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This recession has turned most of us into accountants.  With family budgets, keeping track of daily expenditures, ensuring there is enough money set aside for that very rainy day – yes, we are all becoming well-versed in how to better handle our household savings.

Perhaps you have your own accounting system that works for you.  Here is one example of how you can keep track of your daily expenses and work hard to keep the family budget balanced.

It’s a good idea to keep all your receipts in an accordion folder.  Label the inserts accordingly, such as Food, Utility, Clothes, Credit Card Bills, Health Insurance, Car Insurance, Car Loan or Lease Payments, and Gas Receipts. You might also want to add Incidentals, Home Repair, Pharmacy Receipts, Doctor Bills, etc.  You get the idea.

You can then check the receipts each month against the budget and determine if you are on track or overspending.

Or if it’s easier, you may simply want to keep the bills in their own monthly pockets in the folder.  Then you can easily check how much you spend each month and compare it to the family budget to ensure you are on track.

It’s a daunting task and statistics show that most families give up after two months of tracking their spending.  But with the current recession affecting the global community, it is so important to keep some type of record so that you know where you are financially at any given time.

Perhaps you prefer to use one of the many software applications that allow you to track your expenses on a weekly basis.

Whatever method you decide upon, most experts recommend that you save every receipt.  This is especially true when filing your taxes.  These days, every dollar you receive back is worth the trouble of holding on to those receipts.

But, more importantly, it is a good exercise in discipline.  It allows you to see exactly how each dollar is spent and if there needs to be some tweaking of the budget, you will be able to pinpoint the area.

For those who worked hard and saved, they may have lost a substantial sum of money during this economic crisis.  Others may be facing unemployment.

These are difficult times and becoming more financially responsible is not only required, but the alternative can bring about unhealthy stress levels and even illness.  Our mindset needs to change.  The way we think about money needs to change as well.