The Science of Expense Tracking: How To Master Your Finances
One simple habit can revolutionize your money mindset.
If you've ever felt like your money disappears faster than you earn it, you're not alone. Most people have good intentions with their finances; until life happens. Overspending, unexpected expenses, and poor habits slowly chip away at your financial peace.
But according to recent research by Yiling Zhang (University of Wisconsin-Madison), there's one simple behavior that consistently improves your financial life: tracking your expenses.
At Lionhood Financial Coaching, we don’t just teach this—we implement it with our clients through Monarch Money, a modern financial tracking platform that puts the power of self-awareness in your hands.
🧠 Expense Tracking: Not Just Smart—Scientific
The study found that expense tracking acts as a form of financial self-regulation. This means when you track your spending, you’re not just keeping a record—you’re actively rewiring your financial behavior.
Clients who track expenses regularly:
Spend less on non-essential items
Make smarter adjustments to their budgets
Improve their saving habits over time
We see this firsthand at Lionhood. When clients begin using Monarch Money as part of their coaching journey, they gain immediate clarity about where their money is going—and how to take control.
🔍 Awareness Is the First Step Toward Wealth
Zhang’s research emphasizes the role of financial self-awareness—the idea that seeing your own financial patterns helps change them. Tracking your expenses helps you understand your triggers, curb emotional spending, and stay aligned with your long-term goals.
That’s why we integrate Monarch Money into every coaching relationship. It’s not just another app. It’s a system that gives you:
Real-time visibility of all accounts in one place
Categorized transactions to help you understand your spending
Collaborative tools to set and adjust budgets alongside your coach
✍️ Why We Recommend Manual Tracking Inside Monarch Money
While Monarch Money can sync with your bank accounts to automatically pull in your spending data, we encourage clients to engage with their finances actively—by reviewing, categorizing, and reflecting on their transactions.
Research shows that manual engagement with your expenses creates higher financial self-awareness than passive tracking. In other words: the more intentional you are, the more impactful the results.
🛠 How Lionhood Coaching + Monarch Money Work Together
At Lionhood Financial Coaching, we pair the behavioral science of personal finance with tools that make the process simple and sustainable. Monarch Money serves as your financial dashboard, while our coaching provides the structure, accountability, and wisdom to help you follow through.
Here’s what you get when you work with us:
A clear system to track and manage your money
Ongoing insights to adjust your goals and spending
A biblical foundation for financial stewardship and growth
Ready to stop guessing where your money is going? Start living with financial clarity, confidence, and purpose.
With the right coaching and the right tools—like Monarch Money—you don’t just manage your finances. You master them.