The process of daily living includes a constant need to make personal economic decisions; how much should we save from our monthly pay? On food? On housing? On entertainment?
Personal decisions are wiser if financial facts are organized, summarized, and making them easily available as future reference. Once we have a good idea of our average monthly expenses, we can match them against the financial resources we have, and we are able to know where our money has been going.
Record keeping will give us an opportunity to modify our current spending level by noting areas where we can cut our budget without seriously changing our lifestyle. These changes might include doing some things on a less frequent basis, or seeking less expensive alternatives for some of our current spending habits. We must always have a complete control of how we will allocate our resources.