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An Introduction to Expense Tracking

An Introduction to Expense Tracking

    Who doesn’t have a goal for the new year that involves money? Many of us have goals that involve making more money or managing the money we already have — but, no matter exactly what goal you might have for your money, you’ll probably need some baseline information about it. While understanding your expenses is basic, they make up some of the most important information you can gather about where your money goes. Tracking expenses can be a relatively simple matter and can provide you so much information about your spending habits.

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    Whether you’re working on creating a budget or you are trying to simplify the bookkeeping for a small business, tracking your expenses should be a first step. If most of your spending is done electronically (using a debit card or a credit card), you may be able to get away with just tracking your cash spending. Most money management software can automatically import those electronic expenses, further simplifying matters. You can also choose to use your own system, from the ground up, including setting up a spreadsheet and entering information by hand.

    Getting In The Habit of Tracking

    When it comes to tracking expenses, you can make your system as simple as collecting receipts and organizing them once a month. You might get a little more information from other expense tracking systems (listing them in a spreadsheet, using money management software or even choosing an online application), but all methods have one thing in common: you have to get in the habit of thinking about your expenses. It’s very easy to misplace a receipt or forget about any cash you spent. You may even think that a cup of coffee or a trip to the vending machine isn’t worth tracking — although those little expenses can add up amazingly fast. There are all sorts of opportunities to throw a kink into your plan to track expenses. You have to get in the habit of doing so, to reduce those lapses, and make sure that the data you’re basing financial decisions on is solid.

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    It’s also worthwhile to track your income in the same system that you track your expenses. This may seem like a no-brainer, because many people think that they only have one source of income: the salary that they receive from their job. In truth, however, most of us have additional sources of money, whether we hold a yearly garage sale, freelance or receive rebates. If you choose an application specifically created to track expenses, you’ll find that most have some sort of tool for inputting information about your income as well. If you decide to use a system of your own devising, such as a list of expenses in a spreadsheet, you’ll need to clearly separate income and expenses — place them in different columns, make one negative or denote the difference in another way.

    Using Your Information

    Once you’ve built up a lot of information about your expenses, you can use it to make a number of different financial decisions. You can easily broadcast your future spending — and plan out a budget. If you aren’t comfortable with the amount of spending you’re doing, you can also use all those expenses you’ve been tracking to help you set limits and finding places where you can reduce your spending. If, for instance, you notice a lot of lunches out, you could cut those expenses by committing to brown-bagging on a more regular basis. As long as you already have information on your expenses in hand, you can use it to make a long list of decisions much easier.

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    A Few Online Options

    While you could use a notebook or a spreadsheet to track your expenses, there are more than a few tools online that are able to handle all the details — and may have a few additional features thrown in:

    • Xpenser: If you’re always on the go, Xpenser can be a good option. It allows you to text your expenses in, helping you ensure that you don’t forget to track your spending between the store and home. In addition to SMS, you can email, Twitter, IM, call or manually add your expenses.
    • Moneytrackin’: For tracking expenses in multiple accounts — such as business and personal — Moneytrackin’ provides easy management of expenses between those accounts. You can also tag transactions and budget easily.
    • Mint: While Mint only tracks your expenses made through a bank account (checks, debit cards, credit cards), it does integrate expense tracking with a whole host of other features, including tools to help you analyze your spending and automatic expense categorization.
    • Buxfer: Another site that primarily tracks expenses made through bank accounts, Buxfer also has tools to help organize shared expenses — such as splitting the rent with a roommate.
    • Shoeboxed: You can add expenses by hand to Shoeboxed, but the site’s real value is that (for a price) they’ll scan in your receipts and upload them to your account on the site. If you do a lot of spending with cash, this site can truly simplify matters.

    No matter which option you decide to go with, I do think it’s worthwhile to pick a system that is as automatic as possible — writing down everything by hand and entering it into some sort of money management program just seems like a fast way to use up a lot of time. If you use another tool besides those listed above and really like it, please share it in the comments.

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    Last Updated on August 6, 2020

    35 Top Productivity Apps for iPhone (2020 Updated)

    35 Top Productivity Apps for iPhone (2020 Updated)

    Over the years here at Lifehack, we’ve discussed plenty of apps that you can use to improve your overall productivity.

