The above text is taken from my old blog post in 2007. We need to have savings before we can start to invest. It might be more time-consuming to track our expenses 10 years ago. However, that's not the case now.
I recently learnt of this mobile app called Toshl Finance which is very useful for keeping track of daily expenses. Of course we could also charge our expenses to credit card and use the monthly bill as a way of keeping track of where our money disappear to. However if you want to zoom into exact spending details such as kopitiam lunch or haircut costs, this is the app you need.
Sample Screenshot of my Expenses
The app allows you to set the monthly budget and it will let you know how much you could spend daily in order to meet the budget. Cool! A way to use it is to key in the recurring monthly bills at the beginning of the month. Then you can know how much you could afford to spend per day. You could also move the remaining funds to following month to reward yourself if you spend below the budgeted amount for current month.
The app is free to download and use. There's no intrusive advertisements. I am not affiliated in anyway to this app. I just find it useful for tracking expenses and so I recommend it.