Recently, someone asked me about how do I manage my money & investment since I’ve been talking a lot about Personal Finance & Investment. But do I really manage my money like how I preach it? Some people may feel offended with such question but honestly I’m glad that such question was asked because it really makes me think “Do I manage my money like how I preach it?”. Of course my respond was “Yes”.
Writing this blog is all about sharing my personal tips & tricks about managing money & those investment product that I am promoting are solely those product that I have invested or believe in. As a personal finance blogger, my surrounding may consist of some non-experts, experts & successful investor that I do usually have the privilege to ask certain questions related to money management. I notice that different individual have different way of handling their money & there is no right or wrong in handling it different.
So How Do I Use An App To Manage My Money & Investments?
My sources of income are:
1. Monthly Fixed Salary
3. Content Creation – Blog, Social Media
These are my 4 main sources of income, each with varied value. My income range may vary depending on the month & my financial planning is usually based on my projected income for that particular month.
Having multiple sources of income is a good thing but the effort of may take longer hours compared to having a single source of income. By having multiple sources of income, it is important for me to track it & take note of my income.
How Do I Do It?
I can’t remembered how I actually stumbled into Money Manager app many years back but I remembered testing a few apps prior sticking to my current ones. The Money Manager app cost RM16.90 for one off payment for it’s full version. It has multiple functions that are useful to some tech savvy such as exporting your expenses to Excel file but I have yet to test it although I have used this for many years. Another function that is useful is the auto back up just in case you are upgrading your phone.
Since Money Manager app is my main app that I use to record all my incomes & expenses, what I usually do is to record all possible data as accurately as possible. Any minimum income or outgoing expenditure will be recorded no matter how big or small the value is. All my E-Wallet expenditures will also be recorded for better tracking. My other investments such as PRS, Stocks, Gold, Fixed Deposits, ETF & P2P Financing are recorded as well. With all this details recorded, I can have full visibility with ONE app & access. All I have to do is to access my Money Manager app & all those details are listed in it. The hard part of it is to keep updating the detail which you may need high discipline to do it but once you are used to it, it’ll only take a couple of minutes to record down each transaction.
What are the disadvantages or limitations that this app have?
So far I tried to record my investment profit & lost but it is too hard to keep track of it on daily basis since there are lots of movement on daily basis. I don’t use it to record my EPF too since I can’t manage to figure out how to split between Account 1 & 2. Or maybe I just don’t want to record my EPF money so I can keep myself motivated to keep more money. LOL. One thing that I wish this app has is to sync all my expenses that I have for my E-Wallet or investment instead of me keying in 1 by 1 for all my transactions. It is a bit manual but it is not too bad.
All my money management involves using this app. I find it easier to keep track of my expenses & I can actually use it from time to time to view my daily, monthly & yearly income & expenses. It keeps me motivated to view it from time to time since I can track how much my net worth is. I can also see how much has it grown from the time I started my personal finance journey to where I am now. Many E-Wallets are having those function of keeping track of your expenses but it is all limited to it’s own platform & expenses. I remembered that my dad used to make fun of my uncle for keeping track of his expenses & calling him stingy for doing so. I used to think that it is funny to do so but after I started to manage my money better, I realized that recording your expenses is really a good thing to keep your money & spending in check. The only difference is, my uncle era is more manual with a calculator & a “Buku 555” but now, it is more advance with an app that can do most of the work for you provided you just have to input all the data.