Tracking your expenses is a good habit to have. Or I thought so. But I recently came across an advice where tracking expenses actually does nothing for you but rather what we should do is just set a budget for every month. No need to track every dollar spent as long as it is within the budget. What do you think? Personally I believe tracking expenses makes us mindful of what we spend the most on and what we should lessen next time. Is it necessary or no? I don't agree with the tracking expenses approach because it sucks to look at price tags when you go to the supermarket and are unable to buy whatever you want. Also, at some point, it leaves you in a comfort zone. I do not track my expanses and instead, I focus on my income. If my expanses are higher than my income, then for me, the problem is my income, not expanses, so I focus on improving my income as much as possible. High price tags give me more motivation to work on myself instead of working on doing more savings. I agree with you that we should focus on increasing our income instead of spending too much time saving. Because inflation is spiraling out of control and rising rapidly, saving will become pointless someday. However, is increasing income easy? Obviously, that is not easy and it takes time. Therefore, in the process of increasing income, taking the time to track expenses and create a budget is absolutely essential. It not only helps us control cash flow and avoid disrupting our financial plan, but also creates good financial habit Honestly, I have never seen anyone become wealthy and financially stable without good financial habit and discipline. But I have seen many young people with high incomes still struggling financially. The reason is that they earn a lot of money, but can't keep it because they lack good financial habit
Tracking your expenses is a good habit to have. Or I thought so. But I recently came across an advice where tracking expenses actually does nothing for you but rather what we should do is just set a budget for every month. No need to track every dollar spent as long as it is within the budget. What do you think? Personally I believe tracking expenses makes us mindful of what we spend the most on and what we should lessen next time. Is it necessary or no? I don't agree with the tracking expenses approach because it sucks to look at price tags when you go to the supermarket and are unable to buy whatever you want. Also, at some point, it leaves you in a comfort zone. I do not track my expanses and instead, I focus on my income. If my expanses are higher than my income, then for me, the problem is my income, not expanses, so I focus on improving my income as much as possible. High price tags give me more motivation to work on myself instead of working on doing more savings. I agree with you that we should focus on increasing our income instead of spending too much time saving. Because inflation is spiraling out of control and rising rapidly, saving will become pointless someday. However, is increasing income easy? Obviously, that is not easy and it takes time. Therefore, in the process of increasing income, taking the time to track expenses and create a budget is absolutely essential. It not only helps us control cash flow and avoid disrupting our financial plan, but also creates good financial habit Honestly, I have never seen anyone become wealthy and financially stable without good financial habit and discipline. But I have seen many young people with high incomes still struggling financially. The reason is that they earn a lot of money, but can't keep it because they lack good financial habit

Tracking your expenses is a good habit to have. Or I thought so. But I recently came across an advice where tracking expenses actually does nothing for you but rather what we should do is just set a budget for every month. No need to track every dollar spent as long as it is within the budget. What do you think? Personally I believe tracking expenses makes us mindful of what we spend the most on and what we should lessen next time. Is it necessary or no? I don't agree with the tracking expenses approach because it sucks to look at price tags when you go to the supermarket and are unable to buy whatever you want. Also, at some point, it leaves you in a comfort zone. I do not track my expanses and instead, I focus on my income. If my expanses are higher than my income, then for me, the problem is my income, not expanses, so I focus on improving my income as much as possible. High price tags give me more motivation to work on myself instead of working on doing more savings. I agree with you that we should focus on increasing our income instead of spending too much time saving. Because inflation is spiraling out of control and rising rapidly, saving will become pointless someday. However, is increasing income easy? Obviously, that is not easy and it takes time. Therefore, in the process of increasing income, taking the time to track expenses and create a budget is absolutely essential. It not only helps us control cash flow and avoid disrupting our financial plan, but also creates good financial habit Honestly, I have never seen anyone become wealthy and financially stable without good financial habit and discipline. But I have seen many young people with high incomes still struggling financially. The reason is that they earn a lot of money, but can't keep it because they lack good financial habit

Tracking your expenses is a good habit to have. Or I thought so. But I recently came across an advice where tracking expenses actually does nothing for you but rather what we should do is just set a budget for every month. No need to track every dollar spent as long as it is within the budget. What do you think? Personally I believe tracking expenses makes us mindful of what we spend the most on and what we should lessen next time. Is it necessary or no? I don't agree with the tracking expenses approach because it sucks to look at price tags when you go to the supermarket and are unable to buy whatever you want. Also, at some point, it leaves you in a comfort zone. I do not track my expanses and instead, I focus on my income. If my expanses are higher than my income, then for me, the problem is my income, not expanses, so I focus on improving my income as much as possible. High price tags give me more motivation to work on myself instead of working on doing more savings. I agree with you that we should focus on increasing our income instead of spending too much time saving. Because inflation is spiraling out of control and rising rapidly, saving will become pointless someday. However, is increasing income easy? Obviously, that is not easy and it takes time. Therefore, in the process of increasing income, taking the time to track expenses and create a budget is absolutely essential. It not only helps us control cash flow and avoid disrupting our financial plan, but also creates good financial habit Honestly, I have never seen anyone become wealthy and financially stable without good financial habit and discipline. But I have seen many young people with high incomes still struggling financially. The reason is that they earn a lot of money, but can't keep it because they lack good financial habit