Some of these are cloud-based, and allow you to use an app on your smartphone (opens in new tab) or other mobile device to not only enter the amount but also scan the receipt to create a digital image. This makes it much easier to keep a copy and file it away in case it's needed by your accountant or even someone from your tax office, plus in just using your phone you can do this on the move.Īdditionally, the ease by which document scanning (opens in new tab) can now be done by an app means that you can keep on top of deductible expenses, helping ensure you bank the profit due to you and pay less on taxes. Luckily, there are a number of software and apps available for managing your expenses, and we've picked the best expense tracker apps here. Best expense tracker apps and software options Worse still is that those small expense receipts can become easily misplaced, not least by getting mixed up with your files of normal invoices and end up in the wrong date range, or even thrown away in the trash.
Always pay off your bills first, set aside a portion of your income to be placed into emergency savings – 20% is the ideal amount – and budget out your monthly necessities including petrol, food, groceries, and so on. With a few key steps, soon you’ll be able to create a habit out of it. Luckily though, it’s not a difficult thing to do.
Unless it’s been ingrained in you from a young age to be careful with your money, you most likely don’t quite know how to budget your finances. Here’s a hard and fast truth: none of us were born with money management skills - it’s something that you have to learn in life, just like doing your taxes.