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Last Updated on November 2, 2017

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 20, 2018

          8 Ways to Train Your Brain to Learn Faster and Remember More

          8 Ways to Train Your Brain to Learn Faster and Remember More

          You go to the gym to train your muscles. You run outside or go for hikes to train your endurance. Or, maybe you do neither of those, but still wish you exercised more.

          Well, here is how to train one of the most important parts of your body: your brain.

          When you train your brain, you will:

          • Avoid embarrassing situations. You remember his face, but what was his name?
          • Be a faster learner in all sorts of different skills. No problem for you to pick up a new language or new management skill.
          • Avoid diseases that hit as you get older. Alzheimer’s will not be affecting you.

          So how to train your brain and improve your cognitive skills?

          1. Work your memory

          Twyla Tharp, a NYC-based renowned choreographer has come up with the following memory workout:

          When she watches one of her performances, she tries to remember the first twelve to fourteen corrections she wants to discuss with her cast without writing them down.

          If you think this is anything less than a feat, then think again. In her book The Creative Habit she says that most people cannot remember more than three.

          The practice of both remembering events or things and then discussing them with others has actually been supported by brain fitness studies.

          Memory activities that engage all levels of brain operation—receiving, remembering and thinking—help to improve the function of the brain.

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          Now, you may not have dancers to correct, but you may be required to give feedback on a presentation, or your friends may ask you what interesting things you saw at the museum. These are great opportunities to practically train your brain by flexing your memory muscles.

          What is the simplest way to help yourself remember what you see? Repetition.

          For example, say you just met someone new:

          “Hi, my name is George”

          Don’t just respond with, “Nice to meet you”. Instead, say, “Nice to meet you George.”

          Got it? Good.

          2. Do something different repeatedly

          By actually doing something new over and over again, your brain wires new pathways that help you do this new thing better and faster.

          Think back to when you were three years old. You surely were strong enough to hold a knife and a fork just fine. Yet, when you were eating all by yourself, you were creating a mess.

          It was not a matter of strength, you see. It was a matter of cultivating more and better neural pathways that would help you eat by yourself just like an adult does.

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          And guess what? With enough repetition you made that happen!

          But how does this apply to your life right now?

          Say you are a procrastinator. The more you don’t procrastinate, the more you teach your brain not to wait for the last minute to make things happen.

          Now, you might be thinking “Duh, if only not procrastinating could be that easy!”

          Well, it can be. By doing something really small, that you wouldn’t normally do, but is in the direction of getting that task done, you will start creating those new precious neural pathways.

          So if you have been postponing organizing your desk, just take one paper and put in its right place. Or, you can go even smaller. Look at one piece of paper and decide where to put it: Trash? Right cabinet? Another room? Give it to someone?

          You don’t actually need to clean up that paper; you only need to decide what you need to do with it.

          That’s how small you can start. And yet, those neural pathways are still being built. Gradually, you will transform yourself from a procrastinator to an in-the-moment action taker.

          3. Learn something new

          It might sound obvious, but the more you use your brain, the better its going to perform for you.

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          For example, learning a new instrument improves your skill of translating something you see (sheet music) to something you actually do (playing the instrument).

          Learning a new language exposes your brain to a different way of thinking, a different way of expressing yourself.

          You can even literally take it a step further, and learn how to dance. Studies indicate that learning to dance helps seniors avoid Alzheimer’s. Not bad, huh?

          4. Follow a brain training program

          The Internet world can help you improve your brain function while lazily sitting on your couch. A clinically proven program like BrainHQ can help you improve your memory, or think faster, by just following their brain training exercises.

          5. Work your body

          You knew this one was coming didn’t you? Yes indeed, exercise does not just work your body; it also improves the fitness of your brain.

          Even briefly exercising for 20 minutes facilitates information processing and memory functions. But it’s not just that–exercise actually helps your brain create those new neural connections faster. You will learn faster, your alertness level will increase, and you get all that by moving your body.

          Now, if you are not already a regular exerciser, and already feel guilty that you are not helping your brain by exercising more, try a brain training exercise program like Exercise Bliss.

          Remember, just like we discussed in #2, by training your brain to do something new repeatedly, you are actually changing yourself permanently.

          6. Spend time with your loved ones

          If you want optimal cognitive abilities, then you’ve got to have meaningful relationships in your life.  Talking with others and engaging with your loved ones helps you think more clearly, and it can also lift your mood.

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          If you are an extrovert, this holds even more weight for you. At a class at Stanford University, I learned that extroverts actually use talking to other people as a way to understand and process their own thoughts.

          I remember that the teacher told us that after a personality test said she was an extrovert, she was surprised. She had always thought of herself as an introvert. But then, she realized how much talking to others helped her frame her own thoughts, so she accepted her new-found status as an extrovert.

          7. Avoid crossword puzzles

          Many of us, when we think of brain fitness, think of crossword puzzles. And it’s true–crossword puzzles do improve our fluency, yet studies show they are not enough by themselves.

          Are they fun? Yes. Do they sharpen your brain? Not really.

          Of course, if you are doing this for fun, then by all means go ahead. If you are doing it for brain fitness, then you might want to choose another activity

          8. Eat right – and make sure dark chocolate is included

          Foods like fish, fruits, and vegetables help your brain perform optimally. Yet, you might not know that dark chocolate gives your brain a good boost as well.

          When you eat chocolate, your brain produces dopamine. And dopamine helps you learn faster and remember better. Not to mention, chocolate contains flavonols, antioxidants, which also improve your brain functions.

          So next time you have something difficult to do, make sure you grab a bite or two of dark chocolate!

          The bottom line

          Now that you know how to train your brain, it’s actually time to start doing.

          Don’t just consume this content and then go on with your life as if nothing has changed. Put this knowledge into action and become smarter than ever!

          Featured photo credit: Unsplash via unsplash.com

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