Keeping track of your spending just became easier

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Do you fret that you will run out of money before your next payment? Well, wave goodbye to those days because there is a free app for your phone that allows you to keep track of your spending so you can properly budget.

Designed by the MoneySmart team, TrackMySPEND may not have some of the bells and whistles of other budgeting apps, but it is easy to set up and use.

Essentially, you set a limit on how much you want to spend during the week and record your expenditure as you go, by tapping in the amounts of your bills. You can also tap in prices before you part with your money to see if you have enough in your kitty to make the purchase.

You can divide your limit into categories. For instance, you may decide to budget for no more than $20 on movie tickets a week, as I did. I had already recorded that I spent $15.50 at the cinema a couple of days ago. When I went to tap in a second movie ticket at the same price, before I purchased it, the app showed me in red that I would have overspent my budget for movies by $11 if I had chosen to go to the movies twice in one week.

According to the MoneySmart site, you can budget for all manner of things with the app, from your household costs and small cash purchases to holiday expenses or costs for special events such as celebrations.

TrackMySPEND allows you to:

  • nominate a spending limit (per week, fortnight, month or year) and track your progress
  • separate ‘needs’ and ‘wants’ to identify opportunities to save
  • create favourites so you can track frequent expenses
  • view your expense history
  • add tags to categorise expenses and set spending limits for each category
  • create expense reminders sent as text messages to your phone
  • auto-fill expenses based on past entries
  • back up data
  • sync your profile and use on multiple devices
  • export data to a CSV file (for Excel, or other financial software).

Do you find yourself spending more than you intended each week? Would you have the patience to use an app on your mobile to keep track of costs? Have you come across other budgeting apps or tips that have helped you spend within your means?

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Written by Olga Galacho


Total Comments: 9
  1. 0

    I’ve been using “Track My Spend” since March 2017 and love it – only took a few weeks to form the habit of inputting every little expense as they occur, log on to my bank accounts most nights to check for direct debits and input those.

    Very easy to see a summary of your spending in categories and best of all you can email the data to yourself and have a speadsheet of expenses for the whole year. This can be sorted into the different categories and straightup you can see where you are over budget or under budget.

  2. 0

    Now I understand why some pensioners run out of money.

    Perhaps they should reduce the number of electronic gadgets they are funding, & watch free movies at home on TV.

    • 0

      Mmmm……this isn’t a gadget, it’s an application you download for free and use on your phone – Hasbeen do you have a mobile phone, if not they are very cheap now.

  3. 0

    I just write down what ever I spend every day I’ve been doing it for the last 3 years so I know what I have spent weekly, monthly,yearly to easy

  4. 0

    If you use cash, you don’t have to enter data. When you have over spent, your pocket is empty

  5. 0

    I did this on paper years ago by carrying a notepad and pen around.
    When I categorised the spend it was easy to see where money was being wasted.
    It’s a great idea.
    I also decided instead of buying lotto or lottery to save and invest that spend in index markets. I’ve built up a decent portfolio since just by making that change alone.
    I don’t know if I might have won the lottery but the tens of thousands won during the past booms has certainly been great compensation.
    It has paid for overseas trips many times as I took profits out to pay for them.

    • 0

      Funny you mention that about lotto etc Rae.

      Husband was in a well paying job when working and had the money to spend on lotto and he did. Won occasionally but what he did do was keep track of how much he spent. At the end of one year he was amazed at how much he had spent and decided to really cut back. Unless you do keep track of your discretionary spending many of us do not realise where our money is going. That is the area where you can do something about it.

      What you did was great Rae. I too have a decent share portfolio which I built up during my working life. Did not spend a lot but at the end of the day it has proven to be very profitable indeed. I remember when CBA shares were what you pay for a cup of coffee these days. Now they have more than quadrupled in price and anyone who was savvy enough to buy some would be quite happy today with the dividend and the capital gain.

    • 0

      Yes Noodles there are risks in share and bond investing but there are rewards as well and the odds are much better than lotto or lotteries, keno or poker machines.

      And it’s still an interest. Following markets and deciding when to add to an investment and when to take profits.

    • 0

      Yes Noodles there are risks in share and bond investing but there are rewards as well and the odds are much better than lotto or lotteries, keno or poker machines.

      And it’s still an interest. Following markets and deciding when to add to an investment and when to take profits.



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