Advertising
Advertising

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.

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.

          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

          How to Set Ambitious Career Goals (With Examples) I’m Feeling Bored: 10 Ways to Conquer Boredom (and Busyness) 50 LinkedIn Influencers To Follow, No Matter Your Industry 7 Best Project Management Apps to Boost Productivity How to Answer Behavioral Based Interview Questions Smartly

          Trending in Smartcut

          1 50 LinkedIn Influencers To Follow, No Matter Your Industry 2 22 Best Habit Tracking Apps You Need in 2020 3 How to Break Bad Habits (The Only Effective Way) 4 How to Break Bad Habits: I Broke 3 Bad Habits in Less Than 2 Months 5 15 Daily Rituals of Highly Successful People

          Read Next

          Advertising
          Advertising
          Advertising

          Last Updated on December 2, 2020

          7 Reasons Why Quitting Facebook Now Is Good for Your Future

          7 Reasons Why Quitting Facebook Now Is Good for Your Future

          For the past 100 years or so, there have been huge improvements in communication. From letters to phone calls to text messages to video calls to social networks. Following all these improvements, one of the biggest inventions of the 21st century was founded in 2004[1], and it started to spread like wildfire, first in the US and then around the world. Now, quitting Facebook has become nearly unheard of.

          There are more than 1 billion monthly active Facebook users. Although initially it aimed to bring all people together for the sake of connecting, the effects of Facebook on masses became a huge debate after it gained so much popularity, with some even suggesting you deactivate your account.

          The advantages of social media and its ability to connect us to people around the world are well known. Now, it’s time to dive into the ways Facebook affects your productivity and why you should ultimately consider quitting Facebook.

          1. Facebook Allows You to Waste Time

          While being on Facebook and scrolling through the news feed, many active users are not aware of the time they actually spend on viewing others’ life events or messaging with Facebook messenger. It has become so addictive that many even feel obliged to like or comment on anything that is shared.

          Advertising

          You might think of the time spent on Facebook as your free time, though you are not aware that you can spend the same time taking care of yourself, learning something new, or doing your daily tasks.

          2. It Can Decrease Motivation

          By seeing someone else’s continuous posts about the parties they went to or friends they see frequently, you might feel insecure about yourself if your own posts are not as impressive as the ones in your news feed.

          However, there is rarely such a thing as going out every day or having amazing vacations every year. Unfortunately, though, we internalize the posts we see and create a picture in our minds of how others are living.

          One study found that “participants who used Facebook most often had poorer trait self-esteem, and this was mediated by greater exposure to upward social comparisons on social media”[2].

          Advertising

          Basically, when we see posts depicting lives we consider “better” than ours, our self-esteem takes a hit. As many of us are doing this for hours at a time, you can imagine the toll it’s taking on our mental health. Therefore, if you want to raise your self-esteem, quitting Facebook may be a good idea.

          3. You Use Energy on People You Don’t Care About

          Look at the number of friends you have on Facebook. How many of them are really good friends? How many of the friend requests you get are real people or your actual acquaintances?

          You have to admit that you have people on Facebook who are not related to you and some you barely know, but who still comments on their photos or offer a like now and again. Basically, instead of offering your time and energy to the genuinely rewarding relationships in your life, you’re spending it on people you don’t really care about.

          4. Facebook Feeds You Useless Information

          It is one thing to read newspapers or magazines in order to get information, but it is an entirely different thing to be faced with false news, trends, and celebrity updates through continuous posts. I bet one of the things that you will not miss after quitting Facebook is the bombardment of information that seems to have no effect on your life whatsoever.

          Advertising

          5. It Damages Your Communication Skills

          When is the last time you actually hung out in real life with your friends, relatives, or colleagues? Because of the social media that is supposed to help us communicate, we forget about real communication, and therefore, have difficulties communicating effectively in real life. This negatively affects our relationships at home, work, or in our social circles.

          6. You Get Manipulated

          One of the biggest problems of Facebook is its influence on people’s creativity. Although it is assumed to be a free social media site, which let’s you to share almost anything you want, you have this tendency to want to get more likes[3].

          In order to get more likes, you must work very hard on your shared posts, trying to make it funny, creative, or clever, while you could spend the same time doing something that genuinely improves your creativity. After quitting Facebook, you’ll be amazed at all the creative hobbies you have time to develop.

          7. It Takes Over Your Life

          The marketing strategy of Facebook is quite clear. Its creators want you to spend as much time as possible on the site. While working on their posts and choosing which pictures to share, many people actually try to be someone else. This often means they end up being isolated from the real world and their true selves.

          Advertising

          It is possible to put the same time and energy toward becoming a better version of yourself instead of faking it. Why not try it by quitting Facebook?

          Final Thoughts

          There are many reasons to try quitting Facebook. By knowing how it may be impacting your productivity and mental health, you can search for motivation to get off social media and back into your real life.

          These points will guide you in seeing what your life would be like if you were to delete your account. Leaving Facebook doesn’t sound so bad after all, does it?

          More on How to Quit Social Media

          Featured photo credit: Brett Jordan via unsplash.com

          Reference

          [1] The Guardian: A brief history of Facebook
          [2] Psychology of Popular Media Culture: Social comparison, social media, and self-esteem.
          [3] Better by Today: Do Facebook ‘Likes’ Mean You’re Liked?

          Read Next