How people keep track of their finances was a hot topic in the facebook group this week. It’s no surprise. In our health check at the beginning of the challenge over 70% of you said that you only ‘loosely’ keep an eye on your expenses and income or don’t actually have any idea where your money goes at all. 

I can totally relate. 

This year (like almost everyone), our expenses at home sky rocketed. So my husband and I decided last month that our previous method of ‘loosely tracking our $s’ was not going to cut it. We downloaded an app to track where our money was going. We linked it to our bank accounts, and it automatically categorised our income and expenses (with a little tweaking from us). After reviewing our expenditure broken down into different categories (like: cafes, groceries, automotive etc.)  we worked out exactly where we wanted to make changes. We’ve stayed with the app and we’re now getting alerts each month when we start reaching our budgeted amounts in different spending categories (game changer!).

We’ll cover strategies and apps for saving and investing later in the challenge. But today is all about the organisational spaces/apps that can help us consolidate a picture of our finances in one space.

– Chrissy