Just as a business monitors its income and expenses, I prefer to keep track of where my money goes. Spendee is the app I chose for this task, and it excels for several reasons.
Why you Should Choose Spendee?
The primary reason I use Spendee is its user-friendly interface. Before, I tracked my expenses using Excel, but I didn’t enjoy the spreadsheet layout.
Although there are plenty of excellent budgeting apps available, many seem unnecessarily complicated to navigate.
Spendee allows me to easily enter new information with minimal effort. I also appreciate the ability to create multiple wallets. While many apps offer graphs and similar features, I favor Spendee’s layout for this purpose.
Another reason I use Spendee is its ease in categorizing payments. Since my bills aren’t excessively high, trying to reduce them seems pointless.
However, it’s helpful to identify if I’m overspending on items that don’t matter much to me, and effective categorization aids greatly with this.
Download Spendee for iOS or Android (Free, with in-app purchases available)
How I Utilize Spendee for Expense Tracking
I haven’t set up a complicated method for tracking my expenses in Spendee, but I’ve carefully considered each tool I employ.
Here’s the comprehensive approach I use to monitor my monthly expenditures with the Spendee app.
Establishing Regular Expenses
Most of my expenses, such as rent, utilities, and subscriptions, are recurring. Entering these manually every month would be tiring.
Fortunately, Spendee allows me to effortlessly set them up as recurring expenses that are deducted from my budget whenever necessary.
To establish recurring expenses in Spendee, proceed with the following steps:
Select the “+” icon on the Timeline tab.
Complete the expense form and proceed to Recurrence.
Select the frequency for this expense.
Classifying My Expenses
Although I don’t set specific budgets for every aspect of my life, I do organize my expenses into categories. Spendee allows me to select from predefined labels such as bills, entertainment, and hobbies.
I choose the most suitable option for my expense before assigning a label. Even though Spendee includes some predefined labels within the app, I’ve created several additional ones of my own.
Although apps designed to address financial concerns are available, I prefer to proactively avoid these issues by setting up these categories in advance.
Developing Budgets
When I initially relocated overseas in 2019, it felt like beginning anew. I had just embarked on freelance writing and was living independently for the first time since my university days, so I realized the importance of improving my financial management skills.
I explored many top budgeting tools, but I appreciated the simplicity Spendee offered. To begin, all I needed to do was tap on the Budgets tab and choose “Create a New Budget.”
Utilizing the Spending Overview Feature
I once had an instinctive fear of tracking my spending, but I’ve come to understand that being aware of how I spend also highlights where I’m wasting money.
In my view, any expenditure I make—be it for leisure or regular bills and subscriptions—that doesn’t enhance the quality of my life is considered “wasteful.” Therefore, tracking where my money goes is essential to ensure it’s not being squandered.
In Spendee, I can view graphs that display my monthly expenses and their respective categories. Additionally, the app provides a monthly cash flow graph, useful for assessing how much I’ve gained or lost in any given month.
Conclusion
Budgeting has given me a greater sense of control over my finances, and I’ve discovered that Spendee is the top app for tracking monthly expenses.
Its straightforward interface allows for easy use, letting me clearly see where my money goes. Additionally, it offers numerous customization options to tailor the experience precisely to your needs.
