Calculate the Daily Cost by Money Tracker

Money Tracker is an easy-to-use, easy-to-understand way for you to keep an accurate record of your income, spending and monthly budget. It is all too easy for people to lapse into the habit of simply throwing money at bills, groceries and other expenses when they arrive—this habit, unfortunately, often leads to a mismanagement of money and even late bills or debt.

Thankfully, this is where Money Tracker comes in. Money Tracker allows you to keep track of the money coming into your budget, the money going “out” of your budget, how much you are able spend on various aspects of your household to insure that you are not overspending each month. In addition to keeping track of your monthly costs, the Money Tracker allows you to keep track of your weekly and daily costs of living.

Why Calculating Daily Cost is So Important?

Many people overlook the importance of calculating your personal daily cost of living. But it can actually make a significant impact on the amount of money you spend each week—as well as how much money you spend monthly. It can also give you a better idea of just how much it is costing you to “live” each day, which may help you alter your budget or reorganize your spending priorities.

How to Track and Calculate Daily Cost?

Tracking and calculating your daily cost of living is not difficult. The first thing you will need to do is calculate you monthly cost of living. This can be done by keeping a record of all of the income coming into your home, and all of your household expenses. Expenses include your bills, rent, mortgage, groceries, clothing for clothing and household items, as well as any non-necessity spending money, such as buying DVDs or other entertainment. Once you have this monthly cost, and then divide your monthly cost by four. That cost is your weekly cost of living. Then, you will need to divide your weekly cost of living by 7 to get the total of your daily cost.

Money Track and Daily Cost Example

If your monthly cost of living is $2500, then your weekly cost of living is $625. Your daily cost of living would then be about $89.28, or rounded down to $89 per day. Calculating this total can help you put your spending into a better perspective. If you find that you are just barely making your bills each month, look at your daily cost and figure out ways you can keep you’re spending down. For example, you might reduce your restaurant and take-out meals to only once per week instead of at least three times a week. Calculating your daily cost can really help you create a better, more balanced budget.

Here are some monthly spending tracking work sheets, which can help us to make our living cost more clearly.
Monthly Spending Worksheet
Expense Tracker

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