Being practical about money issue is a virtue I’ve so much learn from Morgan Housel.
So here’s another one point from experience, observation and study.
It is very difficult and constitute extra work to track all your day to day expenses.
A practical way to manage that is to save before spending.
Spend the remainder and only track the major things that you spent on.
Transport may be easy #500/day * 20 days. Now you know that.
One off purchase of another phone etc.
Here’s the novelty in my idea
It is easier to track every extra penny you spent above what you erstwhile earmark to be spent. So track all the extra.
Know the things you spend them on and determine if they are one off or recurring.
One off? Fine. Knowing is enough.
Recurring? You need to make allowance for it in your next budget. Yes.
This is necessary because withdrawing from your savings/investment for monthly over is a bad habit to cultivate.
Another mistake that a lot of people make is bite what they can’t chew.
Saving/investing 70% of your income when you you have a parent to support and siblings to cater for.
PS: this is assuming 30% is not usually enough for your monthly expenses.
It is not a bad financial decision to support your family. Who thinks such to be bad!!!!
Well your expenses should be kept under not necessarily by tracking every penny but by following the model I put up there.