When it comes to understanding money, managing your finances and reducing any debt, tracking your spending is one of the best ways to start. And although it might be one of the best ways, it’s not always the easiest. So, how can you make it easy? Is there a way? With the vast choice of apps and different technology available to us at our fingertips these days, there is. In this article we share one of our fave spend tracker apps and how it can help you get on top of your finances.
TrackMySpend is an app created by ASIC’s Money Smart that was designed to help you keep track of your expenses on the go. It is just what it says .. a “spend tracker”.
It’s free and it’s available to download for Apple or Android.
What does it do?
TrackMySPEND records the following types of expenses:
- Your weekly household budget
- Costs for special events like weddings or celebrations
- Work or travel expenses
- Coffees, lunches and any other cash expenses that you find hard to record
You can do the following too:
- Nominate a spending limit (per week, fortnight, month or year) and track your progress
- Separate ‘needs’ and ‘wants’ to identify opportunities to save
- Create ‘favourites’ so you can track frequent expenses
- View your expense history
- Add ‘tags’ to categorise expenses and set spending limits for each category
- Create expense reminders sent as text messages to your phone
- Auto-fill expenses based on past entries
Why do we love it?
Penny May from Life After Debt ® tells us why she loves TrackMySPEND to help save her ‘pennies’:
“The MoneySmart “TrackMySPEND” app is a particular favourite; as it’s provided by ASIC it’s from a trusted source as well as being easy to navigate and update. Other popular budgeting apps are PocketBook, MoneyTracker, Free2Spend and MoneyBrilliant. We have also noticed an uptake into the passive-savings style apps such as Raiz (previously Acorns) and Pennies.”
“I am a big fan of any of the ‘spend-tracking apps’ as it provides accountability and are a great tool to reveal unconscious spending habits that may shock you in their overall cost (daily weekday takeaway coffee? Cost will be approx. $1000 per year!). Any tool which provides such a great overview of your finances, puts you in control of where your money goes and that can’t be a bad thing, right?”
Using a ‘spend-tracking app’ like TrackMySPEND is a brilliant way to get a clear picture of your purchasing habits and gain control of your money. And whichever ever app you try, remember to stick with it for at least 30 days and pat yourself on the back for making a solid move in bettering your financial future.
Need assistance with a little more than just keeping track of your spending? If you’re struggling with unmanageable debt and a spend tracker is just not going to cut it, maybe the team at Life After Debt ® can help – we can assess and discuss debt solutions once lending and hardship options are no longer possible. With the help of Life After Debt ® offices in Perth and Sydney, you can reduce your debt and avoid bankruptcy with affordable, practical financial solutions, proven to relieve hardship. We provide honest and sympathetic, without judgement, advice. Contact us today.