How I Track My Money To Save More And Grow My Wealth Faster

The Easiest Way to Track Your Money (and Why It Matters)

When it comes to building wealth, there’s one truth you can’t escape… if you don’t track your money, you’re already losing it.

Most people don’t even know where their money goes.

They get paid, they spend, and at the end of the month, they’re scratching their heads wondering why there’s nothing left.

Sound familiar? That’s because they’re flying blind. And flying blind is how you crash.

Here’s the good news…tracking your money doesn’t have to be hard, and it doesn’t mean you have to pinch pennies or give up your daily coffee.

What it does mean is gaining control. Control over your spending, control over your savings, and control over your financial future.

Let me break down how I’ve done this, step by step.

Why Tracking Your Money Is Non-Negotiable

Look, if you’re serious about getting rich, you’ve got to understand one thing…you can’t manage what you don’t measure.

Every dollar you earn is a tool.

Some tools build your wealth, and some tools get wasted on stuff you don’t need.

If you’re not tracking every dollar, you’re wasting some of them… maybe most of them.

When I started making real money, I didn’t go out and buy a fancy car or upgrade my lifestyle.

I stayed in the same small apartment in Queens.

I was wearing the same joggers every day, shooting videos with no shirt on, rocking my Apple Watch.

Because I knew that the secret to building wealth isn’t in how much you make…it’s in how much you keep and invest.

That’s why tracking your money is so important. It shows you exactly where you’re leaking cash so you can plug those holes and redirect that money into building your future.

Why I Use Monarch For Tracking

Back in the day, I used Mint.com to track every dollar I spent. But Mint is gone now. So now I’m all about Monarch. And let me tell you, this tool is next level.

Monarch lets you track both personal and business expenses in one place.

You can categorize your spending, see where your money’s going, and even set up budgets to keep yourself on track.

It’s simple, clean, and gives you the clarity you need to make smart financial decisions.

Here’s what I want you to do…go download Monarch and start tracking your spending today.

Track every subscription. Every meal. Every little impulse buy. Don’t just guess where your money is going… know exactly where it’s going.

What to Track and How to Do It

Tracking your finances boils down to focusing on these essential areas. Here’s what to monitor and exactly how to do it:

• Income vs. Expenses:
  Log every dollar you earn and spend. Use apps like Monarch or even a simple spreadsheet. Categorize your spending (e.g., groceries, rent, entertainment) and calculate your monthly savings rate. Aim to save at least 20% of your income, and increase this percentage over time.
  

• Recurring Expenses:
  Go through your bank and credit card statements to list all subscriptions and memberships. Are you paying for multiple streaming services or apps you rarely use? Cancel them immediately. Review this list quarterly to keep things lean.
  

• Debt:
  Make a list of all your debts, including balances, interest rates, and minimum payments. Focus on high-interest debt first. Use strategies like the avalanche method (paying off high-interest debt first) or the snowball method (starting with the smallest balance). Track your progress monthly to stay motivated.
  

• Investments:
  Monitor your portfolio regularly to ensure it aligns with your goals. For example, track your contributions to retirement accounts, brokerage accounts, or real estate. Use tools like Personal Capital to view all your investments in one place and measure performance against benchmarks.
  

• Business Expenses:
  If you run a business, log every expense related to operations, marketing, and tools. Categorize them by ROI, such as advertising campaigns or software subscriptions. This allows you to double down on what’s working and cut what’s not. Use software like QuickBooks or Wave to automate this process.

Why “Lifestyle Inflation” Will Ruin You

Let’s talk about lifestyle inflation…the silent killer of wealth.

Lifestyle inflation is what happens when your expenses grow as your income grows.

You make an extra $2,000 a month, and instead of saving or investing it, you blow it on a nicer apartment or a new car payment.

The problem with this is simple…it keeps you broke.

No matter how much money you make, you’re always living paycheck to paycheck because you’re spending it as fast as it comes in.

The fix? Keep your lifestyle lean.

I’m not saying you have to live like a monk. But if you’re serious about building wealth, you’ve got to keep your expenses in check.

Drive the same car. Live in the same apartment. Wear the same clothes. Put the extra money to work.

The Formula To Building Wealth

Here’s the formula: Make more money than you spend, and invest the difference. It’s that simple.

But let’s break it down further…

1. Track Every Dollar You Spend
   Start by using Monarch or a similar app to categorize every expense: groceries, rent, dining out, subscriptions, and more.
   
   Once you have a full picture of where your money is going, look for patterns. Are you spending $200 a month on coffee runs or $150 on streaming services?
   
   Highlight areas where you can cut back. Manually review your bank and credit card statements monthly to catch anything unnecessary that automated tools might miss.
   

2. Set a Firm Spending Cap
   Once you’ve identified your essentials, create a budget that sets strict caps for discretionary spending.
   
   For example, allocate a fixed amount for dining out, entertainment, and shopping. Commit to spending only what’s allocated, even if it means delaying purchases.
   
   Use cash envelopes or preloaded cards to help you stick to these limits. Automate bill payments and set up alerts to track when you’re approaching your caps.
   

3. Invest What You Save
   Take the money you’ve freed up by cutting back and put it to work.
   
   Open a brokerage account if you don’t already have one. Invest in low-cost index funds, dividend-paying stocks, or ETFs.
   
   Consider adding some of your savings to high-yield savings accounts or exploring passive income options like REITs or fractional real estate platforms.
   
   If you’re new to investing, dedicate time to learning the basics or use robo-advisors to get started.
   

4. Reinvest the Gains
   When your investments generate profits, whether through dividends, interest, or capital gains, don’t cash out.
   
   Instead, reinvest those earnings to take advantage of compounding. Set up automatic reinvestment plans (DRIPs) for your dividend-paying stocks or regularly buy more of the assets that are working for you.
   
   For business investments, channel profits back into growth areas like marketing, product development, or new tools.

By sticking to this strategy, you create a financial snowball effect where every dollar you save and invest accelerates your wealth.

The BMM Takeaway

Tracking your money doesn’t only help cut your costs…it creates freedom.

When you control your spending, you’re not a slave to your paycheck.

You’re not stressed about bills or worried about emergencies. You’re in control.

And when you’re in control, you can focus on growing your income, building your investments, and creating the life you want.

The choice is yours… are you going to let your money control you, or are you going to take control of it?

Disclaimer: This article is for informational purposes only and does not constitute financial advice. The strategies mentioned are based on general principles and may not be suitable for everyone. Before making any financial decisions, consult with a licensed financial advisor, tax professional, or other qualified expert to ensure the advice is tailored to your personal circumstances. All investments carry risk, and past performance is not indicative of future results. Use the tools and techniques mentioned at your own discretion.