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How To Use Credit Cards for Tracking Expenses and Which Cards are Best for Expense Tracking

Tracking all your expenses is crucial. Discovering how you spend your money is the first step to understanding how to manage better and take control of your finances. This is one area that a credit card can significantly help. Credit cards that break down your purchases can be an effective way to track your expenses.

In this article, I will explain the reasons you need to track all of your spending, how to do this with credit cards and the best credit cards to help you manage and take control of your finances by following your expenses with your credit card.

Many people struggle with debt and have difficulty sticking to a budget. Most of these people have no idea where to begin to gain control of their spending so they can create a sufficient budget and stick to it.

A Gallup recently poll found that two-thirds of all American adults do not keep a detailed budget that tracks their income and expenses. The people usually claim the reason they do not hold a detailed account of their spending is that they are afraid of what they will find. This reasoning is dangerous in regards to their spending habits and will usually further bury them in debt to the point there is seemingly no hope of ever seeing the light of day.

Examine all of your spending habits

To fully understand where your money is going, including your household expenses like utility bills versus your fluctuating expenses like eating out, you need to track all of your spendings for at least an entire month. This will ensure you are recording all of your usual expenses.

Expense monitoring applications

One way to track your spending habits is by using an app that will help you to track all of your expenses. These applications are helpful, but they have one flaw, you need to enter all of your expenses and income manually. This may seem not that difficult, but when you are faced with recording every purchase, it can become daunting.

Using a credit card to track your expenses

Another option for tracking your purchases and expenses is to use a credit card specifically designed to do just that. You will need to use some form of currency to make a purchase anyway, why not use a credit card that tracks your purchases for you?

Using a credit card that tracks your purchases will keep a record of your transactions for you, without the need to manually record each purchase later. In addition to monitoring your transactions, you may be able to find a credit card that also offers rewards in the form of cash-back or travel discounts, which is a bonus to not having to record every transaction.

Credit cards with the most helpful tools for your budget

Some credit card companies offer easy to use tools to help you monitor where all of your money is going every month. While others send you a statement with all of your purchases lumped together making the theory of using your credit card to see where all of your money is going nearly impossible.

Here are some credit cards that offer either itemized monthly statements or helpful tools that will make it easier for you to see all of your monthly expenses organized in one easy option.

Capital One

“What’s in your wallet?” If it is a Capital One credit card you have access to some great expense tracking information. Here are some of the benefits you can use to successfully see where all your hard-earned dollars are headed and how you need to adjust your budget to achieve your goals.

The Capital One Wallet – The Capital One Wallet provides you with a real-time view of all of your purchases and expenses, so you can easily organize your budget. Benefits include:

Capture receipts

You no longer need the shoebox filled with receipts of all sizes to keep track of purchases and expenses. The Capital One Wallet lets you snap a photo of a receipt, so you can digitally attach it to charge you make.

Organize gift cards

The Capital One Wallet also lets you digitize up to 25 gift cards and keep them organized in your virtual wallet. This allows you to organize and track the balances of your gift cards automatically.

American Express

American Express Mobile App. – With the American Express Mobile App, you can perform several options that will help you stay on top of your budget. The app makes it simple to track all of your recent charges and payments.

The app also allows card members to filter their requests, making it easier to drill down and receive only the information you require.

Save on purchases – The American Express Mobile App also gives you the opportunity to save more money on the purchases you intend on making by providing you with a map that provides you with the savings available in the area you are currently shopping in.

Purchase Alerts – By turning on the real-time purchase alerts, you will be notified whenever your card is used to make a purchase. This can be considered a budgeting tool because you are not likely to miss any purchases you need to add to your current budget.

Chase Credit Cards

Chase offers a variety of different cards that provide different types of rewards to suit your individual needs. Some of easy to use mobile banking options provide you with several ways for you to stay on top of your budget including:

Online Banking – Chase credit cards offer several online banking options to make banking easy and simple to monitor your budget. Paperless statements make it easy to view up to 7 years of past statements.

  • Text Banking allows you to check your balances and transaction history with a simple text.
  • Account Alerts help you monitor your account and avoid overdrafts and more.
  • QuickDeposit allows you to deposit checks from almost anywhere securely.
  • Online Bill Pay lets you pay and keep track of all of your payments, including utilities, auto, mortgage and any of your other regular monthly expenses all in one place.

In conclusion

Credit cards can be a powerful and helpful tool to monitor and control your budget when used effectively and carefully. Sticking with a well thought out budget can, not only help you get out of debt but also help you afford the things in life you want and need.