Do you focus more on tracking what you’ve already spent, or do you prefer planning ahead for future purchases?
Do you think keeping a record of past expenses helps you budget better, or do you find it more useful to have a wishlist to stay motivated and plan for what you want to buy?
I’ve noticed that most budgeting advice emphasizes tracking expenses, but I don’t see much discussion about keeping a wishlist. Am I missing something?
You don’t have to pick one or the other, you should be doing both. Keeping track of past expenses helps you see where your money is going, and planning ahead makes sure you’re setting money aside for future goals.
Both. Tracking helps you stay aware of your habits, and planning helps you work toward your goals.
Most people’s budgets are built around necessary expenses—housing, food, utilities, loans—not wishlist items. A big purchase like a phone or laptop might be a small fraction of overall spending, so tracking regular expenses is more important.
A good budget includes both tracking past expenses and planning for future ones. It’s not about choosing one method over the other.
Tracking helps you see patterns in your spending and make adjustments. Planning ahead ensures you save for future goals rather than just spending on impulse. If you only focus on wishlists, you might end up short on essentials. If you only track past spending, you might miss opportunities to allocate money for things that matter to you.
If you don’t track what you’re spending now, how can you realistically plan for the future? Budgets aren’t just spending records, they’re meant to help you make decisions about where your money should go.
A lot of budgeting methods include future planning, whether that’s for a house, a car, college, or retirement.
Most budgets include savings for big purchases. Things like a new car, vacations, or home repairs are usually planned for in advance, even if they’re not technically on a wishlist.
You can’t create a realistic plan for future spending if you don’t track what you’re currently spending. Otherwise, you’ll just set goals that don’t match your actual financial situation.
Tracking past spending shows your real habits, and that helps you budget better. A wishlist is fine, but if you don’t understand where your money is actually going, you might not be able to afford those wishlist items anyway.
It’s not either-or, they go together. Tracking past expenses tells you how much you have left to plan for future spending.
I track past expenses using an app and compare it against budget categories to see if I’m overspending. I don’t plan every single future expense, but I make sure I’m setting aside money for savings and big purchases.
Budgeting is about both past and future. If you don’t track where your money has been going, you won’t know what adjustments to make. And if you don’t plan ahead, you might struggle to cover future expenses.
Wishlists can be helpful for setting goals, but a budget should always prioritize essentials first—housing, food, savings, etc. After that, you can allocate money toward things you want.