Savings = Income – Expenses
Time to talk about the Expenses part of the equation.
I use a great app call Spendee to track my daily spending. See screenshots below
How I use it
- Whenever I buy something I immediately open the app and add the expense under the category
- For known expenses like rent, phone bill etc, I add a recurring expense each month
- For annual expenses where I pay upfront like health insurance, I break it down into monthly recurring expense. This is so I know my monthly budget. Beauty is : On Day 1 of every month, all these recurring expenses are shown immediately on the app. So I know how much money I’m allowed to spend for the rest of the month .
- At the end of the month I check if I’m under-budget for the month. If not I check each expense category to figure out where I went over.
- Additionally, we also analyze whether we can save money in each category. We recently discovered that we would save Rs.1000/month by upgrading to a different internet plan since we were paying extra charges whenever we went over our current plan’s limits.
- Does the job
- Can set currency to Indian Rupee.
- Has more advanced features if you need them.
- Manual entry : Minimum 3-4 of clicks to add a single expense. An app idea I just had : option to just enter the expense amount and app uses location info from phone to figure out if it was a restaurant, market etc 🙂
- Needs a Budget limit function for each category and total budget per month. That way I can know in real-time if I’m under-budget for a particular category and for the month.