Disciplined planners were known to jot down their daily expenditures on notepads, books etc. But luckily for us, there are apps which track all your expenses without you requiring to racking your brains trying to remember where you spent your money.
The best among them is the Walnut App. This app is a huge hit across the globe. On downloading & installing the app on your phone, you will be required to link it to your bank account & credit card accounts. The app tracks your expenditures based on the SMS's you receive from your bank or your credit card companies.
You can then analyze where you spent the money. This also helps in identifying which indulgence of yours needs to be cut down in order to increase your savings & help you meet your financial goals.
These are the other benefits of installing the Walnut App
1) Alarms: You can even set alarms if your spends exceed a certain limit. The app will also remind you about the due dates of your credit card bill payments.
2) Settling dues with friends: You can split & settle payments with friends as well as transfer money to them for free using your debit/credit card.No need to exchange IFSC codes, bank account nos or even open your mobile wallet.
3) Analysis: The app dashboard tells you the exact money spent on every credit card, mobile wallet & debit card. It also displays your credit card bill & the money left in your savings account at that point in time.
4) ATM: The app also has a feature, which helps you locate an ATM near you.
But for all of its benefits, the app can be enjoyed only by android phone users. If you have an iPhone, the app will not be able to automatically capture your spends data. This is thanks to Apple's regulations, which doesn't allow one app to interfere/capture data from another app. While one might laud Apple for its endeavour to protect user privacy, users do lose out on a brilliant app.
Although all is not lost for iPhone users. The app which we have been using to track & analyse our spends is Wally. It is a free app, which requires us to manually enter our spends. It has all the other benefits of the Walnut app.
Using this app has led to an increase of savings in the range of 20%-50%. It was thanks to this app that we realized that we have been spending too much money on food delivery sites. We rectified this issue & the results were immediate.
We strongly recommend you to install either of these apps if you haven't already. Do not forget - "Money saved is money earned"