The experts at MoneyStrands have developed an app that could be the solution to every money worrier’s woes. Based on MoneyStrands’ online Personal Financial Management service, the app automatically gathers data from all your financial accounts, including your savings, chequing, loans and credit cards.
It’s a great way to keep track of your spending because the app automatically categorizes your transactions into various spending categories, allowing you to quickly discover that you are overspending on some various unwanted or unnecessary items from shops.
Ways To Manage Your Money in MoneyStrands
- Have a Budget
Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If all it takes to get your spending on track is a few hours working a budget each month, then it is a good decision to focus on.
Budgeting has some values you will benefit from in your life and your financial status. It will make sure you will not have to worry about the way you spend your money if you learn to budget.
- Give Yourself a Limit for Unbudgeted Spending
Set a given amount of money you can be able to spend from your budget so as to avoid any rough spending that could destroy the budget set aside. A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income.
If you have any money left over, you can use it for fun and entertainment, but only up to a certain amount. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.
- Track Your Spending
Track your spending to discover places where you may be unknowingly overspending so you can quickly know before you will overspend your budget. Save your receipts and write your purchases in a spending journal, categorizing them so you can identify areas where you have a hard time keeping your spending in check. Make sure to monitor and check all spending made so as to keep in track with each purchase.
- Save Up for Big Purchases
The ability to delay gratification will go a long way in helping you to manage your money. When you put off large purchases, rather than sacrificing more important essentials or putting the purchase on a credit card, you give yourself time to evaluate whether the purchase is necessary and even more time to compare prices. By saving up rather than using credit, you avoid paying interest on the purchase.
- Limit Your Credit Card Purchases:
Credit cards are a bad spender’s worst enemy for someone who cannot be able to make proper management of its money. When you run out of cash, you simply turn to your credit cards without considering whether you can afford to pay the balance. Resist the urge to use your credit cards for purchases you can’t afford, especially on items you don’t really need.
These are ways that would help you properly manage your money in MoneyStrands Finance App.