Get your 2018 budget done in Spendee

If you try to google what are the most frequent New Years resolutions, saving more money or dealing with debt rank among top 10 resolutions. Thus January is always a good time to start working on changing your spending habits and to get better with finance.

However, based on the research only 8% of people actually stick to their resolution and make it to the second month. Not such a high number, right? Reasons for not reaching your goals might differ but there are three main ones that usually lead to failure:

1. Your goal is not set up realistically
2. You haven’t define small goals that lead to the main one
3. You are waiting for January 1st to start

Therefore, let’s not wait for the beginning of the year and start saving your money right away. Spendee is here and ready to get your finances into shape, however, it can’t do everything for you. Your inputs and actions will be necessary in order to set, reach and fulfill your financial goals.

How to save more money in 2018?

Step 1: Define which saving option is more suitable for you

In general when it comes to saving, you have two options. Either you can make more money while keeping your expenses constant or you should be able to eliminate some of the expenses. The first option is relevant for those of you who absolutely can’t eliminate any of your expenses, meaning that your expenses consist only of necessary expenses such as rent, insurance, bills, groceries etc. and there is nothing left to be saved. In this case, finding a side job, getting a better-paid job or trying to eliminate your spendable expenses by becoming a smart shopper is a way here. The second option is great for those who have a feeling of spending too much on things that are not necessary.

Step 2: Define a short term and long term goal

After choosing which saving direction is more suitable for you (in order to kick-start your saving, in the beginning, you can combine both approaches), you should define your goals. Start with small ones that will ultimately lead to the big one. Be as realistic as possible and also take into account a time frame. Short-term goals can be defined on a monthly basis, whole long-term goals can be defined in terms of years. For example, a long-term goal might be that in 2018, you would like to spend 15 % less comparing to this year. Example of short-term goal can be that you will cut your monthly spending on coffee by drinking coffee at home by 75%. Another example could be that you will cut your monthly spending on eating out by packing your own lunches for work by 30%.

Step 3: Use tech tools to help you

When you define your short and long-term goals make sure that you write it down and put it in a visible spot, so you see this reminder every day. You can use personal finance apps such as Spendee and set those financial goals in Budget section. In Spendee you will be able to see every day, how much you can spend every remaining day of a given period.

Set your budgets realistically so it motivates you to stick to them.

Step 4: Share it with your friends, family, partners

Find someone who might have the same goal and motivate each other. It’s always better when you have someone who you can share your goals with, as they can motivate you when it’s hard for you to find the motivation. It’s also good to reward yourself when your partial goal is met. Set the reward prior to meeting the goal, so you know what to look for:)

Find a friend with the same goal and go through it together.

Step 5: Set a notification

Use technology to make fulfilling your goals easier. Set an everyday notification on your calendar to remind you to check how you doing. Or you can set a notification in Spendee that tells you whether you are sticking to your budgets or not. It also tells you every morning how much you can spend every day and still be within your budget.

Set notifications for your budgets to make sure you won’t overspend.

How to budget for 2018 through Spendee in 10 steps?

1. Download mobile app of Spendee in AppStore or Google Play
2. If not using Spendee before, import your past transactions through web app to identify how much you spend last year
3. Go to Budget section in your mobile app
4. Set an overall budget for the whole year — e.g. how much you want to spend in 2018?
5. Set partial goals e.g. I want to spend monthly on coffee xy $
6. Set up a notification which will inform you when you reach 75% and 90% of your planned spending
7. Track your incomes and expenses in Spendee automatically when paying by card or manually when paying with cash using correct categories
8. Check every morning in budget section, how much you can spend daily, in order to reach your goal
9. Be patient, consistent and keep saving
10. Get rewarded when you reach your monthly goal

Great job.

Let us know in the comment what your financial goal for 2018 is and we will get back to you in few months to see how you doing.