Keeping track of your expenses is a powerful tool. It’s perfect for reigning in your expenses and getting rid of debt.
But tracking reveals so much more. You’ll see where you’re spending your time and energy. You’ll discover bad habits and blind spots. You’ll realize where you’re trying to fill a hole in your soul. You’ll quickly see what’s missing in your life, areas of deprivation, like vacations or medical visits or new underwear.
Tracking also has a ripple effect. In an Australian study, where participants wrote down every purchase, not only did their finances improve, but they smoked and drank less, ate less junk food and they were more productive.