Tracking pennies is essential to successful savings.  How are you doing?

Here’s a checklist for you to gauge your progress.

1. Create household budget
2. Update household budget monthly
3. Create grocery spending log
4. Update grocery spending log monthly

Since the budget and grocery spending log are already created, #1 and #3 should be pretty easy to check off the list.  The challenge is working on #2 and #4.  Getting and staying organized is a good start.  To keep track of spending you need to keep track of your receipts.  A simple filing system is key.  A small investment in a coupon-size expanding pocket file will allow you to keep receipts organized until you can update your budget.  Label tabs to correspond to line items in you household budget.

Follow a simple updating process and prevent receipts from piling up and getting out of control.

• Update household budget
• Update grocery spending log.
• Keep receipts for items that may need to be returned.  File them by date and periodically purge those that are past the return date.

When you return home from shopping, file your receipts.  At the end of each month, follow the above procedure to keep your budget and spending log updated.  By doing so, you can easily see where you need to make improvements in your penny pinching.

Congratulations Dana of Port Orange, Florida the May 2013 winner of over $200 in coupons!!  Dana was eligible for this contest as a result of registering with MsPennyPincher. com.  Subscribers receive email updates each time new information is posted and can create and use their own personal change purse to save their favorite posts.  Be sure to register for your chance to win this monthly drawing.