How To Track Your Spending Beyond

NEW YORK (MainStreet) — As a little girl, I’d go with my mom to the bank every week and watch as she wrote deposit and withdrawal slips, got her passbooks updated and entered transactions in her diary. She’d collect cash from the teller, an affectionate lady who loved to chitchat. Gradually I started helping my mom with all this. “It’s good training,” my dad would say. “They won’t teach you this in school.” I’d feel all grown up and would picture myself doing the same with my own bank account in due course. Unfortunately, that never happened.

By the time I started earning money, there was no need to write slips or maintain passbooks. In-person tellers were replaced by ATMs. Cash was replaced by plastic, and plastic soon too might go the way of the dodo. Everything became easier and faster. At the same time, risks increased. Risks like over-spending, excessive borrowing and too little saving.

Tracking spending is most critical for youngsters, according to Ariadne Horstman, a private client specialist at Sensiba San Filippo advisory firm and a board member with the Silicon Valley Financial Planning Association.

"Changing how much you spend today, even if it’s a small sum, can really change how your future finances stack up," she said. "When you’re in your 20s or 30s, you have a long time until retirement and compounding even small sums over that time frame can go a long way.”

Fortunately, today you’ll find smart and sophisticated tools to help you track spending. I took a dipstick survey among my friends to find out which tool they used to track their expenses. The unanimous answer was Mint. But sometimes it's important to get an alternative option: there's Money Journal(iOs), Piggie(iOS) or the Easy Envelope Budget Aid(Android). But what about one that's available for both Droids and iPhones?Cue Personal Capital.