How to Track Your Finances

If you don’t know where your money is going, how can you manage your money? While planning and budgeting is important, unless you are aware of your income and expenses you will still not be able to effectively manage your finances.

why you should keep track of your expenses

Why Should You Keep Track of Your Expenses?

By tracking your expenses, you can find out where you are spending unnecessarily which can then be controlled. You will also understand your spending habits better.

Are you someone who splurges on shopping as soon as you get your salary or are you someone who sticks to your budget no matter what? Understanding your habits will help you manage your finances effectively.

Reaching your financial goals will be a lot easier if you know where and when you are spending and saving.

5 ways to keep track of your expenses

5 Ways To Keep Track of Your Expenses

Here are 5 steps you can follow to track your expenses –

1. Activate your Bank SMS

Getting notified by your bank each time there is a transaction is a great way for you to track your money. Not only will you be able to track your finances in real time, you will also have a record of these transactions handy for you to conveniently check later on.

2. Note Down All Transactions

Sometimes the easiest way to keep track of anything including your transactions is to just note them down. You do not have to worry about being fancy. Just use a regular notebook (that is solely dedicated to this) and jot down your transactions as and when they happen. You can also use specific ledgers or journals for this purpose or even Microsoft Excel.
But what if there is an even better way to record your transactions without much effort from your end? More on this below!

3. Categorize Each of your Transactions

Not all transactions are of the same nature and categorizing them will help you understand your expenses even better. Segregating your expenses into categories such as monthly bills, loans, shopping, groceries, etc. will ensure that you track your spends effectively.

4. Use a Expense Management App

While manually keeping track of your spends is effective, it can lead to errors. The process is time-consuming and cumbersome.

What if there was a better option? What if there was an app that could do all the work for you?
We have the answer for you!

The Money View Money Manager app ensures seamless finance management and is the top financial management app in the country. This app is available in 7 languages and has been downloaded over 10 million times so far.
Not only will this app automatically track your finances for you, you can also categorize them, and in case of an emergency, get a personal loan too!

5. Review Your Accounts

An important aspect of financial management is to regularly review your expenditure. Experts recommend doing so at least every 15 days so that you can stay on top of your finances. This way, you will know if there were unexpected expenses that need to be factored into your budget. You can also make changes to your financial goals accordingly.

Money View Money Manager app

Money View Money Manager App

As mentioned previously, the Money Manager App by Money View seamlessly tracks all your finances in one easy-to-use app. No wonder then, that this app is rated 4.5 on Google Play Store.

Given below are some of its standout features –

Expense Tracking and Categorization

The Money Manager app easily tracks your expenses through Money View’s Smart SMS Tracing technology. Additionally, you will also have the option to categorize all income and expenses in a customized manner.

Setting a Budget

At the start of the month, you can set a budget and track it. You can also disable this option at your convenience.

Payment Reminders

If you are someone who constantly misses your payments then this app is perfect for you as this app comes with a payment reminder feature.

Avail a Personal Loan

In case of financial emergencies, you can easily get a personal loan from the Money View Money Manager app.

Safe and Secure

Safety is paramount for us. All the information gathered regarding transactions and payment is safe and secure with bank-grade security and PIN-based protection. This app does not read your personal SMSs, bank OTPs, account numbers, or passwords.

The best part? This app is completely free!
Sounds like the perfect app to help you track your expenses? Click here to download.

In Conclusion

We have spoken previously about setting a budget and planning your finances but this is just half the work. If you do not track your expenses, you are missing out on an important part of financial management.

What is your preferred method of tracking expenses? Have you used our Money Manager app?
Let us know in the comments below!