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.
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