New Delhi. Tired of budgeting? Every month we wonder where the money goes? Now give rest to Excel sheet, diary and calculator. Your bank will make this task easier with its Spend Analyser. Just spend and this tool of the bank will automatically tell you whether the money was spent on grocery, eating out or online shopping made your pocket lighter. Meaning no more hassle of making budget. You will clearly see where the money is flowing and which habit is weighing the heaviest on your pocket.
Nowadays, most of the banks have a feature called Spend Analyser, which automatically divides all your expenses into categories – like grocery, travel, electricity-water bills, shopping, dining etc. Before making the budget, just take 2-3 minutes and check these categories. If any expenditure has gone to the wrong place then correct it. This gives you a very clear view of where your money is going every month.
View expenses for 3–6 months
Once the categories are set, review your expenses for the last 3–6 months. From this it becomes clear which expenditure is necessary and which is just arbitrary. Many times eating out, small online fees or impulse shopping leaves your pocket lighter than you think. This understanding makes your budget realistic. A budget that you can easily stick to.
Set monthly limit in each category
Now that the complete expenditure map is in front, set a monthly limit in each category – like Rs 4,000 on dining, Rs 6,000 on grocery, Rs 3,000 on shopping. As soon as the expenditure reaches near the limit, the bank’s analyzer sends an alert.
The analyzer gives real time updates
The biggest feature of this tool is real time updates. Swipe the card, do UPI or bank transfer, the expenditure will be immediately visible in the analyzer. You neither have to make Excel nor write the accounts in a copy. Just check the dashboard once every few days and adjust the expenses in the middle of the month if necessary.
Work as a personal finance coach
At the end of the month, this data tells you where deductions can be made and where the remaining amount can be invested in savings or investments. Gradually these small changes add up to big financial stability. A tool like spend analyzer will work like a mini personal finance coach for you that guides your habits in the right direction.
