What financial tool does Dave Ramsey suggest using to track your expenses?

Dave Ramsey emphasizes the importance of creating and maintaining a budget as a primary tool for tracking expenses. A budget allows individuals to plan their spending in alignment with their income, ensuring that they are allocating funds appropriately to different areas of their life, such as necessities, savings, and discretionary spending.

Using personal finance software can further enhance this process by providing an organized and user-friendly interface for monitoring expenses and income, generating reports, and helping individuals stay accountable to their financial goals. By keeping track of where money is spent, individuals can identify areas where they might be overspending and make necessary adjustments to live within their means.

The other options do not serve the same purpose in effectively tracking and managing day-to-day expenses. A savings account is focused on saving money rather than monitoring spending behavior. Credit monitoring services help individuals keep an eye on their credit score and report rather than providing direct insights into expenses. An investment portfolio is concerned with assets and growth over time, rather than day-to-day financial management. Therefore, a budget or personal finance software is clearly the most effective choice for tracking expenses.