We found an interesting Online event on Reddit. 30-day challenge is to Cut spending meaningfully! Lots of people is excited on this game because simply they're spending to much (most on Food or Dinning out).
Money Lover can help you win this challenge. This blog will provide you step-by-step on how to cut your monthly spending.
Define budget category you will reduce spending
Let start simply by picking one major budget category you want to reduce spending. (You can define more than one, one is enough for the beginner).
👷♂ altcastleSame: Between work lunches $150, restaurants/bar $200 and groceries $300... I was just spending so much on food.
Track your spending and set your target
First, you need to know exactly how much you spend regularly in a week or month.
Then, determine your goals. (how much you want to cut or save).
👷♂ imnotmenttoknow shared: This month I'm looking to cut my spending on eating out by 60-80 percent. Spent 400 dollars on eating out last month...
Use Budget & Expense tracker tool in Money Lover
Step 1: Tracking & Tracking
✅ Record your transactions. Do not miss any single one.
✅ List them in category, for example Food & Beverage, Entertainment.
✅ View Report to see how much you've spent (in a week/ month)
Step 2: Set up budget
When understanding how much you spent and your goals, budget feature helps you easily track your plan.
For example: You spent $400 on Food last month and want to save $100, then set a budget $300 this month (for Food only).
🤔 Remember the you should set a reasonable & possible goal first, like cut 20% -30% spending on Food rather than 80%.
👷♂ erzadel: So last month I spent $120 eating out. I went out 11 times in September, spending around $10.90 per outing.My goal is to try to go out only 8 times this month (I already went out today whoops) and aim for $80.
Step 3: Track progress and adjust
You can go to Budget or tap to transaction details to see your progress. It shows you:
✅ Your goal
✅ How much you spent to date / Remaining amount
✅ Analyze your spend and give recommendation
If you're going to overspend, let make adjustment quickly.
We're happy if you can share your story with us, feel free to email or chat. 💬
Final though: Once you set up a goal (budget), try hard to stick with it. If you do not meet the target at the end of month, review and try again next month.
👉 Personal Finance Management Check-list in 2018
👉 50/30/20 - simple budgeting rule for young adults
You can get it on Android and iOS or Web version and start managing your finance from today.