We all know how much money we make, the most common problem in personal financial management, is keeping track of how much we spend, and in what. And although we might have an idea of our expenses, not many can determine exactly what they’re doing with their money.
Expense tracking apps have the solution for this problem: by recording every expense you make automatically and naturally, you can organize your finances and change them for good. Glass, with its expense tracking features, may just have the solution for you.
# 1 Define your income and your expenses
The most basic, and effective, way to have financial control is to spend less of what we earn. It is a basic equation that will always keep us in positive numbers, and that will give us the possibility, not only to maintain ourselves from month to month, but to grow financially.
Having determined the difference between what you earn and what you spend should give you an undeniable idea of your current financial state, without taking in consideration any existing accumulated debt.
But even without taking into account your debts, knowing your current financial status is the starting point to take control of your personal finances; this information is all you need to cut costs, optimize investments and put together budgets.
# 2 Classify your expenses
Dividing your expenses into categories is the next step to improve and change your personal finances; by categorizing your expenses it will be easier to determine what is most important to you, and what expenses can be reduced, which ones can be optimized, and which ones can be eliminated. In Glass, the PayBooks do all this work for you: by categorizing your transactions in real time into pre-established categories that you can customize to your liking, consolidating your information in a simple, and easy-to-analyze, way.
Whether you have no idea how to manage your finances, or you are the most organized person, the consolidation of your financial information in the charts that Glass continuously updates, makes any excuse you have for not analyzing your expenses pointless.
# 3 Cut costs
Once you have classified your expenses it is much easier to define what you are spending on, and what expenses you can avoid completely. With Glass’ tags, you take default categorization further, and make it easier to track your expenses.
Maybe your household expenses can be reduced by cutting down services you do not use, maybe you realize how much you spend on ordering food at home and decide that using UberEats is an expense that you have to stop completely.
Transactions in cash? The expenses that we make in cash are the most difficult to trace, and to remember, but with Glass you can add all the transactions that you manage in cash when you make them thanks to its mobile version. You can also attach receipts or photos of what you buy to not forget what you spent, and keep a good control of each of your expenses.
# 4 Define your financial goals
Knowing what your real financial situation is, and knowing what expenses you can avoid, gives you the possibility to define your financial goals. What are your future plans? Would you like to start planning a business, buying a property, or studying a master’s degree? Or maybe taking a trip, or buying the car you’ve always wanted. All your goals and your dreams have something to do with money, and organizing your personal finances to make them grow, is the first step towards reaching them. With Glass, track your savings growth for the different goals you set, seeing how they grow with your regular contributions.
Changing your personal finances is simple when you are honest with yourself about your spending and savings habits. Glass makes your finances transparent, and puts your financial destiny in your eyes and in your hands. Start taking control of your personal finances with Glass today. Haven’t met us yet? Join Glass and start living financial transparency.