It doesn't matter if you are working with the envelope provided in Real Simple magazine, an ordinary 9" x 12" envelope, or you've opted to use something else, like a folder, accordion file or box — what matters is that you are taking the first positive step in organizing your financial life.

Next steps

Whatever category you decide to track, you're sure to complete this month's exercise with a slightly better understanding of your spending habits. As you continue to organize your financial life, consider purchasing an accordion file to keep track of receipts in multiple areas of your life. You could mark the tabs according to category, or you could label them by month. The small amount of effort is totally worth it when you realize that the nagging "what did I do with that receipt?" question will always have an easy answer!

It's OK to start small, so focus your receipt-collecting efforts on just one aspect of your day-to-day life. Here are some suggested expense categories, plus ideas of how you can use the organizer to gain a better understanding of your daily spending.

ATM receipts

TRY TRACKING IF: Your personal account record never seems to match that of your bank, possibly because you forget to factor in ATM withdrawals. Another reason to get organized with these receipts is to detect patterns and attempt to rectify poor spending habits. If you find that you are making several withdrawals in a week, for example, you might want to take a closer look at daily purchases and set a weekly budget. Resolve to go to the ATM machine just one time each week, so you'll have to make every penny last.

Business expenses

TRY TRACKING IF: You are fortunate enough to get reimbursed for work-related purchases, but have found yourself eating a few costs because you've lost the receipts.

Education

TRY TRACKING IF: You, your spouse or your dependents are pursuing higher education. Save receipts from tuition, books, school supplies, computers and more, and talk to your tax advisor about the possibility of using the costs towards a deduction.

Entertainment

TRY TRACKING IF: You are serious about creating and sticking to a family budget. Dinners taken in or eaten out, movie club memberships, tickets to sporting events and day trips with the kids all add up. Take a look at your expenses for one month and if they seem excessive, brainstorm solutions for cutting back, like having a "sandwich night" or "omelet night" one evening a week instead of ordering takeout.

Grocery

TRY TRACKING IF: You are committed to changing your family's diet, whether that means cutting back on junk food or buying more organic. While the health benefits far outweigh any extra costs you might incur, it could make for an interesting experiment — you might just realize that eating well can actually save you money in the long run. Food expenses are also a great place to start if you are thinking about organizing a budget.

Home Improvement

TRY TRACKING IF: You are thinking about selling your house or apartment in the near future. The receipts are the perfect reminder of the upgrades you have made and topics you want to discuss when assessing the value of your home; they can also help reduce capital-gains tax on your home when it is sold. In general it's a good idea to keep all home improvement-related paperwork in one well-organized place. Years down the road when you need to replace a piece of tile in the bathroom, for example, you'll most likely have a clear record of where you bought it, when it was installed and possibly the exact item number.

Personal

TRY TRACKING IF: You've got a bad habit you want to break, like indulging in a daily latte or hitting the shoe store when you feel stressed. When you step back and see how much the habit is affecting your bottom line, it's an extra incentive to say sayonara!