Creating a budget and managing expenses are the first steps to achieving our financial goals. With technology, listing expenses is now easier with the use of mobile apps. Just recently, a new expense monitoring app that is especially made for Filipinos was made available for both Android and iOS devices.
I downloaded the Insular Life Finance Manager App here, I am using it to make my dream come true of owning a College Education Plan for my son and hopefully save P5,000 to start. Unlike other budgeting apps, I appreciate the simplicity of the Finance Manager, plus – it is very easy to start using. Here’s how I setup my personal dashboard:
1. Personalize Expense Categories – we all have different expenses and the more customized the app is to your lifestyle then the more you will be encouraged to use it.
Under Overview, click on Categories. Pick the category you want to change, click on the 3 vertical dots beside that item and choose edit. For example, you can edit Phone & Data category to display Prepaid Load or edit the Utilities category to display Meralco instead. Don’t forget to click on the Save icon on the top right area of the app.
If you’re good with the preset categories then you can skip this step.
2. Set your budget – we all know making a budget isn’t the most enjoyable thing to do BUT it is a must especially if you are working towards a goal. My tips to make this process more fun is to do it in the morning when your mind is fresh and the house is still quiet. Maybe you can even play this Spotify #MagandangAraw Playlist to encourage you.
Back to the app, just enter your allotted budget for each expense category. To make it easier, just refer to the last receipts of your grocery bill, electric bill, or credit card bill. That is if you don’t have any idea at all. It’s better to start somewhere.
While in the Category section, click on the Plus icon and select Set a Budget. Enter your desired amount. To move to the next category, just click on the dropdown box (see encircled in red). Don’t forget to click on Save icon.
3. Start entering your expenses – now that you have setup a budget, your dashboard will look similar to the first screenshot on the left. Enter expenses as you go, for example you bought P50 pesos worth of load then just click on the Plus icon and tap on Add Expense.
You can then add the amount and title of your expense and choose the Expense Category it should be recorded in. For this example, prepaid load falls under Phone & Data. You can also back date your expense or set it as a recurring (repeating) expense.
4. Monitor your budget – now that you’ve setup your budget and start entering expenses, you can now monitor through the Overview and Financial Planning sections if you are spending more or less than your budget. If you spend less then it means you are saving money. If you are spending more than what you allocated, it’s time to rethink your expenses.
Above, the Financial Manager app displays easy to understand and colorful visuals to track & keep expenses within your budget. It automatically computes total expenses and savings. If you scroll down further, the app encourages users to make their money work!
5. Financial planning – the Insular Life Financial Manager app allows users to have an idea of how much their money can grow if invested in sound financial products. The computation will depend on your savings as computed by the app and projected to grow in 5, 10, and 15 years at 10% .
You can also easily click on the blue button (if you scroll down further) to learn more about these financial products.
Happy saving, Mommy & Daddy!
