Most people I have worked with thought they knew what they were spending for the month on different categories of their expenses. Yes, they may know what their House Payment or Car Payment is but they may not be close to knowing what they spent for the month on Food, Gas or Entertainment Expenses.
People are also surprised how much they spend on Miscellaneous Expenses or Home Expenses from trips to Home Depot or Lowes. My wife I feel was somewhat surprised when we started tracking all expenses.
When you do track your expense’s, it helps you know where you need to make adjustments in your spending compared to your budget and also where you may be able to spend more if you choose not to invest the extra money. Basically, tracking expenses can help you find more money or control your spending so in turn the money saved is like money earned or Income. Think if you save $75 that is like $100 in income you would have to make roughly to have a net of $75. I like to break things down to hours of work also. So, if you make $16 an hour that is like working 6.25 hours.
Ways my wife and myself track our Expenses, Income and Investments daily are the following ways;
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Bruce of MillsWay.com