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How to Track Your Expenses Like a Jenius

How to Track Your Expenses Like a Jenius

Jenius Bank Team
Updated 4/7/2025
• Originally Published 5/17/2023
Money ManagementLifestyle
Surprised man holding coffee cup and phone with dollars flying away
Does it feel like your money flies away? Tracking your expenses could help. Many people face challenges when tracking their expenses and sticking to a budget. And those challenges could potentially lead to overspending, difficulties building savings, and maybe even increasing credit card balances. Tracking your expenses helps you understand where your money is going and potentially highlights opportunities to improve your financial situation and meet your goals. But if you’re not sure where to start, it may feel overwhelming.Let’s take a look at why expense tracking matters and a few actionable tips you could use that may help you start tracking your expenses like a true Jenius.

Key Takeaways

  • Tracking your expenses is an essential step in creating a sustainable budget and understanding your overall financial well-being.
  • There are multiple ways to track your expenses, ranging from old-school pen and paper to digital apps.
  • Once you have a handle on where your money is going, you’re prepared to make adjustments that could support your financial goals.

What Is Expense Tracking?

Expense tracking is the process of monitoring, and even keeping a record of, the money you make and spend each month. Let’s dig into the benefits of expense tracking.
  • A better understanding of your finances: When done properly, expense tracking may help you uncover your spending patterns so that you know more about how you spend your money.
  • The opportunity to cut spending: When you know where your money is going, you’re more likely to identify expenses to cut out or cut back on, potentially saving you money in the long run.
  • More informed decisions: When you’re armed with the facts, you’re better equipped to make more confident and intentional decisions about your financial goals.

6 Steps for Tracking Expenses

Let’s explore some steps you could take to help track your money, establish a healthy financial foundation, and build a plan to achieve your short and long-term financial goals.

1. Record Your Income

Start with the positive and record your total money inflow each month. That means adding up the income you earn from each income source you have. For example, you want to add the wages you receive from your day job, any dividends you get from your investments, and any money you earn from side gigs or passion projects. Once you’ve recorded your income, it’s time to dive into your expenses.

2. Track Your Spending

This is your chance to understand where your money goes each month. This process may be time-consuming, but it’s worthwhile. Track every purchase you make over the course of a month. Your purchases may include things like the following:
  • Rent
  • Utilities
  • Insurance
  • Subscriptions
  • Eating out
  • Entertainment
  • Clothing
The key is to scour all the ways you spend…looking at credit cards, bank accounts, payment apps, etc. The end goal is to see how much is spent, what you’re spending on, and how much you have left at the end of the month.You could track those expenses manually or on a spreadsheet… whatever works for you. Or you could streamline the process by using a mobile app to track your spending.

3. Account for Hidden Expenses

Your expenses may change from month to month, so be sure to factor in those unexpected or hidden expenses when tracking your spending. This may mean tracking cash purchases, in-app spending, or fees on bank accounts or credit cards which are often rolled into your monthly statement. Be sure to also account for any semi-regular payments, such as insurance premiums for your car.Make a habit of checking your statements regularly and log any fees you’re charged too.

4. Categorize Your Expenses

As you’re tracking your expenses, you may find it beneficial to categorize your spending. There are a few key categories you may want to focus on.
CategoryDescriptionCommon Items
NeedsEssential things you need to live. Housing/UtilitiesTransportationHealthcare/Life InsuranceGroceriesClothes
WantsNon-essential expenses you could live without, but they often bring joy.Home décor Eating out/EntertainmentTravel
SavingsMoney set aside for specific purposes. Emergency fundRetirementPreparing for a purchase
Debt RepaymentOutstanding debts Student loansCredit cards Mortgage Car loan

5. Build a Budget That Works for You

Once you have an idea of where your money is going and the categories of expenses, use this information to create a budget that works for you. Budgets help you align your spending with your income and your savings goals.There are many budget types out there. For example, the 50/30/20 budget encourages you to spend 50% of your income on your necessities or needs, 30% of your income toward wants like dining out and fun purchases, and 20% of your income toward your savings. Another common budget is “pay-yourself-first”. This method prioritizes building your savings and paying down debt. Under this budgeting method, you designate a set amount from each paycheck to go into a savings account or debt repayments. The rest of your income then goes toward your other expenses.1 You may want to experiment with different budgeting methods to find the one that works best for you.

6. Review Your Spending and Your Budget Often

Spending and income may fluctuate throughout the year. That’s why it’s important to review your spending and budget often. Many people review their spending weekly or monthly while others prefer quarterly. What’s most important is creating a cadence that works for you to review your plan and adjust.

Final Thoughts

Tracking expenses is a great way to kick off your personal finance journey, where could challenge yourself to spend more intentionally, build savings, and plan for a better future. If you’re ready to get started, become a Jenius Bank customer and you’ll have access to features in mobile and online banking that allow you to see all your money in one picture, help simplify how you track your income and expenses, and provide you the opportunity to manage your finances smarter.