Spending Tracker - App of the week # 18

I like to track my expenses, and I’m always careful to save something for “a rainy day”. I used to have a notebook where I was calculating how much I spent during the month, but that was happening for a month or maximum two months in a row. It wasn’t handy to carry the notebook everywhere or keep the receipts in order to add the expenses later to the list. I didn’t know until quite recently about them, but it seems that there are some useful apps in the Finance category of the Apple store. Their aim is to help you manage your expenses wisely and easily. I heard about the Checkbook app for the first time almost one year ago. My cousin used it until quite recently, and he was telling me about it. It sounded interesting, but I didn’t pay much attention as I didn’t have an iPhone at that moment. Even afterwards, I was not interested in giving a closer look to these apps until my boyfriend started to use the Spending Tracker app. He was very excited about it, telling me that it’s efficient and that it has a rating of 4.5 stars from 1142 reviews. I decided that I needed to have a closer look and see what all the fuss is about. Spending Tracker is the perfect Financial app for you if what you need is something to help you: -Enter and visualize your weekly, monthly or yearly expenses in a simple manner. -Track your progress and see at a glance how much money you have left to spend (you can even set a budget for a period of time, and you can carry the money left to the next period). - Export your expenses to another app -it has a flexible feature which allows you to do this. You will start with setting how you would like to track your spending. It can be Weekly, Monthly or Yearly (according to how you’re paid or how you’d prefer to track your money). In the first screen - Spending, you can enter your income, then any expenses you have made, with the amount of money and the category to which the spending belongs (that can be Food, Clothes, Entertainment, Shopping, Children and as many others as you want). Then, you will simply track your spending and see how much of your income you still have left at any time. Or, you can opt to set the Budget Mode in the Settings screen and thus you can set a Spending limit, for example, of £600 per month that you are not willing to exceed.

You can also add the expenses in the Transactions screen, where you’ll also see how much money you’ve spent in every Category that you enlisted. On this screen, you have also the option to Export your transactions to other applications designed by MH Riley Ltd , such as Debt Manager , My Budgets or Mortgage Mentor. If you rotate the phone while in the Spending or Transactions screen, you’ll be able to see a chart with weekly, monthly or yearly spending for each category, and the cash flow.

On the third screen, at Categories, you have the option to see all the default categories for Expenses and Income and some more from where you can choose. You can also create new categories or choose different icons and colors for the existing ones.

From Settings, you can always change any details for Spending (such as to switch to a different Time Period, turn the Budget mode to On or Off, or choose if you want to Carry Over or not the money you have left to spend). You can manage your Accounts from here (add extra accounts, have different accounts for different people, or add a Savings account), and you can choose the Category Order (listed by Name or Most Often Used). My experience with Spending Tracker has taught me that taking the time to work out my budget helps me to see where my money are going, and where I could cut on some spending as that I can meet my financial goals. It’s helpful to have a clear idea about how much you spent in each category, and figure out how much money you’d need to earn and spend in order to balance the books. Have you ever used an expense tracker app or any other expense tracker method? Let us know about your spending habits and how you track the money you spend, and we’ll help you save the money for a phone, iPad or iPod repair!
May 07, 2014