Keeping Track of Your Finances
“Much will be required of the person entrusted with much, and still more will be demanded of the person entrusted with more” (Luke 12:48).
Are finances on your 2026 New Year’s Resolution list? Maybe you are trying to increase your retirement savings, stick to a budget, or rely more on God to provide. Regardless of your goal or resolution, you will need to track your finances to know where you are now, monitor progress, and measure success. Tracking finances can be difficult, time-consuming, and boring, but there are some ways to make it less burdensome.
What Are We Tracking?
Before jumping into the options available, let’s talk a bit about what we mean by tracking finances. Tracking finances could look like creating a budget and monitoring whether you are following it. However, I want to propose that tracking finances is a bit more complicated. Yes, budgeting is important – as is keeping God at the center of your budget – but your finances also include retirement funds, life insurance policies, investment accounts, real property you own (your home, your car, jewelry, etc.), and debt you owe.
If you are just tracking your budget, you may find that many of these other parts get forgotten or unattended to. It is a lot to manage and remember. So how can we be mindful of it all without being overly stressed or spending a lot of time on it?
A Few First Steps
Before looking at tangible ways to track everything, there are a few steps you should take regardless of the method or system you choose.
Gather the statements and values for all your accounts, policies, property, and debts. From those, make a list and sort them into categories. By organizing all of them, you will be sure not to miss anything.
Remember to look for old accounts like retirement accounts from previous employers, accounts your parents might have opened for you, or anything else that you simply might have forgotten about. Add these statements to what you gathered and listed in number one. The list should also include the balance or value of each item and the total value for each category, so that you have a high-level idea of where you are starting.
Consider talking with a professional about the pros and cons of consolidating what you can. Are there accounts that you can combine or roll into one another? Make sure you understand the consequences of doing this, but at the same time remember that having fewer accounts or financial institutions will make tracking simpler. If you can move all of the accounts to one bank, you might be able to track everything under one login, which is helpful but not necessary. There can be drawbacks to doing this depending on the account type and purpose, so make sure to do your homework before taking any action.
Options Available
Now that you have a starting place, there are three options to consider for ongoing tracking: use a spreadsheet, use an app, or hire a professional.
Use a Spreadsheet
When we begin working with a new client, we will send them something we call the Financial Pyramid to get started. This is an interactive spreadsheet that summarizes a client’s finances in one place. If you email me, I am more than happy to send it to you. Using a spreadsheet puts more on you because it is not automated, but it also gives you the most flexibility to ensure you are seeing what you want to see.
Pros: It is free to use. It can include any and everything you want. It gives you a high-level picture.
Cons: You have to remember to manually update it and take the time to do that (although this could be a pro because then you are more aware of your status).
Use an App
There are a lot of budgeting and financial tracking apps out there. I do not have personal experience with any of them, but do believe they have their place in the financial tracking space. This article goes into details about some of the most common ones. I recommend you do your own research and first be sure the app does what you need it to.
For the most part, apps will allow you to link your accounts into them and see everything on one platform. They may also refresh in real time, so you always know where you stand. On the other hand, they might not be able to link everything into them or might focus heavily on budgeting and downplay, or not include, other parts of your financial picture.
Pros: Most have real time updates when you link your accounts to them, so you know exactly where you stand at any moment. Once it is set up, you should not need to manually manage it.
Cons: Most, if not all, have subscription fees. To link your accounts, you will need to provide account information which could lead to possible identity theft risk. There may be a limit to what can be linked or tracked within the app, so you may not be able to track everything.
Hire a Professional
You can hire a professional to help you track your finances. Every financial professional will be a bit different regarding how and what they monitor. Be sure you know what you are getting and that you are happy with the services they offer. If you are not sure whether they do something or not, be sure to ask. They may include this service as part of their offerings of other financial services, or it might be an additional cost. Do your homework and make sure you find the right person for you.
Pros: Takes it off your plate and is still customizable to your situation. You may be provided other services like investment management, financial planning, financial advice, and recommendations
Cons: Possibly has the highest cost, depending on the professional. You may or may not be able to have real time updates on everything in one place. The professional may take care of updating the numbers, but you may be responsible for providing statements or other information for those updates
Keep It Simple and Keep It Consistent
As you review and decide the best way to track your finances, remember not to overcomplicate it. You probably do not need real-time updates. Typically, it is less stressful to check on things once a week at most. Investment accounts, including retirement accounts, can have a lot of fluctuation depending on what positions they hold. Once you have set them up to be invested appropriately for you (or an advisor is managing them), surrender these accounts and their values to our Lord, trusting Him to care for you through them. Come up with a game plan of how often to monitor them, but remember it is normal for the market to go up and down, particularly in the short term.
Keeping a big picture mindset will help you stay on track and navigate the bumps that may come. Picking one method and sticking with it for six months to a year will allow you to grow accustomed to it and determine if it works for you. That may seem like a long time, but if you are only checking or updating it once per month, that is only six to 12 times.
Finally, create a schedule and stick to it. Typically, once a month is a good starting point for how often you review or update your tracking. Consider setting a calendar reminder for whatever day works for you and take 30 minutes to an hour to update and review if you are headed in the right direction. Tracking finances can be overwhelming, boring, and stressful, but it is better to know where you stand than to cross your fingers and hope for the best.
Keep God in the center of all of it, and ask him what He wants you to do. Someone once said: “Show me your calendar and your bank statement, and I will tell you your priorities.” As you begin the journey of tracking your finances, allow God to speak into how you are spending your money. What patterns do you see? Do they align with your goals and values? What changes, if any, is He asking you to make?
Erica Mathews is a CERTIFIED FINANCIAL PLANNER™ Professional with Financial Counseling Associates, a family-owned financial planning and investment management firm. She helps relieve financial stress with organization, automation, and a plan, helping others manage their finances so they can live as God is calling them to. She lives in Colorado with her husband and four kids; they love CrossFit, rock climbing, gardening, and exploring nature. Erica’s email is erica@fca-inc.com.