Advertising

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

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

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.

Advertising

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.

Advertising

    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).

    Advertising

      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.

        Advertising

        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.

          Advertising

          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

          100 Incredible Life Hacks That Make Life So Much Easier I’m Feeling Bored: 10 Ways to Conquer Boredom (and Busyness) How to Set Ambitious Career Goals (With Examples) Dismissing Sadness Will End up Making You Sadder How To Protect Your Focus From Being “Robbed” By Notifications and Social Media

          Trending in Smartcut

          1 10 Effective Ways To Make You a Fast Learner 2 8 Time Management Strategies for Busy People 3 50 LinkedIn Influencers To Follow, No Matter Your Industry 4 How to Break Bad Habits (The Only Effective Way) 5 15 Daily Rituals of Highly Successful People

          Read Next

          Advertising
          Advertising

          Last Updated on July 21, 2021

          The Importance of Reminders (And How to Make a Reminder Work)

          The Importance of Reminders (And How to Make a Reminder Work)
          Advertising

          No matter how well you set up your todo list and calendar, you aren’t going to get things done unless you have a reliable way of reminding yourself to actually do them.

          Anyone who’s spent an hour writing up the perfect grocery list only to realize at the store that they forgot to bring the list understands the importance of reminders.

          Reminders of some sort or another are what turn a collection of paper goods or web services into what David Allen calls a “trusted system.”[1]

          A lot of people resist getting better organized. No matter what kind of chaotic mess, their lives are on a day-to-day basis because they know themselves well enough to know that there’s after all that work they’ll probably forget to take their lists with them when it matters most.

          Fortunately, there are ways to make sure we remember to check our lists — and to remember to do the things we need to do, whether they’re on a list or not.

          In most cases, we need a lot of pushing at first, for example by making a reminder, but eventually we build up enough momentum that doing what needs doing becomes a habit — not an exception.

          Advertising

          From Creating Reminders to Building Habits

          A habit is any act we engage in automatically without thinking about it.

          For example, when you brush your teeth, you don’t have to think about every single step from start to finish; once you stagger up to the sink, habit takes over (and, really, habit got you to the sink in the first place) and you find yourself putting toothpaste on your toothbrush, putting the toothbrush in your mouth (and never your ear!), spitting, rinsing, and so on without any conscious effort at all.

          This is a good thing because if you’re anything like me, you’re not even capable of conscious thought when you’re brushing your teeth.

          The good news is you already have a whole set of productivity habits you’ve built up over the course of your life. The bad news is, a lot of them aren’t very good habits.

          That quick game Frogger to “loosen you up” before you get working, that always ends up being 6 hours of Frogger –– that’s a habit. And as you know, habits like that can be hard to break — which is one of the reasons why habits are so important in the first place.

          Once you’ve replaced an unproductive habit with a more productive one, the new habit will be just as hard to break as the old one was. Getting there, though, can be a chore!

          Advertising

          The old saw about anything you do for 21 days becoming a habit has been pretty much discredited, but there is a kernel of truth there — anything you do long enough becomes an ingrained behavior, a habit. Some people pick up habits quickly, others over a longer time span, but eventually, the behaviors become automatic.

          Building productive habits, then, is a matter of repeating a desired behavior over a long enough period of time that you start doing it without thinking.

          But how do you remember to do that? And what about the things that don’t need to be habits — the one-off events, like taking your paycheck stubs to your mortgage banker or making a particular phone call?

          The trick to reminding yourself often enough for something to become a habit, or just that one time that you need to do something, is to interrupt yourself in some way in a way that triggers the desired behavior.

          The Wonderful Thing About Triggers — Reminders

          A trigger is anything that you put “in your way” to remind you to do something. The best triggers are related in some way to the behavior you want to produce.

          For instance, if you want to remember to take something to work that you wouldn’t normally take, you might place it in front of the door so you have to pick it up to get out of your house.

          Advertising

          But anything that catches your attention and reminds you to do something can be a trigger. An alarm clock or kitchen timer is a perfect example — when the bell rings, you know to wake up or take the quiche out of the oven. (Hopefully you remember which trigger goes with which behavior!)

          If you want to instill a habit, the thing to do is to place a trigger in your path to remind you to do whatever it is you’re trying to make into a habit — and keep it there until you realize that you’ve already done the thing it’s supposed to remind you of.

          For instance, a post-it saying “count your calories” placed on the refrigerator door (or maybe on your favorite sugary snack itself)  can help you remember that you’re supposed to be cutting back — until one day you realize that you don’t need to be reminded anymore.

          These triggers all require a lot of forethought, though — you have to remember that you need to remember something in the first place.

          For a lot of tasks, the best reminder is one that’s completely automated — you set it up and then forget about it, trusting the trigger to pop up when you need it.

          How to Make a Reminder Works for You

          Computers and ubiquity of mobile Internet-connected devices make it possible to set up automatic triggers for just about anything.

          Advertising

          Desktop software like Outlook will pop up reminders on your desktop screen, and most online services go an extra step and send reminders via email or SMS text message — just the thing to keep you on track. Sandy, for example, just does automatic reminders.

          Automated reminders can help you build habits — but it can also help you remember things that are too important to be trusted even to habit. Diabetics who need to take their insulin, HIV patients whose medication must be taken at an exact time in a precise order, phone calls that have to be made exactly on time, and other crucial events require triggers even when the habit is already in place.

          My advice is to set reminders for just about everything — have them sent to your mobile phone in some way (either through a built-in calendar or an online service that sends updates) so you never have to think about it — and never have to worry about forgetting.

          Your weekly review is a good time to enter new reminders for the coming weeks or months. I simply don’t want to think about what I’m supposed to be doing; I want to be reminded so I can think just about actually doing it.

          I tend to use my calendar for reminders, mostly, though I do like Sandy quite a bit.

          More on Building Habits

          Featured photo credit: Unsplash via unsplash.com

          Advertising

          Reference

          [1] Getting Things Done: Trusted System

          Read Next