SAN ANTONIO – Do you know where your money goes after the direct deposit hits your bank account?
When measuring your financial well-being, it's essential to keep tabs on your money to avoid misusing it or overspending.
So how can you avoid this from happening to you?
The Consumer Financial Protection Bureau has some tips to help you track your finances.
First, the CFPB has a 10-question quiz that will measure your current financial well-being and offers steps on what you can do next to improve your score. You can also take the quiz a while after you start making changes to see if your finances have improved.
Next, you need to know all your sources of income.
The CFPB said you should also learn where your money is going. Are you spending too much on luxuries, or is all your money going to bills? You can come up with a system that helps you track your spending to keep tabs on your finances.
The bureau offers a free spending tracker tool that will give you a better picture of your spending habits.
Lastly, write your due dates on a calendar. That way, you can check if the timing of your paycheck and expenses align with your needs and you can plan for the weeks ahead.
For more tips from the CFPB, click here.
