I’ve been taking a closer look at my spending patterns, prioritizing and trying to uncover where I might be able to cut back. I used an Excel spreadsheet to track all my spending over the last three weeks including everything from meals out to cabs, bills and, yes, shoe repairs.

I then reached out to Dr. Brad Klontz, who is the co-founder of Your Mental Wealth and an expert in financial psychology, and sent him an email that summed up my background and priorities, like this:

• 31 years old
• Live in Manhattan with two roommates
• My annual salary (nope, not ready to publish it here)
• $10,000 of debt (combined credit card, overdraft protection at my bank and back taxes from last year)
• Paid off a significant portion of debt I used to have
• Single, dating (nobody serious)
• Admit I’ve made some bad financial choices, but also didn’t always make enough money
• Very conscious of my budget now and think a lot about my spending
• Still don’t seem to have enough to cover everything – and to save, on top of it
• Take care of myself: fitness and health, spend time with friends, date/find people to date, like to look “pulled together”

I sent him the Excel log and then asked him, based on all the information: What common budgeting mistakes am I making? What do you think my No. 1 financial priority should be? What suggestions do you have for me to reduce spending (in areas that don’t match my priorities)?

I so appreciated Klontz’s informative 6-paragraph response! He applauded me for tracking my expenses so closely and pointed out that I spent approximately $450 on eating out between grabbing lunch at work and dinners with friends, as well as almost $250 on taxis. And that’s just over three weeks!

His email also contained two general points of advice I already find helpful.

1. 1) Create a “spending plan” as opposed to “a budget”.
   

“A ‘budget’ sounds like a ‘diet’ and the word ‘diet’ alone makes me want to stop typing and go eat a cheeseburger,” he said.

I don’t diet so I can get on board with that!

“A spending plan reminds us that the focus is on making a conscious decision about what we actually want to spend our money on. This makes cutting back in some areas a more natural and rewarding pursuit because it is all taking place in the context of how we really want to spend our money (e.g. self-care, vacation, home, early retirement, etc.).”

This makes a lot of sense to me.

1. 2) Even if you’re paying off debt, it’s important to save.

Klontz pointed out a glaring omission from my budget: the lack of contribution toward savings. “I know it is hard to [save] when you have debt you are paying off, but it is imperative that you pay yourself first—even if you start small,” he said. “This is a habit that needs to be practiced and developed over time. It may take time to work up to 10% or more, but start anyway.”

I’m glad this is so concrete. I’m going to digest all his feedback and I’ll be back next Wednesday to share more about the changes I’m making as a result!