While it might not hold the reputation for most exciting activity ever, tracking your money is a great habit to develop and is one of the key steps in achieving financial success.

Recently, we sat down with Mike Resma, Quility’s SVP of Advanced Market Solutions, to better understand why tracking your finances is so important, where to start and what comes next.

“When you track your money,” says Resma, “you control it. When you record where each dollar is going, you can discover areas of inefficient spending and redirect those dollars towards debt elimination, savings or the purchase of larger assets.”

If you’re willing to start tracking, here’s what Resma says comes next…

“Have a plan. You’re going to want to set both short and long-term goals. Without a plan and knowing where you want to go, the destination is hard to achieve.”

Seek expert guidance to take your budgeting to the next level

And finally, “When plotting out your path to financial freedom, remember to never go it alone! Seek expert guidance; someone who can create a highly efficient plan that is customized to your situation and needs.”

There really isn’t anyone who is not well-served by the practice of tracking your spending. When you give your attention to what’s going where, you’ll be able to assess how well you’re keeping up with required spending (think: loans, utility bills and groceries) and where optional spending (think: spa days, that growing book collection and nights out on the town) might be out of balance.

With an eye on your accounts, you’ll also be well positioned to catch any fraudulent activity or cancel subscription-based services you may have forgot you were enrolled in.

Want to start saving money effectively? Discover the three keys to financial success for tips on managing your finances during an uncertain economy.

Get started with Debt Free Life from Quility

Fortunately, for individuals who pay their bills on time and contribute to a savings or retirement account, Quility is able to offer its Debt Free Life program—a modern approach to paying off debt by using the cash value of a specialized whole life insurance policy.

When you work with a certified Debt Free Life consultant, the Spending Planner will be used to gain a clear understanding of your expenses. Via Quility’s exclusive software, your information will be organized into a clear report of your debts and scheduled interest.

Your certified Debt Free Life consultant will not only show you how to use your whole life insurance policy to eliminate debt and build savings, you’ll also be provided with the date you can expect to be debt free and the amount of interest you can expect to save through your personalized debt elimination report!

Debt Free Life policies are issued by some of the strongest and most stable insurance carriers in the country. Secure your policy today!

Mike Resma is the Senior VP of Advanced Markets at Quility. To see more from Mike, follow him on LinkedIn.

You Should Be Tracking Your Money Each Month (Our Spending Planner Can Help)

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