Oops… the month is over again and you see that you have spent more than you intended. But where exactly did you spend it? Often it’s nothing special, but you still spend it without any awareness. Time for more overview of your income and expenses. With the iBilly app, you can perhaps gain more insight and create more awareness in your purchasing behavior.
Unconscious spending: how does this work exactly?
Something we are often very good at is unconscious spending. Think especially of the ‘small’ expenses like quickly buying a sandwich for lunch or a few small groceries in between. It’s not immediately noticeable because they are small expenses, but if you calculate it on a monthly basis, it adds up. Besides these ‘invisible’ expenses, you also have two other types, namely: convenience spending and emotional shopping. An example of convenience spending is when you decide to go to the snack bar after work. You don’t feel like cooking even though you’ve already bought the ingredients. Emotional shopping is another type of impulsive buying behavior that we will explain in more detail.
Avoiding impulsive buying behavior
In addition to convenience spending, there is another type of impulsive buying behavior, namely emotional shopping. The word actually says it all: shopping when you’re feeling down. This often results in buying unnecessary things, also known as impulse purchases. An impulse purchase often gives you a short-lived good feeling. This is due to the endorphin that is produced. You can also see this as a short-term stimulus. In fact, it only has a positive effect for a very short time. Unfortunately, the purchase is often unnecessary. In addition, you often only see the consequences later. It is better for your wallet and savings goals if you can limit these situations as much as possible. The good news is: this starts with creating more overview of your finances. The iBilly app can help you with this.
How can I reduce my unnecessary expenses?
Perhaps you are already aware of your purchasing behavior but don’t know how to fix it or where to start. A logical first step in this process is creating an overview. If you have no or little overview, you also don’t know where you stand in terms of budget. This could be the reason why you spend money more easily. Saving money or budgeting starts with awareness and overview. You can create an overview by making a list, for example. An even more useful tool is to keep track of your finances in the iBilly app. This way, you can monitor your accounting digitally. Take your first step in saving today.
Download the iBilly app
Would you like some support when it comes to saving? iBilly is happy to help you with this process. By downloading the iBilly app, you will immediately get more overview of your finances. An extra bonus: you can also set savings goals so that you can eventually use your saved money for something more valuable. The iBilly app is 100% safe and uses heavily encrypted connections to protect your data.
Do you want to get started with our handy app? Download the iBilly app for free and start managing your income and expenses right away. If you want to use extra features, you can choose one of our subscriptions. Do you have any questions for us? Feel free to contact our customer service so that we can help you.