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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 April 6, 2020

          How To Work From Home Without Getting Distracted

          How To Work From Home Without Getting Distracted

          Both small businesses and multinational corporations in different parts of the world are rolling out work from home policies in the wake of the COVID-19 outbreak.

          It won’t be an understatement to think this shift will become the norm for several people, given the fact that the novel coronavirus has already reached the pandemic stage, according to WHO.[1]

          While a lot of people are used to the system, several others are finding it challenging to learn how to work from home during widespread quarantines. It becomes especially difficult when there are a whole lot of distractions to manage.

          If you are one of those people, here are some top distractions that will compete with your productive time:

          • Housework
          • Family and friends
          • Email and Instant Messaging
          • Social Media and Internet Browsing
          • Phone and Texts

          How can you avoid these distractions while working from home?

          Here are some tips to help you avoid distractions and get more done while working from home.

          1. Dedicate a Space for Work

          It is highly essential to dedicate a workspace in your home.

          Peter Vandendriesse, the founder and CEO of Guestboard.co says:

          “While it is easier to sit on a couch while working on your laptop, you can’t get it right with your sitting posture and ergonomics. And because you are closer to the TV, you can become distracted easily.”

          So how do you maximize your home office?

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          You can set up a double monitor and use a work desk or a standing desk, depending on your work.

          Your workspace should be dedicated to working just like your bed is dedicated to sleeping.

          2. Isolate Yourself from Social Media

          There’s nothing as tempting as social media. You may want to stay up-to-date about the news and what your friends are up to. Try to audit your time, though, and you’ll discover that you’ve probably spent over 5 hours doing that each day.

          So how can you get away from this?

          Isolate your mobile devices if you don’t have to use the internet, and stick to your laptop. Lori Cheekd, the CEO of Cheekd, recommends using productivity apps like StayFocusd to avoid distractions. Or you can set time restrictions with the Google Chrome extension Limit. Once you have used up the time allocated, the selected websites will be blocked, and you can’t access them for the rest of the day. You can also download the best Android productivity apps and top productivity apps for iPhones .

          Another approach is to freeze social media apps on your mobile devices to focus on your work.

          3. Dress for Work

          According to Andre Fasciola, the CEO of Matcha Kari,

          “It is important to have good habits. It can be comfortable sitting in your pajamas, but you cannot be in your professional mindset in your pajamas.”

          The focus here is not how you look, but establishing and maintaining a business mindset while you work from home.

          You don’t have to wear a pencil skirt or a three-piece suit. Wear what makes you comfortable. Then follow your morning routine.

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          It makes a whole lot of sense to wake up in the morning, shower, eat your breakfast, and dress up for success. That alone will create a consciousness of work instead of allowing the day just to run its course while you complete your work in between.

          4. Establish Boundaries

          It is your responsibility to train your family and friends on how to relate to you and treat your work time.

          Why is that important?

          A lot of them don’t know you work from home. You need to tell them you are not available for the long lunch or the movie break.

          Working from home is often quite advantageous. You are in charge of your schedule, and you end up creating boundaries that work for your specific position.

          5. Create Your Schedule

          Have a list of tasks you want to complete each day. Then, allocate time to achieve each task.

          If you are an ardent follower of to-dos, create one and cross off each task you complete. Don’t forget to allocate break times. That way, you can be sure of a realistic schedule.

          According to Kathi Burns of Wikihow,

          “A schedule is an effective means of staying focused, productive, and organized. You can experiment with a planner, notebook, or an app to structure your time.”[2]

          Track how much time you spend on routine activities in a spreadsheet or notebook. This act can help you to be more productive. For instance, you may be spending 5 hours on social media each day when you could have spent those hours reading.

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          Not only that, but schedule your day to reflect your energy. Knock out essential tasks when your energy is high and take care of less important tasks when you are less motivated. For instance, if you feel at your best in the morning, use that time to brainstorm and attend to crucial tasks.

          6. Know When to Sign out

          One mistake that is common to everyone is that we tend to work too much while trading off other important aspects of our lives.

          This means it’s important for you to establish a fixed time and sign out when you feel you are burning out. Maximize your work hours, and enjoy your break to refresh and prepare yourself to clock back in.

          7. Plan to Exercise

          It is ideal to incorporate some physical exercises into your schedule when working from home.

          When you’re working from home, it’s easy to get lethargic and forget to get up and get moving. It’s important, then, to schedule in time when you should be exercising.

          So what can you do to stay fit and be productive?

          Exercise your muscles! You can do this both indoors and outdoors.

          It’s not only your muscles that get boosted when you exercise. Physical exercise can boost your brain performance. A workout can keep those endorphins flowing and provide you with a natural burst of energy.

          Briton University surveyed 200 employees on a day with or without exercise. Guess what the outcome was?

          Employees who exercised scored 21 percent more for a higher concentration on work, 22 percent more for work completion, and 25 percent more for finishing work without unscheduled breaks. Not only that, but they also scored 41 percent for feeling motivated on the job.[3]

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          Another survey showed the significance of fitness in the work performance of about 683 workers.[4]

          You can’t attain your peak performance while working from home if you are not fit.

          So how do you stay fit?

          Try yoga, dance, or run in place. You don’t need sophisticated gadgets to exercise; just start with what you have and stay committed.

          Bonus: Find Your Focus and Eliminate Distractions

          You need to find a spot in your house where your focus is at a peak. It may be indoors or outdoors. When you find that spot, establish your workspace and reduce distractions as much as possible.

          Also, highlight your biggest distractors and devise means of eliminating them.

          Distraction remains a daunting challenge you will need to overcome when working from home. You cannot discover your focus zone if you don’t highlight your biggest distractors.

          While it may be hard to eliminate all distractions, you can reduce them by following these tips:

          • De-clutter your desk and office. Leave only items that are relevant.
          • Hang a ‘Do not disturb!’ sign when you are working on tasks that require optimal focus.
          • Close all browsers and applications that are not relevant to the tasks at hand. Put your phone on airplane mode and reply to that email later.

          You can also establish a period when you take care of all these extra activities during the day.

          Conclusion

          If you are new to working from home, you may encounter challenges while trying to stay productive and focused. However, as you try these tips I’ve shared, you will continue to gain ascendancy over your time and work.

          More Tips on Working From Home

          Featured photo credit: Anna Auza via unsplash.com

          Reference

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