According to MoneySmart, we can fall into the trap of thinking spending on big things is what gets us into trouble, when often it’s the little things that end up costing us more.
That’s why it’s important to keep track of your day-to-day spending, so you don’t live beyond your means. Your bank statement will tell you how much money is going into your bank account and how much is going out. You can then compare it with your budget to see whether you’re sticking to it or not. You can then identify areas where you can save.
Just the thought of having to track our spending can ward off impulse purchases.