Money in, money out · Module 8 of 10
Tracking without obsessing
A simple tracking habit you’ll keep, a quick monthly review, and how to stop a raise from quietly disappearing.
Key terms in Tracking without obsessing
- Spending tracker
A spending tracker is a record in which a person writes down what is earned and what is spent over a set period. The CFPB suggests keeping one for at least two weeks, and ideally a month, to see habits clearly. It is usually a worksheet, notebook, or app and serves as the raw material for a budget.
Source: Consumer Financial Protection Bureau, Track your spending with this easy tool
- Discretionary spending
Discretionary spending is money used for things a person chooses to buy rather than must pay for, such as dining out or entertainment. It is distinguished from essentials like housing and utilities. Consumer research finds that small discretionary purchases are the ones people most often lose track of, which can lead to spending more than intended.
Source: Consumer Financial Protection Bureau, Consumer Insights on Managing Spending
- Periodic statement
A periodic statement is a record that a bank or credit union issues for a deposit account at regular intervals, listing activity over a stated statement period. Under the federal rule for deposit accounts, depending on the account it can show the interest earned, the annual percentage yield earned, and the fees charged. Many institutions send one monthly, and it is also the usual place to find posted transactions.
Source: Consumer Financial Protection Bureau, 12 CFR 1030.6 Periodic statement disclosures (Regulation DD)
Every term on Lever is in the money glossary.
About this module
Tracking without obsessing is part of Money in, money out, one of 15 subjects in Lever. It’s a short run of 6 lessons, about 15 minutes in all, so you can finish it in one sitting.
Every lesson takes one idea at a time. You read it with the math worked out step by step, answer a question that puts it to use, then see why the right answer is right and why the others aren’t.
It’s for anyone who was never taught this, and you don’t need to know anything first. Every lesson is free. Lever works out what you already know, so you can start here or let your path bring you to it.
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1
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2
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3
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4
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5
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6
When there is no wage
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7
When the plan stops matching the month
What to do when your budget stops matching real life, including when it’s the budget that needs to change.
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9
Everything you own, minus everything you owe
Your net worth: everything you own minus everything you owe, and why watching it over the years tells you so much.
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10
When the money itself shrinks
How to protect your money when prices rise fast: what to buy ahead, and what inflation does to your debts and your pay.
5 lessons
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It’s part of Money in, money out. Lever will bring it to you when you’re ready, or you can go straight there.