How to Automatically Track Your Spending and Goals
Imagine trying to steer your car without a steering wheel: That’s the way many people try to steer their finances. They coast along without goals, blind to where their money’s going, hoping they’ll run out of month before they run out of money.
Want to lower your stress and keep your finances on the road? Grab the wheel and take control by setting savings goals, then tracking your expenses.
In the past, tracking expenses meant writing down everything you spend every day, sorting the expenses into categories, then adding them up and comparing them to what you’d budgeted.
What a pain.
Today, however, there are free services like PowerWallet: You tell it where your money is, it automatically tracks your expenses. You tell it your goals, it automatically measures your progress. And the best part: If it sees a savings account where you can earn more, a loan where you could pay less or a coupon that will save you money, it let’s you know.
PowerWallet’s not the only service out there, but we know these guys. Their offices aren’t far from ours and they asked for our input while they were in development. We can vouch for the usefulness of the service because we use it ourselves.
PowerWallet, like Mint and other similar services, makes their money when they make recommendations for things like credit cards, mortgages and savings accounts, as well as when they supply you with money-saving coupons.
Bottom line? PowerWallet is totally free and it can really help get you organized, stay in control, manage your expenses and save you some money. Think of it as power steering for your finances.
What are you doing for fun that you could also do for money? Here are some ideas to get you thinking, and tips to get you started.