Top Articles by MoneyFormula: Australia's Best Mortgage and Personal Budget App for Your Finances!
Why You Need to Create a Budget AND Do a Quick Spending Review!
When you start using the MoneyFormula app you will notice a Budget My Income section and Review My Spending section.
Not sure why you need both?
Let's take a quick look...
BUDGET MY INCOME
The budget section lets you enter your income and expenses and gives you an instant summary of where your money is going.
It is quick, easy and a 'best guess' at what you think is happening, as well as a plan to help you move forward.
REVIEW MY SPENDING
The spending review looks at your recent transactions and gives you an accurate picture of where your income actually went.
It is 'based on facts' and lets you discover your spending habits and what you need to do to fix your budget.
BUDGET vs SPENDING
You get the best results by using the two together.
First, set up your budget by taking a guess at your income and expenses.
Then, review your last one to three months of expenses to find out exactly what is going on.
Finally, compare your spending to your budget and instantly see where you need to make changes going forward.
QUICK TIPS
Here are a couple of tips to help you with your budget and spending review.
1. Use the 'Next 12 Months' Report
In your budget, choose the months your bills fall in (e.g. Car Insurance - Yearly - Pay in February) and the 'Next 12 Months' budget report will give you a clear picture of when all your expenses are due.
MoneyFormula App - Current Budget - Choose the months your bills fall on so they are reflected in the Next 12 Months budget report.
MoneyFormula App - Next 12 Months Budget Report - Get an instant picture of when all your expenses are due.
2. Use the 'Track to Budget' Option
Instantly compare your spending to your budget with the 'Track to Budget' option.
You can drill down into categories, transactions and budget items to discover exactly what is going on.
MoneyFormula App - Spending Review - Use the Track to Budget option for a comparison between your spending and your budget.
3. Start With 1 to 3 Months
Keep things simple by starting with the last one to three months of transactions when you do your first spending review.
You can easily come back and load the last year or more, as a second step.
MoneyFormula App - Spending Review - Start with one to three months of transactions first to keep things simple.
4. Use the 'Export to CSV File' Option
Download a full year of month-by-month 'spending vs budget' information using the 'Options > Export to CSV File' from the Monthly Spending report.
Great for detailed reviews if you like using spreadsheets.
MoneyFormula App - Monthly Spending Review - Use the Export to CSV File to download a full year of spending to budget comparison.
Ready to Create Your Budget and Review Your Spending?
Try the MoneyFormula Five Steps to Success today and discover just how easy it is to take control of your money!
MoneyFormula has everything you need to budget smarter, quickly review your spending and help put you in charge of your finances.
Give MoneyFormula a go today and see what you think.
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PLEASE NOTE: The information in this article is general in nature. It does not take into account your personal objectives, financial situation or needs. Please speak to a qualified financial adviser if you need specific advice on your finances.