Money Lover's budget planner feature puts you in control of daily expenses by analyzing your spending behavior.
Track your expenses
Before start planning a monthly budget, you have to record how much you spend and earn to create a picture of your finances.
See the sample expenses report of Money Lover below. It's handy to track and list your spending with our app, (instead of using personal expense spreadsheets like the old way).
It's important since after logging your transactions, you can break down your spending behavior and better understand where your money goes every week or month.
Budget feature on Android version
Set your goals
Let's talk about short-term goals like save 25% of your salary a month. It depends on your personal goals and income. (You can refer 50/30/20 budgeting rule)
For example, you earn $1,000 and plan to save 25% (or $250), it means you have only $750 to spend on everything a month, including your fixed expenses like Rent, Car Payment,... and variable expenses—those that may change from month to month such as Groceries, Gas and Entertainment.
Make a monthly budget plan works for you
After determine how much you can spend a month, you should break your money in some big categories. For example:
- Bills & Utilities: $300
- Food & Beverage: $150
- Shopping: $100
- Transportation: $50
- The rest for other expenses.
Let make a plan that works for you. Then, you can bring your list to Money Lover. Based on your history, our app can give you the recommendation on how to adjust your spending to reach budget goals.
Plan monthly budgets with Money Lover
Money Lover is a simple expense tracker and budget planner app that works for million young people. See how you can manage and track budgets with the app and avoid budgeting mistakes.
Tips: You can add a budget quickly for a specific categories if you want after reviewing spending history.
Simple budgeting tips
Read on: Tips for living on a tight budget a month
You can get it on Android and iOS or Web version and start managing your finance from today.