Also, it requires people to safeguard their receipts so, they can transfer information on paper – it is common for receipts to get lost. Its drawback is that fewer and fewer people are carrying paper and pens these days, making physical records a bit difficult to keep up with. Also, all-cash transactions are captured. Written down expenses can be compared to the credit card statement to verify if the records are in order meaning the person is able to keep his or her own records instead of over-relying on the credit card company. It is also beneficial to people less knowledgeable about technology, especially the elderly.

Paper trail helps one be attentive when spending and encourages them to think carefully before making a purchase. Paper trail methodĪlso referred to as pencil and paper, is a common method of tracking method that involves physically writing down expenses on a notebook or paper soon as they are made. Some prefer a more hands-on approach which involves noting down what they spend on, while others prefer using spreadsheets and other digital means. People can use whichever way, and the result would still be sufficient. A budget might have little or no impact if at all one does not closely track their spending.ĭifferent methods can be used to track expenses depending on convenience and preference. Tip: Avoid budgeting before tracking expenses. An expense tracking template can also be used for one-time events such as birthday parties, weddings, etc. Expense tracking templates for personal income management are usually simple, while those for businesses can be lengthy and detailed. Employees can also use an expense tracking template to record mileage, gas usage, meal expenses when on official duty, and other business expenses the employee would need to be reimbursed.Įxpenses on an expense tracking template will typically be in an itemized list accompanied with a description for each item. For businesses, an expense tracking template is used to keep track of daily or routine expenses such as transportation, conference fees, food, etc. An expense tracking template is a worksheet document used to track and organize a person’s or a business’s finances and help them plan for their monthly or yearly expenses.įor personal expense tracking, an expense tracking template records monthly income and household expenses such as clothing, recreation, travel, etc.

Monthly income & expense worksheet