We all know that we should watch our spending and be careful with our money, but somehow this never seems to happen. Here we see how to monitor your spending and income with Pocket Expense Personal Finance for the iPhone.
Money just disappears and at the end of the week or month there is little left unless you monitor it carefully. This means making a note of everything you spend and your income too. When you can see how much is coming in and going out of your bank account, you can more easily take control of the situation.
You might want to cut back so there is a bit more left at the end of the month, or save up for some special purchase. An expense app can help you and this one is free. Go to the App Store on your iPhone and download Pocket Expense Personal Finance.
Record your expenses and bills
The Calendar screen is displayed by default, but if you are elsewhere in the app, tap it and if necessary, tap the day. (There are month and day views). Tap the plus button to add a new transaction.
When the New Transaction screen is displayed, tap the Payee and type in the description – the car was filled with fuel and now we can record it. Tap the amount and enter it – the keyboard appears at the bottom of the screen as usual.
The plus and minus buttons indicate income and expense, or money in and money out. Fuel is an expense, so the minus is selected.
We need to set the category, so tap Others on the right. A long list of categories is displayed and Auto is at the top, with Gas (or petrol as we call it in the UK) as a sub-category. Select it.
Record your income sources
Let’s add another transaction, but this time let’s make it income. Back at the calendar screen, tap the plus button again and this time enter Salary for the description. Tap the money (many currencies are supported like pound, dollar and so on), and enter the amount you are paid each month. Make sure the green plus is selected to indicate income.
Tap Others on the right of category to select a category for this transaction. The category list is different this time around and that is because we are entering income.
Back at the New Transaction screen, tap Show More Details and extra options are displayed, such as Repeat. If you have a regular income, tap Never on the right of Repeat.
There are lots of different time periods to choose from, such as weekly, monthly and so on. Select the frequency with which you get paid.
Back at the calendar screen just add income and expenses as you go. The dates appear across the top of the screen and you can select a day and enter a bill, such as Food.
Create budgets to monitor your spending
Creating a budget and sticking to it is an essential part of money management. In this article we will see how to create one using Pocket Expense Personal Finance for the iPhone. It is a free app, so grab a copy.
Earlier we saw how to record income like your salary and expenses such as bills. We also saw how to set up recurring transactions. Let’s continue with this app by setting up budgets to see how much we spend and on what we spend it on.
At the bottom of the screen is a toolbar. Tap Budgets to open the Budget screen. We don’t have any at the moment, so tap Adjust in the top right corner.
The following screen appears and it is not obvious, but you tap the amount on the right to add new budget categories.
There are no budgets yet, so tap the Select Category button. You create several budgets and each one has a category.
A long list of categories is displayed. Select the one you want to use, such as Eating Out.
After selecting a category, tap the budget amount on the right. The keyboard appears at the bottom of the screen and you can enter the amount you want to spend on this category each month. In this case we will allow ourselves to spend 120 on eating out each month.
Continue to create more budgets, selecting categories and entering the amount you will allow yourself to spend.
Return to the Budget screen by tapping the button at the bottom of the screen. Some transactions have already been entered and you can see the total spent at the top, and the amounts spent in each category below. The bar indicates how much of the budget has been spent. When the bar reaches the right hand side, all of the money allocated to that category has been spent.
Tap Charts in the toolbar at the bottom of the screen and you can see a screen containing useful information. There is our income, and expenses, categories of expenses with the amount and percentage of budget spent.
Add more categories of expense, track them by adding more budgets, and enter your transactions each day. The app tracks everything and makes it easy to see where you are over spending and busting your budget.
Knowing where all your money is going to is half the battle when it comes to managing your money.
Title: Pocket Expenses personal Finance - Account Tracker, Budget Planner & bills
Size: 25 MB
iOS: 7.0 or later
- Written by Roland Waddilove
- Published: 06 August 2015