Expense control: tips to grow financially
Editorial Airtm
January, 30, 2024
4 min. reading
An expense control is a tracker that records where your money is going. Whether you use an expense application, an Excel spreadsheet, or a notebook, it’s key to designing your work budgets for clients. It also lets you know how much money you have to treat yourself, save, or invest.
Tips for keeping track of expenses
To achieve financial freedom, more is needed to have a good income. It is also crucial to control money outflows. These recommendations will help you maintain proper expense control:
Using a payment and billing platform
Are you a solopreneur and need to get paid for the sales of your business? Do you want to optimize your income as a freelancer? Then it is key to use a platform to manage your money easily no matter where you are.
- Add funds: the money you have in any traditional or digital account in local currency can be converted in seconds into digital dollars. This facilitates your international transactions.
- Withdraw funds: if you want to optimize your income, don’t lose too much money in high commissions. Withdraw your earnings under convenient exchange rates.
- Take advantage of extra benefits: Airtm has a reward program to recognize the loyalty of its users. Enjoy promotions and discounts to make the most of your budget.
Create expense categories
Don’t know where your money is spending? Create a budget of expenses with clear categories. This will help you calculate how much you need to allocate to each one and in which items you could cut back. For example:
- 50% for fixed and basic expenses: housing, food, health, transportation, among others.
- 30% for variable expenses: annual medical studies, vacations, car repairs, gifts, and outings. If you want to grow financially, it is key to invest in your education. For example, a course to help you improve your personal brand or to acquire new professional skills.
- 20% for savings and investment: include money for your emergency fund and investments in assets such as cryptocurrencies, NFTs, equities, or bonds.
Record all your expenses
This strategy is key to keeping an efficient expense control. You need to write down all your expenses and review them at the end of the month. This way you will know how much money you have to spend and if you need to adjust your budget. There are several ways to do this:
- Download an app on your cell phone to create budgets.
- Use an Excel spreadsheet.
- Write down your expenses by hand in a notebook.
Order your receipts
Get into the habit of saving the receipts and invoices of your expenses, and order them chronologically. Then you can review them at the end of the month, along with your credit card statements.
These receipts give you valuable information about your financial habits: how much money you spend, on what, and when. Analyzing them will help you keep your accounts up to date.
In addition to keeping proper expense control, you need to look for ways to generate extra income. This way you will keep your economy balanced and you will be able to grow professionally. Consider the benefits of using Airtm to boost your work as a freelancer.
