Do you know what you’re spending?
According to a recent study by the Center for Financial Services Innovation, almost half of Americans spend more than or equal to what they make each month. That leaves very little wiggle room for emergency savings, let alone long-term financial planning.
Do you know where you fall into this mix? Many people don’t know because they don’t track their spending. CNBC estimates that only one in three people do this.
Spend tracking isn’t difficult. All it takes is a little discipline and a few seconds. Spend tracking with FitFin can be done in two ways: 1. By entering a manual expense, which takes about 10 seconds, and 2. By taking pictures of your receipts, which takes about 20-30 seconds. Entering manual expenses will allow you to track things at a macro level (i.e. I spent $153.80 at Walmart), while taking pictures of your receipts will allow you to track at both a macro and a micro level (i.e. I spent $153.80 at Walmart and $19.96 of it was on k-cups, $14.98 on a new basketball, etc.).
When tracking at the micro/product level, you’ll be able to see exactly where your money goes. This comes in handy when you need to cut $150.00 from your monthly spending. You can simply go to your FitFin app and look at your Spend By Product report to determine where to make cuts.
To learn more about what FitFin can do, check out our “How It Works” page here.