Wallet Reality Check Time! Do You Really Know How Much You Spend? I Seriously Doubt It!

Wallet Reality Check Time! Do You Really Know How Much You Spend? I Seriously Doubt It!

Wallet Reality Check!This article has been in the making for quite some time due to the fact that 90% of the families that I consult with have absolutely NO idea how much money they spend each month. This is a very dangerous way to live especially if you are paying interest on credit card and other debts.

If you have aspirations of getting out of debt and improving your financial situation, it is absolutely imperative that you understand your monthly spending habits. This is NOT something that you can guess at because it would surely lead to failure. So, we are going to help you systemize a tracking system for your spending over the next 90 days.

The reason we will be doing 90 days is that we need a descent sample size to estimate your average monthly spending. This is actually the easy part because all you will be doing is saving receipts and bills and putting them into folders which will be labeled with the following categories;

  • Groceries / Household – receipts for groceries and household supplies
  • Entertainment / Fun – receipts for going out, eating out, membership dues for health club, league fees, vacations, movies, etc…
  • Gasoline / Auto Repair – receipts / bills for gasoline, gas station and convenient store stops, oil changes, and other auto repair
  • Utilities / Cable / Phone – receipts / bills for water, electricity, sewer, natural gas, phone, cell phone, cable, internet, security system, cell accessories or equipment, etc…
  • Home Furnishings & Repair – receipts for any furniture, electronics, home maintenance or repairs
  • Clothing – receipts for any clothing or shoes
  • Medical – receipts for any out of pocket medical related costs, co-pays, or prescriptions. This also includes dental and vision
  • Debts – monthly statements for all interest bearing debts including mortgages, car loan and lease, student loans, credit card debt, etc…
  • Insurance – monthly statements for auto insurance, homeowners insurance, flood insurance if applicable, health insurance if not pay roll deducted, and life insurance if not payroll deducted
  • Kids Activities – receipts / bills for day care, school lunches, sports, clubs, extracurricular activities


These 10 categories will each represent a file folder. If you don’t already have a file cabinet you can either buy an accordion style file box for under $20 and it will make this process easier and cleaner. Once you have your file folders simply label each one with a category from above.

Then, for the next 90 days you will save all your receipts and your monthly bills and file them in the appropriate category. At the end of 90 days you will simply add up the receipts or bills paid in each category and divide by 3 to get your monthly average for each category. If you’re like me, you’ll also buy individual file folders to go inside each category and organize things one step further but that isn’t necessary.

This is actually the easy part and it will show you, without a doubt, where your hard earned money is going. Once this is established, you can start working towards reducing your spending on a category by category basis, which is much easier than tackling the whole beast at once.

I have a unique strategy for cutting your spending for each of the categories referenced above and we’ll dive in head first once you complete this 90 day exercise. If for some reason you think this is too hard, or just a silly waste of your time, I’d like for you to consider the following.

My average client can find an additional $400 to $800 per month in savings once they complete this simple exercise. That’s at least $4,800 per year which would surely help fund a college fund or retirement account, or pay for a kick ass family vacation!

So don’t be lazy and just do it as it could change your current financial circumstances in the next three months! This is basically the foundation to your financial security.

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Cheryl S
Cheryl S
05/01/2024
Jason was phenomenal to work with during my mortgage process. He guided me with ease from beginning to end . He had patience when I had questions and explained everything so clearly. I am thankful to Jason and the entire team for making this a pretty stressful free experience!! New Year, New Home! Thanks Jason!!
miss renee
miss renee
03/01/2024
Trevor was very knowledgeable and his expertise was Super helpful in putting me in the right direction!
Jillian Mitchell
Jillian Mitchell
17/11/2023
Great experience all around. Jason, Trevor and Yolanda are a great team and always are reassuring and helpful.
Reel Champs
Reel Champs
23/10/2023
Jason and the Michigan Mortgage solutions team was amazing. I ran to them out of desperation because I had a terrible experience with a bigger mortgage company. It was the best decision of my life and Jason worked with me seamlessly and got my family into our dream house in less than 45 days. Highly recommend them as your FIRST STOP, you won’t regret it.
Michael Cordell
Michael Cordell
17/10/2023
I had a wonderful experience. The communication at every step along the process was exceptional. My contact went above and beyond and answered my questions at all times. Thank you,
Sanya Ross
Sanya Ross
29/09/2023
Jason was knowledgeable and always available. Made me feel at ease with such a huge purchase, I asked tons of questions and he never made me feel like it was a problem. I appreciate everything he did to make my first home purchase a success and I will refer all my friends and family to Michigan mortgage solutions!! Thank you again!
Jack Condrige
Jack Condrige
26/09/2023
Great experience. Very personal service.
Kyla Wilberding
Kyla Wilberding
20/09/2023
Can't say enough good things about Jason and his team. They made my first home buying experience quick, easy, and stress free. They communicated flawlessly and explained every step of the process, would recommend to anyone! Closed on my house in less than a month.
Tony Pliva
Tony Pliva
25/08/2023
Worked with Jason and his team for about a year before we found a home we wanted. The whole process was smooth and easy. Definitely recommend to anyone getting a mortgage!
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