you a more detailed record of how you spend your money as opposed to your bank statement.

We are in the twenty first century and technology has its hand in every cookie jar. Expense tracking is no exception. If you are tech savvy which is expected you can avail yourself the luxury of using an app to track your spending. As you carry out transactions, record on the go. This is especially helpful since carrying a book to record may seem old-fashioned. Some of this apps are connected to your account and alert you when you make a withdrawal from your bank, make a payment at a Point of Sale outlet or transfer money.

This one is for people who have multiple bank accounts. Make one of those accounts the only account you spend from. Spending from multiple accounts makes it too tedious to track your spending since you have to track for multiple accounts. It is recommended you use a savings account to spend.

This strategy is especially useful if you a re a business person that deals with large amounts of money monthly. Your spending account will be used to cater for your expenses while you may use another account to save or do business.

I hope these tips have been helpful and I wish you a rich and fulfilling financial future.

How to Handle Black Tax


Black tax is a financial term to define the duty of giving money to family members and relatives outside your expenses. According to Wikipedia, the term, Black tax originates from South Africa (apartheid and slavery history) and is used to describe some money that a Black (or other person of color) professional or working class individual gives to their family every month outside of their own living expenses, usually out of obligation. 

Black tax exists as a result of the continued economic imbalance and as you can infer,  it is common among blacks. It has been described as Ubuntu but with a incapacitating twist for the black professional.

You know the saying that a man's enemies are members of his household? It could get worse with black tax. 

Now, the issue with black tax is not really about handling it, but managing it properly. In a situation where you are the highest earning family member or relative,  it may really be difficult. If you do not handle it properly,  you can make long standing enemies for yourself.

How then can you properly handle Black Tax? 

Be realistic about your money. ... 
Get help and good advice. ... 
Have open conversations with your family about money. ... 
Empower yourself and your family. ... 
Enjoy your income.

Should I Save or Invest in Myself?

While this looks like a strange question,  many people, especially Nigerians battle with whether or not they should invest in themselves or save up the money for a later use. One reason why this is so is because of the uncertainty of money as it could lose its value overnight. Nigerians are familiar with this already,  considering the strange history of the Maura's devaluation since independence on 1st October, 1960.


Save instead of invest when you have a clear action plan to hit the goals you want to achieve.

Don't feel shame that you want to see your money but also be careful that you aren't just hoarding money because of money scarcity.


Invest instead of save when you know exactly what you need help on in order to get to your goals. Dont invest for the sake of just putting a bandaid solution to solve your problems. investments should be intentional and strategic

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5 Ways To Track Your Spending

How to Handle Black Tax

Should I Save or Invest in Myself?

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