The Pros and Cons of Tracking your Expenses

Do the pros outweigh the cons? What do you think? 

Pro: You will without a doubt have a clear idea of where you spend your money

Pro: Seeing how bad spending habits add up can motivate you to stop (or at least modify) these expensive habits.

Pro: You can use the money you save to pay down debt.

Pro: As you track your savings, you can see exactly how much you have left to achieve your financial goals.

Pro: You can avoid nasty overdraft fees because you’ll never spend more than you have.

Pro: According to Karen McCall, author of Financial Recovery: Developing a Healthy Relationship with Money, you’ll be able to become a healthy thinker: a person that “connects the consequences with their behaviors in one thought process and make the appropriate decision,” instead of an unhealthy thinker: a person that “disconnects the consequences and rationalizes why it’s OK to spend.”

Pro: You won’t make the debt-creating mistake of living way above your means.

Pro: Recording your expenses will require you to set priorities and decide what you want to spend your money on.

Pro: You’ll be able to catch uncertain transactions and investigate if they’re legit.

Pro: You may discover hidden fees that you can eliminate.


Cons: It can be a little boring, but now there’s an app (SaveUp) that puts a little fun into the process by offering prizes to its users.

Con: You’re not so tech savvy, but notebook and paper works too!

Con: You’re not sure it’s worth the effort? Check these testimonials.


At the end of the day, the pros out way the cons. What are you waiting for? Have you started tracking your expenses?


Leave a Comment!

You must be logged in to post a comment.