“What you don’t know might be killing you” isn’t just a catchy title for a book on intentional healthy eating—it also applies powerfully to intentional financing. Expense tracking is a common piece of advice in financial literacy, celebrated for benefits like;
1. Improved financial Planning
3. Increased Savings
Yet, beyond these obvious gains, there are hidden benefits that only come to light when you document every expense. When all your spending is recorded in one place, patterns emerge that reveal your true money story.
Uncovering your money story
Everyone has a money story hidden in their expense records .When you pass by your local supermarket and the lady merrily greets ‘customer dada’, there is a money story there. The attending lady at the supermarket practices bookkeeping to keep track of her earnings and your title of customer comes from the record of your expenses with her not just from the fact that you’re a regular face. This is an advantage tracking your spending can give you. It is a unique form of self discovery that informs you of your excesses and your shortages and the exact aspects of your life you experience these quantities.
In simple terms this practice uncovers your emotional relationship with money and brings awareness to automatic behaviors. When we mindlessly spend money we believe that the estimates we have of our expenses in our minds are not too far from accurate. Statements like ‘I don’t spend that much on data’ or ‘I only shop occasionally’ are common with everyday people but the fact is that bookkeeping records often tell a different narrative. Rather than depend on estimating what was spent on this and that it is more efficient to have a detailed record to help you know exact figures. You may find that you spend more money on things that aren’t necessarily beneficial.
Real-Life Examples
Fola’s Story: When Budgeting Meets Habit
Fola estimates her monthly transport costs at 16,000 Naira—assuming a 400-Naira fare each way, five days a week. However, after tracking her spending for a month, she discovers that she actually spends 18,000 Naira. Upon reflection, Fola realizes that her habit of being late has led her to pay 500 Naira for bus fare in the mornings, because she has no time to haggle the price down. If you had asked Fola about her punctuality to work a week previous, she would have sworn that she was only late occasionally. This simple record not only shows that she’s exceeding her budget but also exposes a pattern that needs addressing.
Chisom’s Experience: Unmasking Stress Spending
Chisom recently discovered she exceeded her provision budget. A closer look at her records revealed a spike in snack expenses during a particularly stressful week at work. The data indicated that she was stress-eating as a coping mechanism. Recognizing this habit through her expense records not only helps her meet her financial goals but also alerts her to an unhealthy behavior that might affect her overall well-being.
The Advantages of Knowing Your Money Story
Tracking your spending offers many hidden benefits, including:
1. Expense tracking helps you move from reactive to proactive financial decisions.
2. It enables you to reshape habits by choosing long-term goals over short-term impulses.
3. It optimizes your money management by revealing exactly where your funds are going.
4. It helps you better understand your spending triggers.
5. It fosters a healthier relationship with your money.
Your money story isn’t just numbers on a spreadsheet—it’s a narrative woven from your habits, beliefs, and unconscious patterns. By examining your spending records with curiosity rather than judgment, you gain the insight needed to cut out habits that no longer serve your financial goals.
Become the Author of Your Financial Future
Understanding where your money goes is the first step toward directing it where you want it to go. Every coffee run, every impulse purchase, and every “unplanned” expense shapes the larger plot of your financial journey. With expense tracking, you can write the financial future you envision by editing out the habits that hinder your progress.
Take the time to review your spending patterns. Embrace the process of self-discovery that comes with detailed expense tracking, and let it guide you toward more intentional and fulfilling financial decisions.
By integrating expense tracking into your routine, you empower yourself to create a healthier, more intentional relationship with your money—transforming hidden habits into actionable insights for long-term success.
Bravewood provides Nigerian professionals with low-risk, high-return investment products, licensed by the Central Bank of Nigeria.
