Can something that takes as little as five minutes a day change your financial life? Absolutely, say the proponents of that so-often-recommended piece of financial advice: track your spending. They believe it can be the key to a wealthier life, and research shows it may make you healthier as well.
There’s no doubt that tracking what you are spending can help you get a better handle on where you spend your money. The insights you gain — I spent how much on that? — may prompt you to curb your behavior in order to achieve your bigger financial goals.