While bank statements and online checking accounts may make it easier for consumers to track their spending, a new study suggests few take advantage of them.
According to a survey conducted by Bankrate.com, nearly 60 percent of consumers do not maintain a record of what they're spending to see how it compares with their budget.
Greg McBride, senior analyst for the site, said consumers would be doing themselves a favor by doing so.
"A significant portion of the U.S. population would benefit from better budgeting habits," said McBride. "Regardless of one's income level, it's critical to manage monthly cash flow…it's not good enough to wait until the end of the month and see what happens."
The study also looked at groups of individuals, finding that people with college degrees were the most likely to track their spending — 65 percent — compared to 52 percent of respondents with a high school degree or less.
Another reason why consumers may be wise to track what it is they buy is to make sure all transactions are billed accurately. Occasionally, unsubstantiated claims may be noted to their accounts, which could potentially lead to unfair credit reporting. If this happens, a consumer may need to solicit credit score help to restore their standing.