    There are certain ones that many of our contributors and editors (past and present) have adopted over the long-term — there are always the stalwarts that stick around. But there are also new apps that crop up every day, adding more and more depth to the app category.

    Some of the apps are incredibly plain and simple, while others are more robust and offer more features than you can shake a stick at. And everyone has the one they prefer.

    It’s been our job (and still is our job) to keep abreast of all of the productivity-type apps out there. As a result — and as a bit of a refresher — we’ve put together a list of 35 best productivity apps for iPhone (all categorized based on their functions) to provide you with an all-in-one resource for you.

    For Getting Things Done

    1. OmniFocus

    This app is, while pricey, considered to be one of the (if not the) most robust and full-featured productivity apps on the market.

    Download it here.

      2. Forest

      Train yourself to put your phone down and stay focused on the task at hand by playing with this planting game. It’s fun and will help you achieve more.

      Download it here.

        3. Things

        Another robust choice, this app is a favorite amongst “productivityists”.[1]

        Download it here.

           

           

          4. Any.Do

          A beautiful-looking app that is both easy on the eyes and your wallet.

          Download it here.

            5. PocketLife Calendar

            This calendar app is specifically designed to be stylish and super easy-to-use. You can organize your life easily with different modern features.

            Download it here.

              6. Asana

              We’ve covered Asana here at Lifehack

              , and it is being actively developed by a strong team committed to making collaborative task management a more efficient and effective experience.

              Download it here.

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                7. ToDoist

                This app keeps track of everything – from simple errands to your most important projects – so you can get it all done and enjoy more peace of mind along the way.

                Download it here.

                   

                   

                  8. Calendars 5

                  This calendar app focuses on events that help you to keep track of upcoming events and tasks easily. It has everything you need to organize, track, and complete your to-dos.

                  Download it here.

                    9. Clear – Tasks, Reminders & To-Do Lists

                    A fun and innovative list-making app that relies on swiping and pinching to make things happen. Clear created a lot of buzz when it launched, and might be the perfect to-do list gateway app for many.

                    Download it here.

                      10. Due

                      A robust reminders app that lets you store and maintain reminders of all types. It’s replaced Reminders for me when it comes to the basics, and it’s worth a look if you want to keep the mundane stuff out of your head and cluttering your mind.

                      Download it here.

                        11. Checkmark 2

                        I use this app

                        for location-based reminders (such as groceries I need to get or single items I need to pick up from various locations). Checkmark is simple to use and valuable addition to my productivity arsenal.

                        Download it here.

                          12. TeuxDeux

                          Created by Tina Roth Eisenberg and Fictive Kin — TeuxDeux is simple and incredibly stellar in terms of design. If you like lists (including the popular “Someday Bucket”) and want to associate dates with tasks, then TeuxDeux will be right up your alley.

                          Download it here.

                             

                             

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                            13. Nirvana

                            For the GTD enthusiasts, there’s Nirvana. Straight from the source: “Nirvana frees your mind to focus on actually getting things done. If you’ve had enough of generic to-do lists, it’s time for Nirvana.”

                            Download it here.

                              14. Priorities

                              An elegant-looking task management app that has received decent reviews,[2] this could be the one for you if you’re not a fan of OmniFocus or Things — especially if you need (or want) to share tasks with others.

                              Download it here.

                                For Building Habits

                                15. Productive

                                With this app, you can plan your habits with an easy-to-use interface, schedule habits for any time of the day, set smart reminders for each time of the day, and stay on track with useful feedback. This app is perfect for anyone who wants to build a habit that sticks.

                                Download it here.

                                  16. Habitica: Gamified Taskmanager

                                  You can complete tasks and build habits in a more fun way with this app. Input your Habits, your Daily goals, and your To-Do list, and then create a custom avatar. Check off tasks to level up your avatar and unlock features such as armor, pets, skills, and even quests.

                                  Download it here.

                                    17. Streaks

                                    This app follows the model of the popular “don’t break the chain method” in that you use the app to track how you are donig in the pursuit of your goal. Great for goal-setting — and an easy and elegant interface to boot.

