Expense Tracking

Expense Tracking If you are like me you get to a point in your hunting and fishing hobby where you have just about every item you could ever want or need. The issue turns into how much are you truly spending on your hobby on a monthly as well as a yearly basis. This information is valuable for various reasons. Everyone should have a budget and then there are no surprises when it comes to personal finance. A few months ago I built a simple spreadsheet to track the expenses of my hobbies. I put on the spreadsheet hunting and shooting, fishing, travel, and skiing. I do not golf very much at this point in my life but have in the past, I should probably add golf to the list. Under each heading I have it broken down into sub headings such as gas, dues and fees, usable items such as powder and primers or fishing line, equipment, air travel, etc. The nice thing about tracking your expenses in this way is that it really gives you a visual picture of what you are spending and where you are spending it. In addition it gives you a breakdown by month of those expenses. As we get older and plan for the days we no longer work it only makes sense to have a grasp on how many dollars we spend on our hobbies. Once I am not working, I know that I do not want to change my lifestyle in regards to the hobbies I enjoy. By having several years of expense tracking a person can plan for their hobbies once they are not getting a paycheck every couple of weeks. If you are independently wealthy it is also good to have an idea of what you are spending. This will ensure that you will always be independently wealthy. The other thing that expense tracking does is it will actually slow your purchases down. Once you see how much money is spent each month it makes you ask yourself the question “do I really need that?”. There have been several occasions that I simply told myself that I did not need the item and saved the money. What this type of information can do for you is it will start to force you into saving money. In turn you can turn around with the saved dollars and put the money towards trips to cool places instead of just having more gear laying around that you rarely use. Give expense tracking a try, you will surprise yourself on how much more efficient you will become