The following suggestions are great ways to keep track of all of your expenses in a month, EXCEPT…

Storing all receipts from one month’s spending to track how much money is being spent for each category.

Logging your expenses every 3 months.

Keeping track of your expenses in a spreadsheet that is split into categories such as rent, utilities, groceries, entertainment, etc.

Using an application like Mint to keep track of all your monthly expenses.

The correct answer is letter "B": Logging your expenses every 3 months.

Explanation:

Budgets are estimates individuals make of their expenses based on the income they receive. It allows them to calculate how much money they need to cover basic needs and how much money they must earn so all of them can be covered. Budgets should be reviewed frequently so that individuals can find out if their expenses are being incurred correctly or if there are adjustments to be made.

Thus, reviewing expenses every 3 months is not a good idea if people want to keep track of their expenses correctly.

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