Managing Your Spending And Saving
Expenses
September 25, 2023
These four steps can guide you to achieve your goal.
Step 1: Automate Profitable Routine
Having good spending and saving habits will go a long way in helping you manage your finances.
Employing our tools to do the good work you have habitually cultivated for you is a game changer.
These tools will help you make payment as at when due with the help of alerts and prompts.
- You will be notified if your balance is low to avoid late fees and overdrafts.
- Sends you payment reminders so you can be up to date with your bills and avoid late charges.
- Facilitates your effort to get a low credit card and interest rates by committing to good credit habits.
Step 2: Know where your money is going
Come up with an actual list of your current spending pattern and another of your ideal ones.
Track all your spending
- Car, rent, and mortgage payments
- Groceries, streaming subscriptions, and medications
- Lunches, movie tickets, and rideshares
Endeavor to make this process easier by checking your automated spending report.
Step 3: Pinpoint areas to cut down
As soon as you figure out your spending pattern, classify them into two- Essentials and Extras.
Focus on your extras and look at how you can make reductions in that area to open up more funds for saving.
- Subscriptions, memberships, and shopping
- Restaurants, electronics, and new furniture
- Concerts, sporting events, and vacations
When it comes to spending on food, it might be hard to stick to a budget.
However, make a conscious effort to cut down on the amounts you spend on buying food and save them instead.
Set an initial target to save for emergencies and put a huge amount of your cumulative earnings into it.
Don't be bothered if you don't have emergency funds saved yet, instead take steps to get one stacked up and go from there.
Cutting down can help you save more. You can begin your journey by using our Saving Plans options.
Step 4: Make a feasible budget
Once you've decided on areas to cut down on expenses, the next step is to have a realistic budget that will afford you to save monthly.
Use our budget-creating tools to facilitate this process
You'll also be notified when you're close to your spending limits.
There's also an automated way of using data from your spending history to chart your budget.
