Her Story:
*Based on a real client – for privacy, some details have been altered.
Meet Sarah
Sarah, an individual based in Ontario, with a penchant for budgeting, regularly created financial plans that seemed foolproof. However, a closer look revealed a common oversight – the importance of tracking daily spending.
The Challenge
Sarah believed she had a handle on her spending, but the reality was quite different. The challenge lay in underestimating the impact of seemingly insignificant daily expenses. Spending – even on simple items like a daily coffee – can quickly add up.
Solution
Spergel, the ‘get rid of debt’ people, stepped in to emphasize the significance of tracking every dollar spent. Advising Sarah to maintain a meticulous record, whether through debit transactions or cash receipts, the goal was to shed light on the often overlooked areas of spending. Although Sarah was confident she knew all the details of her spending, it wasn’t until tracking and creating a paper trail that the lightbulb moment occurred.
Implementation
In the first counselling session with Spergel, Sarah begrudgingly agreed to track her spending for the next few months. What started as a slightly skeptical endeavour turned into a transformative experience. She used a paper trail and recorded each and every single spend – both in debit and cash – to keep a comprehensive record of her daily spending.
Results
After diligently tracking her expenses for three months, Sarah was astonished by the revelations. She identified numerous areas where she was overspending and promptly made adjustments to her lifestyle. When Spergel met Sarah for a second counselling session 3 months later, Sarah revealed that tracking her daily expenses was a lifesaver. She had been diligent with tracking every dollar and realized she was spending a lot more than she ever thought.
By the second counselling session, Sarah had already saved $600 in her savings account from the previous 2 months just by tracking her expenses and cutting back on ‘small’ purchases like coffee and snacks. She was thrilled that she had money set aside for savings, as she’d never been able to do so before.
Conclusion
Sarah’s journey from budgeting confidence to financial awareness showcases the power of detailed spending tracking. Spergel’s approach not only transformed her financial habits but also empowered her to accumulate savings quickly.
Client Testimonial
“In just three months, tracking my spending became a game-changer. I thought I was budgeting well, but the reality was eye-opening. Spergel helped me realize that the ‘small’ purchases were adding up. Thanks to their guidance, I saved $600 in just two months!”
– Sarah, Ontario
Are you also struggling in Sarah’s situation?
If this feels close to home, there are lots of ways we can help:
- Debt Consolidation and Management
- Budgeting
- Credit Counselling
- Debt Help
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