How to track your expenses
Today, everything is money. It is an asset for both individual people and business firms. But, expenses are killing it. A wise way to money management is money control. But, how to control it?
The answer is via expense tracking. Yes, tracking your monthly expenses will give you a brief insight into your money flow. It will help you make better decisions to save money deducting unwanted expenses.
Before you start working on expense tracking, Create a monthly budget. Count all your necessary monthly expenses and make a note of it, it will help you analyze your budget. Though you might have to deal with some sudden expenses, but still planning a budget would be of good help to you.
Now, let’s discuss the best ways to track expenses:
A register and a pen:
I am sure you have a pen and a register at your home. Make them your expense tracking tool and start writing down your expenses. Whenever you spend money, write it down with the purpose. At the end of the month, check where your budget and expenses lie.
- No money needed for this purpose
- Easy availability of register and pen at home
- Manual writing
If expense tracking and manual writing is not your cup of tea, there are other ways too. Start making payments online. Now, businesses are expecting wallet payments. Apps like Paypal and other money wallets maintain your expenses history and send you invoices as well at the end of the month. In the end, you will have a record in your email room where you can check the expenses.
- Easy payment and record
- Free, no charges for money paying.
- You need to rely on the system for making payments.
- Manual analysis to track expenses
Another best way to track expenses is through Google spreadsheets. Make a custom Google sheet and start writing your expenses into it. You can classify your expenses based on categories and departments making custom tabs on the same sheet. Also, Google spreadsheet supports smart queries that give you a better insight into your money flow.
- Smart queries
- Technical expertise needed to perform queries
- Need to perform queries manually
Budgeting apps are the solution that will carry your shoulder burden regarding expenses tracking and management. Takefin, a budgeting app is a smart mobile application with amazing algorithms. Add your expenses record category wise. The app will give you a better digital insight. You can compare your monthly expenses, check where you are spending more money, and other activities.
This data will make better decisions and money control. You can achieve expenses under your budget through regular usage.
- Digital data in a graphical chart.
- Month wise expense comparison.
- Download reports.
- No technical expertise needed.
- Manual Record adding.