Spend less and save more by understanding where you’re spending
1. Understand where you’re spending
Without the help of smart tools, knowing where and when you’re spending can be harder than it seems. Your banking app will show you the detail of your transactions, but most banking apps lack the smarts to automatically categorise your spending (other than at a high level). What’s more, most banking apps don’t offer a simple way to view your spending over a chosen period and to dive into the detail of each transaction. Without the help of a personal finance or budgeting app, it’s hard to know exactly how much you’re spending and on what you’re spending on.
How Humaniti helps
To help you better understand how and where you’re spending, when you link your financial accounts with Humaniti, your spending will be automatically categorised for you. The vast majority of your transactions will be automatically categorised, and you can manually categorise those that aren’t once you understand what the transaction relates to.
By getting a better understanding of the categories of your spending, you’ll know where your money is going. To dive into the detail of each category, simply select the category you want to review.
2. Evaluate how you’re tracking
Once you’ve connected your accounts, simply review how you’re tracking for the period. Check if this is in line with your expectations, or whether there are areas of your spending that you are concerned with. By having a clear view of when and where you’re spending, you may find that it’s easier to budget and identify areas where you could save.
3. Review your recurring subscriptions
Subscription services are the norm these days, but do you know exactly how much you’re spending on them, and which ones you’re not using? Most services hook us in easily, but unless you review your banking statement, it can be hard to identify your recurring subscriptions from other transactions, and you may end up paying for services you’re not using.
How Humaniti helps
Once you’ve connected your financial accounts, the Humaniti app will automatically identify and show you your recurring subscriptions. That way, you can quickly identify if you’re paying for any services that you’re no longer using. In fact, one of our founders saved $480 a year by identifying subscriptions that he didn’t need.
No need to take any manual steps. We’ll do all the work for you. Simply review your subscriptions from your dashboard.
Key takeaways on tracking your spending
Understanding where and how much you’re spending is key to identifying where you can save more. Humaniti’s automated tools can help make this process easier, by doing the heavy lifting for you. Track your spending and improve your savings with our personal finance app.