One of the most powerful things you can do for your finances is to track your spending. The reality is that many of us spend money without really thinking about it. When we don’t stop to think about our spending, it’s easy to lose track of how much we’ve really spent. The widespread use of credit and debit cards adds to this since swiping plastic takes away the awareness that comes when you use cash.
An interesting app that was recently brought to my attention encourages you to track your spending each time you make a purchase. On top of that, the app, called Family Fortune, syncs up the purchase with the rest of the family. That way, you can keep up with spending. I can see where this would be useful; there have been many times when my husband has bought something at the same time I’m spending money elsewhere, and there have been snafus.
Track Your Spending Quickly and Easily
Family Fortune is designed for iOS and Android. You can download it and so can other members of your family. When you make a purchase, simply open the app and record it. Your budget situation is instantly updated, and those synced up with you see the information in real time. That way, you’re all on the same page.
While I like the planning aspect of Family Fortune, what I really love is the tracking aspect. Expense tracking is very important if you want to see where your money is going. This app can allow you to see where you are spending your money, analyze your patterns, and see where you need to make changes. This is vital if you want to make long-term improvements to your finances.
Since many of us don’t know where our money is going, it can be difficult to identify problem areas. Additionally, just the act of pausing when making a purchase can help you re-evaluate it. Consumerism has become too easy in today’s world. Today, it’s too simple to swipe a card and not think about your purchase. If you can use an app to enter your spending in immediately, it forces you to consider what you are doing.
Is the purchase really important to you? Is it necessary? What will you really get out of this purchase? Processing this information is important if you want to start paying attention and making better choices with your money.
Coordinating with Your Family
Finally, Family Fortune can make it easier for your to coordinate with your family. You can keep everyone on the same page and up to speed in a way that makes sense for all of you. This way, before you spend, you can make sure you have the money available in a certain budget category — or in the account. Many accounts have been overdrawn due to the fact that spouses are spending money without consulting each other. With a synced app, it’s easier to make sure you are all working for the same things. I also like how this app can help you set goals, and then work toward them together, since you are all looking at the same information.
This app is free to download, and has the potential to change the way you and your family deal with money.
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