That’s right: STOP tracking expenses.

In order to make a budget work, you must track expenses to ensure that you are staying within the rails of your budget. This means saving receipts to enter into a spreadsheet, or pulling out your phone to enter every expenditure at the grocery store or gas station. Ain’t nobody (except the accountants) got time for that, and this accountant sure doesn’t want to do it either. How does one stop tracking expenses?

Step 1 – Dedicate a credit card to gas and groceries

Use this credit card only to pay for day to day non-discretionary spending, which is generally only groceries and gas. While these expenditures are variable in nature, they do tend to run about the same each month. Identify how much you typically spend on these two categories, and then monitor that credit card statement balance each month to ensure that you came in around what you would expect. In the event that you overspend, look to see why, and move monies from discretionary spending (see below) into your checking account to make up the difference. Also, consider whether the typical spending amount you’ve identified is too low and may need to be adjusted upward.

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Step 2 – Set amounts aside for optional spending

For any discretionary spending (dining out, clothing, travel) set monies aside into separate spending accounts (or envelopes, or jars, or whatever else works for you) and spend what you’ve got. No need to track these – you’ve got your allowed amount remaining right in front of you.

Managing our money really can be so much easier than it’s made out to be. Stop tracking your expenses. Stop budgeting. Start getting ahead with both your time and your money.

Learn more about how to stop budgeting and tracking at buckthebudget.com.