The reason it’s hard to stay on top of spending

(NC) With rising inflation and interest rates, the cost of everything from cat food to cars is going up, so it’s important to keep track of your spending.

“Knowing where your money is going can help you make better financial decisions, whether adjusting your spending to maintain cash flow or increasing savings to build an emergency fund,” says Gayle Ramsay Head, Everyday Banking and Customer Growth, with BMO.

But with the ease of monthly automatic credit card payments for expenses like streaming services, food delivery and fitness memberships, it can be easy for costs to go unnoticed occasionally.

In fact, a recent survey from BMO found that a third of Canadians surveyed say they have paid for subscriptions they do not use, at least occasionally. Overall, the survey reveals that more than 65 per cent of Canadians aged 18 to 34 have at least one monthly subscription service.

Tracking these often-invisible expenses can create awareness to cancel something you don’t use or help you avoid automatic renewal.

“Digital tools like the Pre-authorized Payments Manager on our mobile banking app can help you track automatic payments and do away with complicated spreadsheets and lists,” says Gayle Ramsay. “With a clear view of where you’re spending your money, you can make it easier to stick to your budget.”