If you wonder where your money goes, you're not alone. When trying to save up to buy a home, a new car, or other investment, it's essential to know what's left in your bank account each month. Keeping track of your finances can ensure that you’re spending wisely and help you establish a budget that will accomplish your saving goals. Use the following guide to help monitor your account and see where your money is going.

3 Tips for Controlling Your Spending

1. Review Bank Statements

If you’re not paying attention to how much you’re spending each month, you probably use more money than intended. To stay on top of your financial habits, read your bank statements at the end of every month to help you pinpoint regular and extraneous purchases. This can help you identify where you can cut back, whether on expensive morning lattes or online shopping sprees.

2. Stop Using Cash

While it can be beneficial to have a little cash on hand for emergencies, using paper money regularly can result in overspending without accountability. Cash in hand is much easier to spend than the funds in your bank account. 

Also, dollar bills are often overlooked and can complicate financial tracking. If you need cash for a specific expense each month, consider making a regular withdrawal and applying it to your monthly budget.

3. Use a Budgeting App

Technology has made it easier to monitor spending habits and establish monthly budgets. Online expense trackers work like personal finance managers, helping you see how much money you're bringing in each month and how you're spending it.

They keep track of your regular expenses, including utility bills, car payments, and rent. Mint® categorizes your transactions and automatically updates as you make purchases, while PocketGuard® subtracts bills and saving contributions to calculate how much you can spend per month.

Whether you're saving for a large purchase or tracking your budget to get a better idea of where your money is going, the team at First State Bank in Russellville, AR, can help. This respected financial institute offers a variety of services to help you stay on track, including checking and savings accounts, safe deposit boxes, and online banking tools that will help you manage your expenses. Contact them today at (479) 498-2400 for information about opening an account, or visit their website to learn more about their services.