                                    Download it here.

                                      18. Remember The Milk

                                      Another popular to-do list app, Remember The Milk has a huge following. It has plenty to offer, including the ability to share tasks with others.

                                      Download it here.

                                        19. Day One Journal

                                        When it comes to journaling, nothing really beats Day One. Its latest update added a slew of features that will make you want to start making journaling a habit.

                                        Download it here.

                                          For Files Organization

                                          20. Evernote

                                          Touted as the world’s most widely-used productivity app, Evernote is an be used simply as a notetaking app or can be customized to be your GTD app of choice — among other things.

                                          Download it here.

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                                            21. Pocket

                                            You can save an article, video, or link you want to read or watch later to Pocket from anywhere including your computer, Safari, email, and your favorite apps like Facebook, Twitter, Flipboard, and Feedly.

                                            Download it here.

                                              22. Sync.Me

                                              This app identifies unknown phone calls, warns you from annoying spam calls, and adds a caller picture to your contacts from Facebook, Twitter, and Google+.

                                              Download it here.

                                                23. Droplr

                                                One of the most popular file-sharing apps out there today. Straight from the source: “Stay productive on the go. Droplr for iPhone keeps you in sync and makes sharing on the iPhone natural.”

                                                Download it here.

                                                  24. Dropbox

                                                  Before iCloud, there was Dropbox. And there still is Dropbox, which is still widely used by both Mac and PC users all over the globe. It’s like having a flash drive on your iPhone. A must-have.

                                                  Download it here.

                                                     

                                                    For Working Smarter

                                                    25. Captio

                                                    A simple capture tool. Straight from the developers: “It’s simple. Open Captio and start typing. When you’re done, hit Send. The note is immediately delivered to your email inbox.”

                                                    Download it here.

                                                      26. Drafts

                                                      A tremendous capture tool that allows for simple capture, followed by sending items to various applications such as OmniFocus, Things, and more.

                                                      Download it here.

                                                        27. NoteShelf 2

                                                        This is a perfect note-taking app for you. You can take beautiful handwritten notes, type, annotate PDFs, record audio & create lists. You can organize them into categories or groups.

                                                        Download it here.

                                                          28. Doodle

                                                          This app links directly with the Doodle service, which is one that allows you to plan and organize meetings far more efficiently and effectively. Lifehack contributor Steve Dotto has written about Doodle more in-depth here.

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                                                          Download it here.

                                                            29. TextExpander (Legacy)

                                                            I have saved countless hours of time with TextExpander, and despite its inability to be as robust on iOS as it is on the Mac, it is still a worthy app to have in your arsenal.

                                                            Download it here.

                                                              30. Launch Center Pro

                                                              A quick launcher for the iPhone that doesn’t just launch an app…with some of them it can do much more. This app saves you time by launching complex actions in a single tap.

                                                              Download it here.

                                                                31. GoodReader

                                                                This may seem to be an odd one to make this list, but here are plenty of reasons why it is here with this article.

                                                                Download it here.

                                                                  32. LogMeIn

                                                                  Want to be able to control your Mac from wherever you are? Then get this app.

                                                                  Download it here.

                                                                    For Improving Security

                                                                    33. 1Password

                                                                    There is simply no better password manager out there. I’ve even put together a 1Password Emergency Kit worth looking at here.

                                                                    Download it here.

                                                                      34. LastPass Password Manager

                                                                      You can store passwords and logins, create online shopping profiles, generate strong passwords, track personal information in photo and audio notes.

                                                                      All you have to do is remember your LastPass master password, and LastPass auto-fills web browser and app logins for you.

                                                                      Download it here.

                                                                        35. Truecaller

                                                                        Identify and block spammers, search for unknown numbers, and call friends easily with this app. With a community-based spam list from over 250 million users, you’ll need this app.

                                                                        Download it here.

                                                                          There are plenty of other options out there (and we’ve heard from readers in the past as to what they enjoyed using), but these 40 are among the best.

                                                                          Featured photo credit: William Hook via unsplash.com

                                                                          Reference

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