What is a spend tracker?
A spend tracker is a tool which allows you to track the money going out of your bank account or pocket each day. Expenses are usually grouped together to help show any habits, good and bad. Knowing where your spending pitfalls are, helps you decide on where to make tweaks and changes to help you stay in control of your money. And, like most things, there are apps for this too.
Why track your spending?
Wrap a Fitness Tracker around your wrist and you’re pretty much guaranteed to start walking more. It’s a mental thing – you become more aware of how active you are, and how your activity compares to a particular goal (10,000 steps, anyone?). The Fitness Tracker tells you a tangible truth about your life and gives you a daily nudge to improve on it.
Tracking your spending habits can work in much the same way. Here, we take a look at how a few home truths about your spending could help you save.
Is your money going, going, gone?
Spending and saving. One of them, a walk in the park. The other, something that most of us chuck in the too-hard basket along with cross-fit and quitting sugar. Fair enough. Saving cash isn’t wired into our DNA (spending, on the other hand …). To get good at it, the first step is to wrap your head around what you’re spending your money on.
Think about it. Those weeks when you withdraw $150 from the ATM on a Monday, and have nothing left by Wednesday? Or those times when you look at your balance and almost fall off your chair? You thought you were flush with funds and then – nothing. Somehow, somewhere, you’ve spent all the money you thought you had. Fiscal catastrophes like these happen to the best of us.
Question is, where does your money go? You don’t need to be a financial analyst or economic adviser to get the answer. All you need is an app or two.