Kartik Chaudhari Kartik Chaudhari

Quantified Money: Saving money with your smartphone

Quantifying money/expenses can be a great way to help savings and make you about overspending. With your smartphone & some handy spending tracker apps you can keep your budget in control and increase your monthly savings.

Irrespective of us being rich or broke, the thought of saving money crosses our minds. Saving money does not just span across our expenses and our family’s expenses but, it relates to a huge area professionally. I’m a college student. So, there were always issues with my finances. Saving money is quite difficult in colleges with the number of expensive distractions. Trying to stand by myself and to remain independent of my parents aid pushed me even harder to save money. In this, I noticed – saving money is a skill. Once it is acquired, it helps across various spheres of life like decision-making, management of resources, etc.

Instant Quantified Self app

If you are interested in tracking more things in your life, check out our app, Instant– Automatically keep track of the time spent on your phone, while travelling, at places, while sleeping & on fitness activities

 

So, how do we develop this skill?

You can start of writing down expenses in the notes app. Or rather, expense managing apps can make it easier. This is a very effective way of keeping track of the money spent. Mint or Penny are great apps available on iOS & Android. Both the apps help achieve same targets. Keeping a track of expenditures via an app is really easy because we carry our phones everywhere. Like other Quantified Self experiments, it takes time to develop a habit out of logging every expenditure. I get really excited when I start these experiments. So, it was relatively easier for me to make a habit out of it.  Otherwise, some people keep most of their transactions on their credit/debit card to make it easier & automatic to track with a single statement.

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