Why should I review my transactions? What can the various kinds of expense categories do? How do I distinguish between my “wants” and “needs” in the app?
Mayor, the first step in changing yourself is understanding yourself! So, if you want to change the way you spend money, a crucial first step is understanding and looking over your own spending habits!
After you subscribe, you will be able to review your spending in the following two ways:
- Needs & Wants:
- Needs: necessary expenses for daily life
- Wants: not always necessary, often used to increase your happiness or standard of living
- Expenses & Investments:
- Expenses: these transactions will not help you bring in future income or interest (tend to be single-use purchases)
- Investments: these transactions will help you to bring in additional income or interest in the future (tend to be long-term transactions)
After you’ve finished with the relevant transaction reviews, you can start identifying “wants” where you can save in the future, taking you one step closer to your savings goals!