Page 33 - ICE Today May - June 2020

been doing in the past. We, as identify “reductions”. The trick
humans like familiarity and once that I use is to categorize them
we look closely at it, we find into “Necessities”, “Nice to
trends and spending habits. So to haves” and “Not needed”. Maybe
identify it, it’s important to track you don’t need both Netflix and
our income and expenses. AmazonPrime subscriptions.
Tracking expenses on a daily basis Maybe you should limit visiting
might sound like a daunting task restaurants from every day to
but once you start, it gets once or twice a week or less.
addictive and you will constantly Maybe instead of using your
keep updating it once it becomes credit card for reward points and
a habit. You will find out things then forgetting to pay the bill only
about yourself that you never WE HAVE SURELY to pay interest on it, you could
realized before and may even be HEARD OF THE PHRASE actually use your debit card.
surprised by some trends. For Maybe you do not need to buy
example, realizing that you were “MONEY CANNOT BUY “latest and quirky” gadgets from
spending almost 4,000tk on HAPPINESS” BUT THESE that online page. These sort of
Coffee each month. Yes, that was MOSTLY CAME FROM tiny decisions can lead to major
me and I have never been the THOSE WHO HAVE A reductions in spending and yes, all
same since! LOT OF MONEY. IN these examples were real
Now you can do the tracking decisions that I took. I believe
manually on a notebook or an REALITY, WHEN YOU everyone will agree, this pandemic
excel sheet but I personally DON’T HAVE MONEY has made us realize that every
recommend getting an expense OR HAVE A LOT OF penny matters and with these
management app. There are many DEBT, IT BECOMES A reductions in expenses, gives us
available for free and are SOURCE OF A LOT OF an idea of how much money we
extremely easy to use so you need at a minimum to survive
won’t feel overwhelmed. After STRESS, PAIN AND each month and also gives us the
tracking your expenses for a FRUSTRATION. scope to create a plan of action.
month, you’ll be able to identify An action plan can be anything
where you’re spending most of but the way I like to paint the
your money. This is when you can picture is that the plan should be
analyze it and make calls to able to achieve “financial

ICE TODAY MAY-JUNE 2020 27