How to track where my money is going?

How to track where my money is going?

Oct 8, 2024

Oct 8, 2024


Are you unable to Track Where Your Money is Going Every Month? Here’s How to Fix It!

Many people in their early 20s, whether still in college or just entering the workforce, often struggle to keep track of their spending. Here are some practical tips to help you gain control over your monthly finances:

1. Set a Monthly Budget

  • Create a simple budget by categorizing your expenses (rent, food, transport, etc.).

  • Set a spending limit for each category and try not to exceed it.

2. Track Every Purchase

  • Use apps or even a small notebook to jot down every expense you make, no matter how small.

  • This will give you a clear idea of where your money is disappearing.

3. Review Weekly

  • At the end of each week, review your spending.

  • This gives you time to adjust if you're overspending in certain areas before the month ends.

4. Use Automatic Bill Payments

  • Set up automatic payments for recurring expenses like rent and subscriptions.

  • This prevents late fees and ensures you don’t miss payments.

5. Set Financial Goals

  • Whether it's saving for a trip or a new gadget, setting financial goals helps you stay focused.

  • Track progress towards these goals to keep yourself motivated.

6. Avoid Impulse Purchases

  • Limit spur-of-the-moment buying by setting a "cooling off" period before big purchases.

7. Analyze Your Spending Habits

  • Regularly evaluate your spending to spot trends. Are you spending too much on dining out or entertainment?

  • Adjust your budget based on your findings.

8. Use Digital Tools

  • Leverage money management apps like Splitkaro that categorize your expenses automatically and give you spending summaries.

9. Share Expenses Wisely

  • If you live with roommates or frequently split bills, make sure you’re fairly dividing costs.

  • Mismanagement of shared expenses can easily lead to confusion about where your money is going.

10. Prioritize Savings

  • Pay yourself first! Set aside a portion of your income for savings as soon as you receive it.

  • Automating this process can make it effortless.


How Splitkaro Can Help

Splitkaro makes managing personal and group finances easy. Whether you’re splitting rent with roommates or keeping track of personal expenses, Splitkaro provides detailed spending analytics and automatic bill tracking. You can categorize each expense, search past transactions, and get insights into where your money is going every month. Stop guessing—start managing with Splitkaro!


Are you unable to Track Where Your Money is Going Every Month? Here’s How to Fix It!

Many people in their early 20s, whether still in college or just entering the workforce, often struggle to keep track of their spending. Here are some practical tips to help you gain control over your monthly finances:

1. Set a Monthly Budget

  • Create a simple budget by categorizing your expenses (rent, food, transport, etc.).

  • Set a spending limit for each category and try not to exceed it.

2. Track Every Purchase

  • Use apps or even a small notebook to jot down every expense you make, no matter how small.

  • This will give you a clear idea of where your money is disappearing.

3. Review Weekly

  • At the end of each week, review your spending.

  • This gives you time to adjust if you're overspending in certain areas before the month ends.

4. Use Automatic Bill Payments

  • Set up automatic payments for recurring expenses like rent and subscriptions.

  • This prevents late fees and ensures you don’t miss payments.

5. Set Financial Goals

  • Whether it's saving for a trip or a new gadget, setting financial goals helps you stay focused.

  • Track progress towards these goals to keep yourself motivated.

6. Avoid Impulse Purchases

  • Limit spur-of-the-moment buying by setting a "cooling off" period before big purchases.

7. Analyze Your Spending Habits

  • Regularly evaluate your spending to spot trends. Are you spending too much on dining out or entertainment?

  • Adjust your budget based on your findings.

8. Use Digital Tools

  • Leverage money management apps like Splitkaro that categorize your expenses automatically and give you spending summaries.

9. Share Expenses Wisely

  • If you live with roommates or frequently split bills, make sure you’re fairly dividing costs.

  • Mismanagement of shared expenses can easily lead to confusion about where your money is going.

10. Prioritize Savings

  • Pay yourself first! Set aside a portion of your income for savings as soon as you receive it.

  • Automating this process can make it effortless.


How Splitkaro Can Help

Splitkaro makes managing personal and group finances easy. Whether you’re splitting rent with roommates or keeping track of personal expenses, Splitkaro provides detailed spending analytics and automatic bill tracking. You can categorize each expense, search past transactions, and get insights into where your money is going every month. Stop guessing—start managing with Splitkaro!