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Implementing a habit of tracking expenses and creating a budget can significantly improve your financial situation, but many find budgeting complicated and overwhelming. In this video, a simple method to track expenses and build a budget is explained to provide clarity on finances. While a free spreadsheet is available for download, the video emphasizes the importance of understanding how to use it effectively. A key step recommended is using the app Mint, which automatically tracks small expenses like coffee or gas, making it a more realistic and sustainable option for budgeting. The speaker shares their personal experience with the app, noting its effectiveness.