I tried tracking every single penny I spent in 2024 because I kept hearing from various financial YouTubers and subreddits that it was the best way to ease financial stress. I did it for a whole year, and honestly, I completely disagree. I spent $70,159 in total, with my biggest expenses being around $25k for my car and related costs, $17.2k for rent, $5.7k for groceries, $4k for pets, and $4.5k for bills and utilities. My takeaway from this whole experiment is that writing everything down just added more stress to already stressful situations. Even though I had the money for various vet visits and emergencies, seeing that number grow made it worse instead of just paying and moving on. Categories like gas and entertainment felt way less dramatic than all the advice suggests. Tracking detailed categories versus just keeping an eye on my overall balance caused way more guilt than it was worth. On the positive side, I managed to save and invest 35% of my take-home pay, which I do find useful to track, and I plan on keeping that up. But as for the nitty-gritty details of every purchase? I don’t think they matter as much as everyone claims. The data is interesting to look at, but actually creating it was not fun at all. I think super detailed budgeting just isn’t for me, so I’ll stick with the method of leaving what I’m okay to spend in my account and not worrying about where it goes.
I totally get where you’re coming from. Tracking every expense can definitely feel overwhelming.
Wow, that’s a lot of money spent. But it’s impressive you saved 35%. How did you manage that?
I think tracking every penny can lead to burnout. Sometimes, you just need to focus on the big picture.
Did you find any categories that surprised you with how much you spent?
I feel you. I tried that once and ended up feeling guilty for spending on things I enjoy. It’s not worth it.