Learn How to track monthly expenses with Mobile Banking apps
The banking sector in India continues to make breakthroughs in the digital age. Today, most people have not visited their banks since they first opened their accounts. Many banks also offer online account opening facilities with easy documentation. With the digital revolution, all the cumbersome methods of banking have become archaic. Instead, you can conduct all kinds of transactions through eponymous bank apps. Yes, it has become incredibly easy to access your accounts and track your expenses. In this article, we discuss how to keep track of expenses with Mobile Banking.
Here are some ways to track expenses:
Whether you make an online transaction via debit card, UPI, net banking etc., all your transactions are linked to your bank account. Therefore, the record of all transactions is stored in the database of the banks. You can access this data through the mobile banking app and track expenses. Some mobile apps come with expenses tracking features to manage your fixed and variable expenses like Debt payments, loan EMIs, house rent, SIP payments etc., as well as monthly expenses like utility bills, credit card bill payments, etc.
The best way how to track monthly expenses is through the mobile banking app of your eponymous bank. You can monitor your current expenses and even plan your future expenses through the app. But what do you do if you have multiple bank accounts that you use for various expenses? For instance, you may have linked your loan EMIs to one bank account, whereas you may be paying rent through another. In such a case, you can track your money by downloading third-party money tracking apps from the Google Play or Android app store. These mobile apps allow you to consolidate all your bank accounts. This way, you can track your money from other bank accounts as well.
If you are old-school and prefer to make long excel sheets marking your expenses, you can download the Microsoft Excel app on your mobile phone as another way of how to track monthly expenses. The benefit of using excel to track expenses is that you can customize the Excel sheet to your liking and add auto-filing formulas that are not present in ready-made, non-customizable bank apps. Also, with mobile apps, you may have to check each month’s expenses individually, whereas you can access your expenses and track your money spending and savings habits on a single screen in Excel.
As is apparent, there are many unique ways to track expenses at your fingertips with a mobile app. This method is also incredibly cost-effective as you can freely download the mobile apps. With these money tracking and budgeting apps, you can undertake expense management conveniently. You can assess your transaction’s view 24X7, and report to the bank in case of suspicious activities.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.