Do you have no idea what you’re actually spending every month? It’s wise to keep track of this systematically. Often it’s small amounts that you don’t really think about. We’ll tell you how to calculate all your monthly expenses and how our handy app can help you with that. Read on quickly.
Goal of calculating monthly expenses
There is often a certain reason why people keep track of their finances. Common reasons are because they’re saving for something or because they want to save money. But you can also stay ahead of the game. Choose financial overview so that you are aware of your spending behavior. Then you may not even have to save or budget.
Calculating monthly expenses can also help you regain control over your finances. When you see all your expenses in one place, you can immediately discover opportunities to save. Maybe you’ll see right away that you’re buying snacks at the supermarket more often than you thought?
Ways to calculate monthly expenses
That’s why it’s wise to calculate your monthly expenses and then keep track of them. You can do this in different ways. Keeping a household ledger is one way. iBilly is the digital household ledger. Before you start keeping track of your finances, it’s important to know what finances you have per category. This includes fixed and variable expenses:
- Calculate your fixed expenses and put them in a clear overview.
- Also keep track of daily expenses, which will mainly be variable costs.
- Check bank statements. These give you an overview of all the transactions you’ve performed in a certain period.
By keeping track of this well, you’ll know where your money is going. Maybe you have budgets that you have to stick to. Then this is definitely a handy tip! The nice thing is that you don’t necessarily have to keep track of this in writing. The iBilly app offers many possibilities. Take a look at the expenses you’ve incurred in the last six months or year. If you divide those costs by the number of months (in this case 6 or 12), you’ll get a monthly amount. You now know the average amount that you spend each month.
Everything in one place with the iBilly app
Calculating your monthly expenses becomes very easy with our app. In the app, you can synchronize all your bank transactions. You’ll see all your income and expenses in a simple overview. That way, you no longer need to calculate your monthly expenses.
The iBilly app also has many other features. These include sharing data with people of your choice, setting savings goals and budgets, automatically calculated future expectations, and more. Do you like the sound of that? Download the iBilly app for free or choose one of our subscriptions.