I’ve been looking for an effective way to track my expenses. I used to use a simple spreadsheet, but found it was a bit cumbersome and generating useful insights was difficult. Some friends use an old fashion pen and paper, but I like keeping things digital.
I had a look at some of the big name tracking services and apps out there. Most offer the convenience to connect your bank account – not something I’m willing to do. Then there is the cost. Some wanted $10 or more a month. No thanks, I’ll pass.
Then I landed on Money Lover. It’s simple, has a great mobile and web interface, supports recurring payments and best of all is FREE! You can use it to track both income and expenses, but I prefer to just track my expenses only. It also provides really useful insights on where I’m spending my money.
After a full month of tracking (and a few big purchases moving into my new place), this is how I’ve spent my money (key below):
27% of Food & Beverages – that includes a bit of eating out etc. 18% on Fees & Charges – this is mostly Council Tax. 18% on Travel – this is from the few hiking trips I’ve been on (including accommodation etc), thinking it’s way too high. And lastly, 15% on Shopping which has been mostly one off purchases for my house.
It’s going to be super interesting to compare September with August – will keep you posted.