As Pittsburghers, we know the value of hard work—and the importance of making sure every dollar we earn is working just as hard for us. There’s a saying: “whatever you measure, improves.” The same holds true for your finances. By tracking your money, you gain clarity on where it’s going, which helps you spend smarter, save more, and plan for the future with confidence.
Why Tracking Matters
Today, keeping tabs on your finances is easier than ever. Most major banks now offer built-in tracking tools through their online and mobile platforms. For those who want more robust features—like syncing across multiple accounts, generating detailed reports, or setting long-term goals—third-party apps can be a great option.
Getting Started
Begin by reviewing your account statements to spot patterns. Break down your spending into three categories:
- Needs: essentials like groceries, utilities, and mortgage payments (including minimum debt payments).
- Wants: lifestyle choices such as dining out, entertainment, or shopping.
- Savings/Debts: contributions to savings accounts, retirement funds, or extra debt repayments.
A helpful guideline is the 50/30/20 budget rule:
- 50% of your income goes toward needs
- 30% toward wants
- 20% toward savings and debt repayment
As you review, watch for unused subscriptions or unnecessary fees—they’re often easy wins for trimming expenses.
Building Your Budget
Once you know where your money is going, create a budget that fits your lifestyle. Whether you prefer a simple spreadsheet or a user-friendly app, the key is consistency. Monitor your spending regularly and adjust as your income or expenses change.
The Payoff
Tracking your money isn’t just about numbers—it’s about freedom. Over time, this habit builds financial awareness and discipline, helping you reduce debt and reach your savings goals faster. Maybe that means finally taking the vacation you’ve dreamed of, investing in a new home here in Pittsburgh, or even retiring earlier than planned.
Your financial journey is personal, but one thing is universal: when you take control of your money, you take control of your future.