SG Budget Babe
Asked on 20 Nov 2019
Find it difficult to track every transaction down, sometimes with different wallets e.g grabpay favepay etc (with cashback involved)
The Seedly app is super useful!! And I get it, it's troublesome, but you just have to monitor it properly. And actually, why not just don't include cashback/points in your expenses? Treat those as a bonus!
I'd say use the Seedly app in general for budgeting or tracking; I'm sure Kenneth and the team have made immense efforts to make sure it helps users like you :)
I started over 10 years ago and back then it was just excel and pivot tables to analyse my spending patterns; things are now much easier. Still, old habits die hard and I'm using excel till this day. Keying in everything manually. That reminds me, I better go key today's expenses and classify them...
I use a simplified google sheet for my business spending
(the more simple, the easier to just type it in)
Seedly is great, my own complain is it does not link to DBS, so I can only track my OCBC and UOB spending.
I never got around to writing every transaction down. I go large picture, and then micro-zoom for selected parts because I design the process to be more "upfront".
Eg for personal spend, my two main parts are cash allowance, and credit card spend.
Allowance is automated transfer weekly, so I can see remaining balance in wallet and bank and get an idea. If really short, I do additional transfer and that is "overspend".
For credit card, I do a savings goal to save 1.5k every mth, and pay it with the balance in saving goal. Overspend means the goal will end up zero, but underspend means the goal has a balance.
Every year, I use ocbc money insights to categorize the spend transactions and then decide if I need to adjust the budget or cut certain expenses.
So you can see my main control is by seeing the balance left that I can spend method.
As long as I can keep within the budget, I see no need to micro manage, so I can use my time for the larger overall budget. But this comes after quite a few years of discipline for me.
I would say you could do spend tracking / analysis for a few months of transactions. It helps you understand your real self vs what you thought. But the more important part is what happens thereafter, be it overspending or not earning enough. The tracking itself doesn't do much, you will need to address the issues identified in the process to achieve results.
Tip: sometimes it helps to also look at the scale of things. start with
Last month's cash + current mth income - current mth expense = ending cash balance.
It shouldn't be difficult to identify all the income, so you would have solved three parts of the equation. The last part is total spending. Through the bank statements, and whatever you have done in manual tracking, you can start filling in the categories. If it doesn't add up, label the difference as "unidentified spending". For me, if unidentified spending is less than 0.5% of my take home salary, its ok and I proceed to work through analysis of the spend. If it is more than 0.5%, I put more effort to recollect for current month or try to track in following month.
Its better to work along the overall details than to spend too much time on minor details. If you have 99.5% of spending identified, you will find areas to work with already.
Eg if your take home income is 3k, and you already gather where 2985 goes, knowing what the remaining $15 (0.5% of 3k) will not really change what you will need to do.
I use the spendee app and manually key in my daily expenses before consolidating them on an excel. It may seem tedious at first but I believe it takes less time than texting.
Keep the receipts!
There are many apps out there, seedly app for example, that have such tools to remind you to key in your daily transactions.
Alternatively, create an excel sheet and analyse your spendly monthly.
Hope this helps.
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/
There is a downloadable excel sheet that is capable of helping you do the tracking.
Next, create a budget that is capable of helping you to plan for the future. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/
From my budgeting, everything is automatic. Accordingly, I become more proactive and interested in the money that I do not spend and end up saving.
Here is everything about me and what I do best.
Instead of tracking budget, i track my net worth instead. A kind soul created an excel for this and i fill it in every end of the month. So i set a target for myself on how much i wanna achieve by when.
I uses this app called Money Manager, and one really has to make it habitual to key in individual expenses. You will then be able to track and budget fairly well.
Seedly Budgeting App (must advertise for them)
The app is rather easy to use and quite intutitive. There is a clear breakdown in segmental expenses.
I do it the manual way using an app called Money Manager, basically I've cultivated the habit to key in every expense the moment I pay for something. Tried the auto sync way using Seedly before but yea it's hard to account for irregularities.
To each his own, but manually keying in works best for me! I combine that with an excel sheet (free template from googling) to track annual budgets - for this I update about once a month cross checking with the MM app.