Money Management - The Solution

Track Money “Write down all monthly expenses; that is the first step towards tracking money” would be the first suggestion which would be given by any well wisher or parents.

We all have fixed and variable expenses. It’s easy to track first kind, but the variable ones can be complex.

Writing down expenses sounds simple, easy to achieve. This can be extremely difficult in practice, so you could even have a “GK” (God Knows) category for really little things like chewing gum, a cutting chai,  a volvo bus ticket or the tip you gave away at the restaurant. But all these add-up.  Recording or tracking cash expenses, debit or credit cards can become complex, any misses in recording petty and small cash expenses can make your “GK” category larger than you imagine.

An online personal money management portal like eMudhra’s MyMoney enables users to easily track these expenses. By using this tool you can track monthly cash, debit or credit card expenses know exactly where you are spending your money and are hence able to control your spending better which helps save. Budgeting is as important as tracking, it helps control expenses and set achievable financial goals.

Money and Change!

A frugal mentality was once very common in our society. An older generation that had seen much harder times, saved in ways that seem amusing not to mention impossible to today’s youth. Grandmothers did whatever they could – repaired clothes or got their chappals repaired that they would wear for years, did the laundry, never ate out or took vacations- to save every anna. Such thriftiness can now seems as needless as a broken chappal.

Frugal living is not the answer; it’s time to get a better sense of where your money is going.

Today most people don’t budget routinely, and don’t track their spending.  Many families or households  who’ve had glorious  years of not worrying about spending or taking a loan, who used credit cards lavishly and lived good life, have felt it oppressive when they have lost their jobs or bonuses or took salary cuts and had to live frugally.

Track Your Money!

In our busy and chaotic life style, money comes in and just goes out. We know we are spending but do we really know where the money is being spend and why are we spending. If we choose to learn from the  spending, then probably most of us would say “yes”,  but at the same time we have no clue how to learn from the spending.

Most easiest way and the most effective way to learn from spending money or wish to know your spending pattern, is to record all transactions and track them, if we go back our childhood memories that’s what our parents have done… remember in our childhood days… immediately when we come back home, mother used to list down all the groceries purchased and arrive at conclusion that prices of tur dal is costlier by Rs.5/- when compared to previous month.

Our parents kept track of their spending, coz it was simpler and not so exhaustive those days, but for today if we have a look… then…  Groceries, rent, electricity/ water bills, internet and telephone bills, fuel and vehicle maintenance, maid, drycleaners, nanny, carwash, perfumes, sweets, cable/dish connection…  Milk, news paper, magazines… entertainment and leisure expenditure – the list of monthly expenditure can be exhaustive. These are the expenses which, although regular, consume a major chunk of your earnings and are hard to keep a track of. An online personal money  management portal like eMudhra’s MyMoney enables users to easily categorize and track these expenses. By using this tool you know exactly where you are spending your money and are hence able to control your spending better which facilitates better savings. A tool like MyMoney will also help you understand your expenditures and budget it wisely.