In an era of digital wallets, how to keep a track of expenses?

“Shopping is the best cure for a bad day!’’

Ever discerned yourself scratching your head at the end of the month pondering where all your money disappeared? We all have them – bad spending habits that bankrupts us on a monthly basis! Moreover e-payments have separated us from the physical cash in hand needed for purchases, which drives the shopaholic in us to shop with greater reason all the more.

Also with the fresh demonitization policy announced in the country, the use of plastic money has become an imperative substitution to paper money.

Nonetheless, it would be a blunder to reject the convenience of the debit card because you fear spending more than you can perhaps possibly earn. The good news is, albeit the growth in technology has made spending easier, it also provides you with personal assisstance to control your daily expenses and stay out of debt.

Here’s how:

  • Make a list before you shop . Research confirms that preparing a shopping list can serve to trim down your expenses by almost 20%. However, it is significant to stick to the list prearranged, not modifying it as and when the urge to buy swells further.
  • Find cheaper deals online, where you avail good shopping deals and on one tap obtain various discount coupons to help you save on some good amount of money. Big companies such as Amazon offers black Friday deals which provide with good discount offers on a purchase, helping you buy products at a discount that extends upto 80%.
  • Think, Think, Think! Ask yourself if you really need to purchase that branded pair of shoes or you can settle with the existing ones you have.
  • Don’t go for the most expensive product in the market. Substituting it with various cheaper alternatives is also a thought to be considered before you shop.
  • Try a spending tracker which in the form of a mobile application connects directly to your bank and credit accounts, helping its users to create budgets with numerous spending categories and alarming the users when the amount has been utilized.

Some of these apps, for Android as well as iOS devices, are:

  • Mvelopes – Mvelopes provides you with  precise information according to how much has been spent under each category of your monthly expenses, showing actual funds available with the user. The users thus have the statistics ready that are required at your fingertips to make accurate spending decisions, thus helping you to control your money effectively.
  • Money View – Money View is also a similar app specifically for Android users that assists you to keep a track on day-to-day  spending and manage your bank savings accordingly. The user is also not required to reveal his/her name and the personal bank account details thus providing the users  with certain confidentiality. All the necessary information required is accessed by tapping the user’s SMS data.
  • Mint – Mint offers its user with the additional benefit of receiving certain particular alerts when there have been unusual account charges and unusual account transactions taken place so as to maintain strict security provision for its users. Also,it keeps updating on smart custom tips for reducing account fees and thus saving on money. Additionally, it provides with a free credit score on the monthly expenditure of the customer.

“Don’t forget to ‘Shop Smart’!”