Did you know that Indians spend the most on groceries? Or that spending on health has grown most quickly since 2013? These facts show that tracking a country’s expenses can reveal important and insightful information that can help the country make better decisions.
Similarly, tracking your personal expenses can help you get your finances on track. Ask yourself, would you be able to list down the areas where you spend the most? If not, then creating and following a monthly budget can help you get the answer.
A budget is basically, an estimation of your income and expenses over a specified period of time, typically a month. Budgeting helps you plan your expenditures and savings while also helping you to identify your spending patterns. Budgeting is a vital tool to keep your finances in order and achieve your short and long term goals.
With Wizely, you can set a monthly budget, and track your daily expenses so that you never run the risk of overspending. Wizely helps you categorise your monthly expenses to optimise and understand your money habits and provide recommendations along the way on how you can spend smarter and reach your financial goals on time.
You can set a budget and categorise your expenses on Wizely by following these simple steps:
Steps to Set a Budget on Wizely
- Open your Wizely app
- Click on ‘Allow SMS permission’ so that Wizely can analyse your bank and transaction SMSs
- Tap on ‘Set a Budget’ and enter the amount of money you want to spend every month
- Check the dashboard to see how much of the budget amount is available for the month
- Track your daily expenses under the ‘Spending’ tab on the Wizely app
- You can also ‘Edit Budget’ by clicking on the top right corner of the ‘Spending’ tab in your Wizely app
Steps to Categorise Your Expenses on Wizely
- After Wizely has analysed your bank SMSs, you will be able to see all your transactions under ‘Categories’ in the ‘Spending’ tab
- You will be able to see a variety of categories such as Bills & EMIs, Grocery, Home and Utilities, Income and Deposits, Savings and Investments, Food and Dining, Shopping and Entertainment etc. Click on each category to see the list of transactions under that it
- Check the ‘Uncategorised’ expenses and mark them as per the categories
- Keep a track of all your expenses regularly
Make sure you list down all your sources of income and expenses and categorise your expenses when you are making a budget. Reviewing your budget and tracking your daily expenses can go a long way in ensuring that you are always on the right track.
So what are you waiting for? Download the Wizely app now and get started on your journey towards financial wellness!
Happy budgeting!
