I started sharing my finances on Instagram. What happened next was a surprise

There was a time in my life when I didn't have a dollar to my name. 

Unbeknownst to most people in my life, I was really struggling with my finances.  

It wasn't as though I earned a low wage — it was just that I didn't know how to manage my money properly.

Budgeting, taxes and the costs of falling behind on credit cards weren't taught to us in school.

If you didn't have parents who taught you about personal finances, then you were left to figure it out on your own — sometimes with disastrous consequences.

Back in 2017, I started seriously thinking about how I was spending my money.

My light-bulb moment came when my credit card had been compromised. Unluckily for the scammers, I'd hit my credit limit, and they couldn't charge anything to my card.

But, without using credit, I struggled to purchase the essentials. I was constantly waiting around for payday.

I'd had enough. I decided I was going to get serious about my finances, once and for all.

What happened when I started tracking my spending

I wanted to change, but I didn't know where to start. I had no idea where my money was going, so I started tracking my spending in Excel. I categorised every transaction that I made, no matter how small.

It helped me identify where my money was going and where I could then cut back. It also helped me understand why I was spending money in the first place.

When I started my finance journey, I created an Instagram account to have some accountability and to inspire and motivate others.

Since then, I have tracked my spending every month and I share it on my account as a way of being transparent and making money conversations less taboo.

Earlier this year, as the cost-of-living crisis got worse, I decided I needed to do better. I decided to start sharing what I spent daily, categorising each purchase as a "need" or a "want".

The unexpected benefits of sharing my finances with strangers

When I started to share what I spent, three things happened:

• I started to spend less;
• I was able to find more money to put towards savings;
• Other people reached out to tell me that I was helping them get better with their spending.

Food spending was the highest category in my budget, and the area I most needed to cut back on.

I started buying less takeaway, cooking at home, using discounts on meal delivery boxes and cutting out any non-essentials. Within three months, I had cut my spending on food by 31 per cent.

I found that knowing I'd have to tell everyone was enough to make me reconsider getting that cheeky cheeseburger on the way home from work.

A side-effect of this being that I was actually eating better as well. Those cheeky purchases weren't doing my waistline or my budget any favours.

I started receiving messages from people who were following my journey. One person said, "I find it's helping me be more conscious and aware".

Another person told me, "I've been tracking my spending into needs and wants each day [for my own interest] and it's crazy how quickly it adds up".

There was even an account that started to post their daily spend, which said that I'd motivated and inspired them to post theirs as well. Accountability in a group form can be a real motivator!

How to start tracking your spending yourself

If you want to make a change, but the idea of tracking your spending sounds incredibly boring or complicated, I get it.

Knowing where your money goes is the first step to learning how to better manage it. You don't need to use any crazy spreadsheets or apps.

It can be as simple as pen and paper. At the end of each day, write down each transaction you make, categorise them and at the end of the month add them up.

If you do this for three months, you'll know where you're spending your money and what areas you could cut back on.

If you are comfortable with using an app, there are many out there that can automatically categorise your spending for you. If it feels like too much, just start small.

Try to be mindful of each purchase you make. Ask yourself: "Do I really need this?". Often, if you really think about it, the answer will be "no".

I've been tracking and sharing my daily spend for six months now. While there have been times I haven't wanted to share, the idea of motivating others and being honest to myself has kept me going.

If I'm really struggling, I find it helps to visualise my goals and think back to why I'm doing this in the first place. For me, it's about creating a better life for myself and my son, so he won't find himself dealing with the same money struggles.

With the cost-of-living crisis at the forefront of minds, taking the time to track your spending more closely, could be the thing to take you from just surviving to thriving.

Nataasha Torzsa is a 33-year-old studio assistant and freelance writer living in Brisbane. She has a three-year-old son, Ryan. You can follow her on Instagram @tashagetsfrugal

This article contains general information only. You should consider obtaining independent professional advice in relation to your particular circumstances.