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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 May 24, 2019

          How to Be Productive at Home and Make Every Day a Productive Day

          How to Be Productive at Home and Make Every Day a Productive Day

          If you’ve ever wondered how to be productive at home or how you could possibly have a more productive day, look no further.

          Below you’ll find six easy tips that will help you make the most out of your time:

          1. Create a Good Morning Routine

          One of the best ways to start your day is to get up early and eat a healthy breakfast.

          CEOs and other successful people have similar morning routines, which include exercising and quickly scanning their inboxes to find the most urgent tasks.[1]

          You can also try writing first thing in the morning to warm up your brain[2] (750 words will help with that). But no matter what you choose to do, remember to create good morning habits so that you can have a more productive day.

          If you aren’t sure how to make morning routine work for you, this guide will help you:

          The Ultimate Morning Routine to Make You Happy And Productive All Day

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          2. Prioritize

          Sometimes we can’t have a productive day because we just don’t know where to start. When that’s the case, the most simple solution is to list everything you need to get accomplished, then prioritize these tasks based on importance and urgency.

          Week Plan is a simple web app that will help you prioritize your week using the Covey time management grid. Here’s an example of it:[3]

            If you get the most pressing and important items done first, you will be able to be more productive while keeping stress levels down.

            Lifehack’s CEO, Leon, also has great advice on how to prioritize. Take a look at this article to learn more about it:

            How to Prioritize Right in 10 Minutes and Work 10X Faster

            3. Focus on One Thing at a Time

            One of the biggest killers of productivity is distractions. Whether it be noise or thoughts or games, distractions are a barrier to any productive day. That’s why it’s important to know where and when you work best.

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            Need a little background noise to keep you on track? Try working in a coffee shop.

            Can’t stand to hear even the ticking of a clock while writing? Go to a library and put in your headphones.

            Don’t be afraid to utilize technology to make the best of your time. Sites like [email protected] and Simply Noise can help keep you focused and productive all day long.

            And here’s some great apps to help you focus: 10 Online Apps for Better Focus

            4. Take Breaks

            Focusing, however, can drain a lot of energy and too much of it at once can quickly turn your productive day unproductive.

            To reduce mental fatigue while staying on task, try using the Pomodoro Technique. It requires working on a task for 25 minutes, then taking a short break before another 25 minute session.

            After four “pomodoro sessions,” be sure to take a longer break to rest and reflect.

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            I like to work in 25 and 5 minute increments, but you should find out what works best for you.

            5. Manage Your Time Effectively

            A learning strategies consultant once told me that there is no such thing as free time, only unstructured time.

            How do you know when exactly you have free time?

            By using the RescueTime app, you can see when you have free time, when you are productive, and when you actually waste time.

            With this data, you can better plan out your day and keep yourself on track.

            Moreover, you can increase the quality of low-intensity time. For example, reading the news while exercising or listening to meeting notes while cooking. Many of the mundane tasks we routinely accomplish can be paired with other tasks that lead to an overall more productive day.

            A bonus tip, even your real free time can be used productively, find out how:

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            20 Productive Ways to Use Your Free Time

            6. Celebrate and Reflect

            No matter how you execute a productive day, make sure to take time and celebrate what you’ve accomplished. It’s important to reward yourself so that you can continue doing great work. Plus, a reward system is an incredible motivator.

            Additionally, you should reflect on your day in order to find out what worked and what didn’t. Reflection not only increases future productivity, but also gives your brain time to decompress and de-stress.

            Try these 10 questions for daily self reflection.

            More Articles About Daily Productivity

            Featured photo credit: Unsplash via unsplash.com

            Reference

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