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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 July 10, 2020

          The Power of Ritual: Conquer Procrastination, Time Wasters and Laziness

          The Power of Ritual: Conquer Procrastination, Time Wasters and Laziness

          Life is wasted in the in-between times. The time between when your alarm first rings and when you finally decide to get out of bed. The time between when you sit at your desk and when productive work begins. The time between making a decision and doing something about it.

          Slowly, your day is whittled away from all the unused in-between moments. Eventually, time wasters, laziness, and procrastination get the better of you.

          The solution to reclaim these lost middle moments is by creating rituals. Every culture on earth uses rituals to transfer information and encode behaviors that are deemed important. Personal rituals can help you build a better pattern for handling everything from how you wake up to how you work.

          Unfortunately, when most people see rituals, they see pointless superstitions. Indeed, many rituals are based on a primitive understanding of the world. But by building personal rituals, you get to encode the behaviors you feel are important and cut out the wasted middle moments.

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          Program Your Own Algorithms

          Another way of viewing rituals is by seeing them as computer algorithms. An algorithm is a set of instructions that is repeated to get a result.

          Some algorithms are highly efficient, sorting or searching millions of pieces of data in a few seconds. Other algorithms are bulky and awkward, taking hours to do the same task.

          By forming rituals, you are building algorithms for your behavior. Take the delayed and painful pattern of waking up, debating whether to sleep in for another two minutes, hitting the snooze button, repeat until almost late for work. This could be reprogrammed to get out of bed immediately, without debating your decision.

          How to Form a Ritual

          I’ve set up personal rituals for myself for handling e-mail, waking up each morning, writing articles, and reading books. Far from making me inflexible, these rituals give me a useful default pattern that works best 99% of the time. Whenever my current ritual won’t work, I’m always free to stop using it.

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          Forming a ritual isn’t too difficult, and the same principles for changing habits apply:

          1. Write out your sequence of behavior. I suggest starting with a simple ritual of only 3-4 steps maximum. Wait until you’ve established a ritual before you try to add new steps.
          2. Commit to following your ritual for thirty days. This step will take the idea and condition it into your nervous system as a habit.
          3. Define a clear trigger. When does your ritual start? A ritual to wake up is easy—the sound of your alarm clock will work. As for what triggers you to go to the gym, read a book or answer e-mail—you’ll have to decide.
          4. Tweak the Pattern. Your algorithm probably won’t be perfectly efficient the first time. Making a few tweaks after the first 30-day trial can make your ritual more useful.

          Ways to Use a Ritual

          Based on the above ideas, here are some ways you could implement your own rituals:

          1. Waking Up

          Set up a morning ritual for when you wake up and the next few things you do immediately afterward. To combat the grogginess after immediately waking up, my solution is to do a few pushups right after getting out of bed. After that, I sneak in ninety minutes of reading before getting ready for morning classes.

          2. Web Usage

          How often do you answer e-mail, look at Google Reader, or check Facebook each day? I found by taking all my daily internet needs and compressing them into one, highly-efficient ritual, I was able to cut off 75% of my web time without losing any communication.

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          3. Reading

          How much time do you get to read books? If your library isn’t as large as you’d like, you might want to consider the rituals you use for reading. Programming a few steps to trigger yourself to read instead of watching television or during a break in your day can chew through dozens of books each year.

          4. Friendliness

          Rituals can also help with communication. Set up a ritual of starting a conversation when you have opportunities to meet people.

          5. Working

          One of the hardest barriers when overcoming procrastination is building up a concentrated flow. Building those steps into a ritual can allow you to quickly start working or continue working after an interruption.

          6. Going to the gym

          If exercising is a struggle, encoding a ritual can remove a lot of the difficulty. Set up a quick ritual for going to exercise right after work or when you wake up.

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          7. Exercise

          Even within your workouts, you can have rituals. Spacing the time between runs or reps with a certain number of breaths can remove the guesswork. Forming a ritual of doing certain exercises in a particular order can save time.

          8. Sleeping

          Form a calming ritual in the last 30-60 minutes of your day before you go to bed. This will help slow yourself down and make falling asleep much easier. Especially if you plan to get up full of energy in the morning, it will help if you remove insomnia.

          8. Weekly Reviews

          The weekly review is a big part of the GTD system. By making a simple ritual checklist for my weekly review, I can get the most out of this exercise in less time. Originally, I did holistic reviews where I wrote my thoughts on the week and progress as a whole. Now, I narrow my focus toward specific plans, ideas, and measurements.

          Final Thoughts

          We all want to be productive. But time wasters, procrastination, and laziness sometimes get the better of us. If you’re facing such difficulties, don’t be afraid to make use of these rituals to help you conquer them.

          More Tips to Conquer Time Wasters and Procrastination

           

          Featured photo credit: RODOLFO BARRETO via unsplash.com

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