Hi, FitnanceIQ family! So I decide within my financial journey it’s wise to demonstrate necessary apps or items for you to master your personal finances. These are a couple of things I use:
- Excel
- Mint app/website
- Online banking apps/website
- Calendar
These items keep me organized for most of the part.
Excel
For the past 6 years, I have been using excel to keep a track of my finances. At first, it was just to see where my money was going and trying to see if I could make steady monthly improvements. It was very basic; the last two years I have made it more complex and been doing a 3-month forecast (thank you Oliver). This has helped me have an overlook on my finances and how to be more aggressive than in my last previous years. Honestly seeing where your money goes to the last penny is a great way to start adjusting your expenses. Especially if you have cash, chequing and credit card categories. You would be surprised how many people don’t know where their money goes.
Suggestion
If you have a laptop or computer, try finding a basic template on budgeting to get the ball rolling!!! Start off with the heading Income and Expenses; make sure you are able to distinguish the different Income and Expenses you use. An example I use to have Food, Entertainment, Shopping, and Miscellaneous. If you want one more complex and well-detailed, I do have a budget that gives a yearly and monthly outlook of your finances.
Mint
For the past 6- 7 years I have been using it on and off. It has great features on your phone and on a laptop/computer. This is another great way to track your expenses, remind you of your upcoming bills, and staying within your budget. I know there are other apps that do this but Mint is able to sync with your bank accounts; whether it’s Canadian or American. Once it syncs with your accounts it’s able to figure out your trend, whether you live within your means or overspend and also shows your budgets. Ideally, it makes you want to do better with your cash flow; instead of always seeing your cash flow in the red it helps you push it to the green! Also, the budget section categorizes your expenses in an extremely detailed manner. Also, they provide offers and goals; I believe this program is actually helping you become financially responsible and free.
Suggestion
If you have a lovely smartphone, go to your play store or app store and download “Mint” or if you want to go on your laptop/computer; you can go to www.mint.com can sign up that way. This will help you become cost-conscious about your spending habits. Why not have easy access to how much your net worth is!!
Online banking
Ever since I have had a bank account, I have had online banking; whether it was via computer or on an app. Most people use online banking on their phone, which is very convenient and easy way to pay your bills through your phone. This way you have no excuse in not knowing how much is in your bank account. Time to time before I purchase something I quickly look at the bank account to see if I have enough money (Yes time to time the cash flow is EXTREMELY low), but I rather check instead of getting the embarrassed with the “INSUFFICIENT FUNDS”
Suggestion
If you do not already have it on your smartphone go to your play store or app store and add your bank’s app on your phone!! You will thank me later!!! Also, some words of advice, try to pre-arrange most of your bill payments. Especially if you have a set payday (Bi-weekly and monthly is easier than Semi-monthly in my opinion). So figure out a budget first so you are able to set it properly to avoid getting screwed over.
Calendar/agenda
Last but not least, a calendar or agenda is KEY!!! You need to make sure to know when your payments are due. At the beginning of the year, I completely forgot about a few subscriptions that would come in between my pay checks and screw up my budget. But now I have a better understanding of when they are due with the help of my agenda. I maintain both a paper and digital calendar; however, I use my smartphone more frequently as it is more convenient for me.
Suggestion
It is time to use that agenda you bought and put it into use! You can at least use the notes section and record your cash transaction so you do you stay on track!!! Or like I said above, use your phone’s calendar you can set reminders forever or for a certain time. It is like using your alarm clock but for your bills!
These are things I have been using for quite a while and I must say I have gotten more discipline in the years. You just need that moment in your life when you refuse to live paycheck to paycheck and figure how to get out of it. If anyone is looking for a financial coach; let me help you become financially fit. Who’s willing to alternate your lifestyle now to be having a peace of mind for their finances!