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Lost Track Of Your Spendings? Tighten Up Your Belt With This

Lost Track Of Your Spendings? Tighten Up Your Belt With This

We all know the feeling. After payday arrives, we get a major cash infusion and feel able to breathe easy. But a week or so later, all that money’s gone. You can’t even remember where you spent it. Maybe it’s the nights out with friends, the lunches with coworkers, the new clothes for spin class, or getting coffee every day (and sometimes twice a day). The only thing you know for sure is that the sum of money you were paid has dwindled.

The average American is spending $1.33 for every $1 earned.[1] So many people worldwide are in debt from student loans, auto loans, home loans, and credit card spending. In fact, the average American household has $8,700 in credit card debt.

This happens to most people. We want to save money, but we often end up spending more than we expected. This makes it so hard to save enough money for the important big-ticket purchases: cars, vacations, homes, etc. We have our savings priorities, but we often fall short of our real goals.

What’s more, it’s hard to know where to cut our budgets. Or where we even tend to overspend in the first place.

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Keeping track of your spendings

In order to stop overspending and to meet your savings goals, you need to keep track of your actual activity. You need be aware of the problem before you can even begin to fix it.

That’s where Spendee comes in.

When it comes down to it, there aren’t many programs or applications that make personal finance simple. But Spendee offers quick and transparent information about your spending and it’s easy to use. Let me walk you through the main features of the app right now.

1. See where you spent your money

Spendee gives you a simple but powerful way to view your spending. Graphs and charts track the categories you spent in, how much you spent on average, the number of transactions, biggest expenses, and much more.

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    This super-valuable tool allows you not only to budget realistically, but to see trends in your spending so you can track down further details if you want. Surprised that you spent $5,400 last week? Well, now that you know, you can go into your recent transactions and see where exactly that money went.

    2. Plan your spending with budgets

    Individual budgets are a powerful tool to help you stop overspending and start boosting your savings. Spendee lets you set budgets for various categories. This lets you track how much you eat out or spend at the grocery store (one of the most flexible part of anybody’s budget, by the way).

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      The bright visuals (with percentages) give you an immediate sense of how much you’ve already spent and what you have left. So if you’ve spent 80% of your food budget by the 10th of the month, it might be time to cut back!

      3. Create different wallets for different spending purposes

      In what’s call the “envelope method,” Spendee Premium lets you set aside the money that you already have for specific purposes. (Note: This is not an option with the basic, free version of the app.)

        This isn’t so different from regular budgeting, but many people swear by this method. Why? It allows you to divide up your sources of money, which in turn makes it psychologically more challenging to overspend. You can’t spend what you don’t have, and if you restrict yourself to money in a particular wallet, you can’t mess up.

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        4. Sync your Spendee account with your online bank account

          With Spendee Premium, you can always keep track of your money. Your transactions will automatically update when you sync Spendee with your online bank account.

          Simply select your bank and enter in your credentials. All of your transactions will get automatically imported and categorized. Seeing your spending activity couldn’t be easier if you tried.

          Take control of your finances

          The sooner the better! If you find yourself wanting to rein in spending, or just to save better for mid- to longer-term goals, it’s important to have and use the right tools.

          Install Spendee Here

          If you love the free version, consider trying out the Premium version if the features interest you!

          Reference

          More by this author

          Brian Lee

          Chief of Product Management at Lifehack

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          Last Updated on September 24, 2020

          11 Things You Should Minimize for a Better Life

          11 Things You Should Minimize for a Better Life

          Ever heard the statement less is more? Is that a reality in your life or is that an area you are struggling with? Below are 11 different areas you can look at in your life to start to reduce as you focus on building a better life.

          Let’s get to it:

          Your Stuff

          I call it stuff vs possessions. Stuff is what adds clutter in your life. It could be shoes, curios from the cute store in your town or excess appliances you need to throw out but never do. What is it that is overtaking your house that if you moved away you wouldn’t need it at all? Plan a Sunday afternoon throw out session. If throwing out doesn’t sit right then give it away to goodwill.

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          Your Acquaintances

          How many people are you interacting with throughout the week that don’t leave you feeling good about yourself? Who inspires you? Spend time with those people. Too often we keep people in our lives that we are no longer a fit for. Having too many old acquaintances adds to the excess in your life. If the relationship isn’t a win-win for you both then take a step back and focus on those that do.

          Your Goals

          Motivated to write out your list of goal for the next month or 3 months? That is awesome. Just a few works of caution. Don’t write down too many. Often people write down over ten goals. The brain can only remember so much and the reality is you won’t get to them all. I suggest you look at your goals with the mindset of single digits. No more than ten, but ideally less than five. Keep the list focused and realistic.

          Your Commitments

          A new favorite buzz saying in the self-help world is “No is the new Yes”. Take a moment to think about that saying. If you started saying no more how would your week and life look? Would you have more time to commit to the important goals and people in your life? Start to practice saying No when a request comes your way that you don’t want to do. If that feels too harsh try responding with these words “Let me get back to you”. Go away and come back with a no when you are in stronger mindset to say that.

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          Your Multitasking

          I am giving you permission to stop multitasking. We used to be told that multitasking was a good practice. We look so busy and aren’t we getting a lot done? In fact, no. Multitasking isn’t possible with the way our brain is wired. We need to focus on one key thing and keep our attention on that item until it is complete.

          Your Newsfeed

          I consider all the information from the Internet that is being feed into our smartphone, laptop and brain as “the newsfeed.” It doesn’t add to having more knowledge, it adds to information overload. Build time in your day or week when you are completely offline. I recommend turning your wireless off or setting your smart phone to airplane mode.

          Your Cards

          Open up your wallet and take a look inside. What is in it? For most of us it is more than one store, charge or loyalty card. Too many cards add to extra spending, bills and lack of clarity of where our money goes. Look at what cards you truly need and use. Get rid of the rest (scissors work!).

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          Your Mail

          Both the old style (postal) and your email inbox are areas to minimize. Look at ways to get off catalogs or reduce the magazine subscriptions as you never read all of them anyway. Figure out what mail, e.g. bank statements, can be changed to digital mail only. Try the same with your inbox. Sites like unroll.me can tell you how many email newsletters you are subscribed to and you can take your name off the list that you know longer need.

          Your Sitting Time

          Too much time in front of the screen is not good for the posture and health of your body. Try setting a timer so every 50 minutes you get up and stretch or go for a five minute walk. We don’t realize how bad our posture is when we sit for long periods of time. The studies on sitting disease are what led to standing and walking desks to be invented. If your office doesn’t have that get into a regular habit to stand and walk often in your day.

          Too much time by yourself can led the mind to wander. When the mind wanders it will often return with negative thoughts and beliefs. While a walk by yourself and some downtime is rejuvenating take notice if you start to feel un- inspired or a little sad and make sure you aren’t spending too much time in your own company. This is especially important for those of us who work from home. Make sure to have people interaction throughout your day.

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          Your Lack of Belief

          If you want to make a change or achieve a goal in your life you need to truly, 100 percent believe you can. If you don’t believe in yourself then why should anyone else?

          The difference between a successful person and someone struggling can be as simple as a mindset switch to believe that they will succeed.

          What areas can you minimize to create more happiness, focus and productivity in your life? Implement just a handful from the list and you will find that the mindset of ‘Less is More’ will be what leads you on the path to a better life!

          Featured photo credit: Samantha Gades via unsplash.com

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