Saturday 10 January 2015

A good way to keep track of your expense

I can't remember what was my New year resolution last year, and as the New year had started, I thought I will try to have one. I try not to be too ambitious here, if there are too many resolutions, it might be hard to keep to it. I am sure many people have already made their new year resolution, but I am not sure how many of these resolutions are about improving one's financial health.
I am going to start with a basic one, which is to keep track of my household expense. I still remembered I used to have an army mate who will record daily without fail, how much he spent into the good old blue colour small notebook. Over the years, I tried many times starting to keep track of my expense. It didnt last more than 6 months as it was too cumbersome to maintain. I guess it will definitely help if it is convenient and easily accessible to record these expenses, it will have to be a smartphone application then.
I started using this money app, 'money journal',  at the start of the year, which is supported on IOS. It is a simple money budgeting app and really easy to use. It has the typical functions of allowing one to key in income, budget for the month and expense. The feature that I like most is the ability to export the file to google docs. This is really a useful feature as it allows one to do more creative calculation or graphs on excel.
I do understand the benefits of keeping track of one's expense, then you know where the money was being spent on and one can then take appropriate action to reduce any unnecessary spending. What about you, recommendations are welcome. :)


No comments: