Technology has opened up a world of possibilities. You can use your smartphone to track your expenses and improve the way you manage your money.
Tracking your expenses is a very important part of your monthly budget. You usually know where the biggest part of your salary goes, but there are small amounts of money that you spend here and there that you are not taking into account and that come out of the same paycheck.
We have curated a list of 3 apps that will allow you to keep track of your spendings:
Mint is one of the most popular apps for personal finances. You can use it to synchronize your bank accounts and credit cards in order to have all the information in one place. The application is only available in the U.S.
With Mint, you can track your income, your bank account balance, loans, investments, bills, budget goals, personal spendings and more.
Goodbudget allows you to revisit the old-fashioned yet very effective saving method of putting money into different envelopes to serve different purposes.
Times have changed, but as that method was really effective, Goodbudget will let you keep virtual envelopes where you can “put” money aside.
Among other features, it will allow you to share an envelope with someone else in case you are saving for a mutual interest or you can save for large expenses like college tuition.
3- Google Drive
You can use Google Drive to create files and store them on a cloud. You can download and edit as you go, anywhere you are.
The way to use Google Drive for financial tracking is this:
Create a spreadsheet and add a column for each aspect of your finances that you want to keep an eye on. You can include expenses, investments and income.
Beneath each column, add a simple formula to add up all the amounts you will include in that column. For example, if column A is your expenses, the formula will be =SUM(A2: A20), assuming your range begins in cell A2 and ends in A20, but you will adjust that accordingly.
It can take a while for you to get used to these apps, but once you get the hang of it, you won’t stop!