Money Lessons I’ve Learned from Using a Money Management App
Published: May 20, 2020 | Posted by: Ricky Publico | Lifestyle
They often say millennials are too attached to their phones. How can we not when they help us in almost all the things we do in our everyday life? Case in point: keeping track of our spendings. Thanks to money management apps, we can easily sort out our financial lives. I would know, because I’ve been using a money app for the past two years.
As part of my personal pledge to become a responsible adult, I started with using Money Lover, a money management app that tracks my expenses and helps me budget better. Needless to say, I learned a lot from recording every purchase I made, from big ticket items to the last centavo. Here are just some of them. See if you can relate.
Table of Contents
What I Learned From Using My Money App
I developed better organizational skills.
Because money management apps allow you to customize your expense categories, I added specific categories to make my expense reports more accurate. For instance, I have a category for every type of food establishment there is since I record my food expenses based on where I bought them. Organize your expenses properly for a more accurate reporting.
I was forced to face my financial limits.
I was a bit down during the first few months of using Money Lover. Not because the app didn’t work properly, but because it painted me a clearer picture of my financial status. And as it turns out, I’m not as financially flexible as I expected. While seeing negatives on my expense report bums me out, it helps me be more grounded when it comes to making financial decisions.
It made me consider ways to earn more.
And because my financial limits were exposed, it inspired me to find more ways to earn money. I tried accepting freelance writing gigs on the side and eventually, I urged myself to find a new company with better pay and benefits. Earlier this year, I opened a digital bank account that will help grow my money faster. Using a money app can help you do the same.
I learned better ways to budget my money.
Thanks to the convenience of money management apps, I learned better ways to visualize my budget and make better financial decisions. For example, I didn’t need to have physical envelopes to execute an envelope budgeting system. I just added new virtual wallets within the app for every savings goal I have. Find a money app with helpful features for budgeting.
I learned how to value every purchase.
Because you have to record every purchase you make, you will also be forced to value what you buy. You’ll also form the habit of second and third guessing yourself—for good reason. If I have the urge to buy something, I will ask myself if I will regret it when I see this item on my expense report. And more often than not, it helps me avoid unnecessary expenses.
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It’s satisfying to see yourself improve.
Ever wondered how your old self compared to your current self? You can when you’re using a money app for a long period of time. I found out a while ago that based on my expense reports, last year me was more lavish and spendthrift than this year me. Seeing yourself improve urges you more to continue making better financial decisions.
And so I march on with this little personal project of mine. Taking tabs of my finances taught me a lot as I navigate this uncertain journey we call life. Good thing money management apps exist because with how fast things are changing, no one has the time for a pen-and-paper system of recording expenses. Try it out and see what you’ll learn about yourself.
This article first appeared on The Manila Times.
Ricky is the zaniest Senior Content Writer at Moneymax, with over five years of writing experience in the digital marketing industry. He is a huge fan of pro wrestling, smartphones, and binge-watching. Follow Ricky on LinkedIn.