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.