Category: Budgeting

Quick tip: Don’t squeeze that belt too hard, budget with ease

Knowing where your money is going and keeping your finances in shape is what we want to help you with at Toshl. But that doesn’t mean you should tighten your belt so tight you can hardly breathe. If you’re in a financial crisis mode, sure, set that budget the lowest you can go and try to curb your spending. Most of the time though, we only want to leisurely monitor how much we spend and save a bit for the rainy days.

The best way to save then is to set up a general monthly budget by subtracting how much you want to save from your monthly incomes. Let me give you an example:

Monthly income 1500 €
I’d like to save 300 € each month
Monthly general budget 1200 €

Setting up the budget is easy

Visualizing your spending

This way you can monitor your spending, but you won’t feel under pressure with each purchase you make. Sum up your spending and if you’re near the end of your financial month, you can relax your spending habits a bit more.
We’ll be making this kind of budgeting and saving even easier to use soon, new version of Toshl is right around the corner.

Save only in areas that need saving

Naturally there can be some areas of your spending where you need to be more careful. While generally spending 1200 € can be fine, there’s one type of expenses that you need to be more careful with. Let’s say you overindulge by hiring waaay too many prostitutes. :P In that case, you might want to set up a budget for specific tags, namely for the tag prostitutes. Just set up a budget for specific tags (Toshl Pro only) and add the tag “prostitutes”, “horizontal entertainment” or whichever euphemism you use. Toshl will then guilt you into spending less for that exact purpose. You need to use some common sense though and not limit your budgets for safe sex and contraceptives. Ever.

Save for the specific tags you need to curb your spending on

*Toshl does not specifically oppose nor endorse prostitution. In case you don’t use or support prostitution, set up a budget of 1 cent. That way you can rest assured you won’t be using their services. ;)

Posted in Budgeting, Tips & Tricks, Tutorials

Analyze your expenses with Toshl and relieve yourself of stress

Not only is Toshl good for tracking expenses it’s also good for relieving stress. How? For example you can really take it out on your expenses and kick them around like an old bean bag.

If you’re a Toshl Pro you get this really nice visualization with balls. Representing expenses. Get your mind out of the gutter! The bigger the ball, the more you’ve spent on the tag written inside the ball. For more details on the size of your spending you can click on it and get some proper numbers.

But if you don’t feel like calculating too much and just want to release some of your righteous fury at the size of your expenses you can go ahead and do that.

Just follow this 3 step procedure:

  1. 1. Cry out that epic battle cry that you have been saving up all these years! ROOAAAAAR.
  2. 2. Drag and release the expense balls and watch them crash amongst each other just as your spending priorities crash inside you.
  3. 3. Now think of fluffy bunnies. Mmmmm.

Kick around those expenses, they're waiting for it!

With the frustration and anger out of the way go and rationally organize your expenses. Set up a budget and stick to it. With the calmness and inner peace of being finally organised: live a little!

Written by Matic Bitenc

Posted in Budgeting, Family finance, Tips & Tricks, Tutorials

How to budget with Toshl

Money management can seem difficult, but it doesn’t have to be. We’re going to show you a few ways you can stick to your budget without the hassle. Toshl will help you keep your finances in check with ease, but as usual nothing happens at once. Here are the quick steps to become your own financial guru with Toshl budgets.

1. Realise you need to change your spending habits

We mostly tend to overspend when we don’t think about money management much. While that can be fine if we have enough resources to fund all our expensive habits, that’s rarely the case. It doesn’t mean we all have to become ascetic monks, living only on bread, water and sleep on wooden planks. In fact, keeping your spending under control and setting up a budget can provide you with greater comfort. Because Toshl helps you put all the little and unimportant stuff into numbers, you can lower that type of frivolous spending and have more money to use on the important and really pleasurable stuff.

2. Measure your spending

Knowing something should change in your spending is only the first part of the solution. You need to quantify all those expenses to really know where your resources are going. Note down all your expenses to Toshl and you’ll soon get a clear sense of proportion. If you’re like me, you might sweat the small stuff like spending on coffee, drinks and occasional lunches, but the actual costs of all that pale in comparison with the amount I spend on electronic gadgets without even thinking much about it. Measuring your spending is the only way to get a real picture about where your money goes.
I know noting every expense down takes some getting used to at first. But after a few days it’ll become an almost effortless habit. Buy your thingamajig, whip out Toshl, enter price, tap the tag(s) and you’re done! You’ll thank yourself later when you’ll have fancy financial visualizations custom made for you, telling you how and where you spend and can then actually save a lot of money.

3. Set up your budget

Alright, so now you know that you should put your spending in check and how and where you tend to spend (it rhymes, wohoo! :) ). Next step is to set up budgets. Budgets are basically your goals on how much you should limit your spending. There’s different kinds of budgeting options, depending on your goals, current habits and financial situation.

Budget types:

Keep it sane and balanced

The obvious first rule is that your expenses should not exceed your incomes. If you spend more than you earn and you don’t have some hidden treasure trove buried in the garden, you’re heading for trouble. Therefore, you can start by adding a budget in the size of your paycheck and other incomes.

In Toshl put in the amount you get paid for budget value, select the budget for all your expenses and make it a monthly or a weekly budget, depending on how often you get paid.

Create a balanced budgetSee, your first step toward financial freedom is that easy!
Budgets listIf you’re wondering what in the world is “Kava”,
it means coffee in Slovenian – the language of the makers of Toshl.

It will keep you conscious of your financial limits and warn you when you get too close to that budgeting cliff edge. With that green bar showing you how much leeway you have, you should be soon able to move on to more ambitious goals of managing money.

Save it for the important stuff

Keeping your budget in balance is a good start, but you should be able to keep some money on the side for the more important, long term investments. Whether it’s a house, you’re saving for, university tuition or that huuuuuge fluffy bunny you’ve always wanted it’s good to keep some money on the side.

Put a budget for all expenses in, but make it lower than your incomes. Each month when you slowly fill up that budget, take care to not go over it. That way you can keep the remaining money and put them in that huuuuuuuge fluffy bunny fund. Or invest it in something safe. E.g. not fluffy bunnies.

Cut down on frivolous spending

You finally noted and measured your expenses and just realized you’re spending, for example, hundreds of dollars on cocktails per month. Well, if you’re spending hundreds on alcohol each month you’re most likely an alcoholic and you should take care of that problem first, but you can also set up a budget right after. :)

The thing I’m getting to is that you can set up, tag-specific budgets in Toshl. If you’re spending too much on one thing or a group of things, set up a budget with that tag or tags and check it often. You’ll soon be spending a lot less on cocktails and your liver will thank you for it.

Coffee budget

4. Lower your spending

With all those budgets in place and graphs telling you what you spend on, you’ll lower your spending and save money in no time. It will make you one step closer to that huuuuge fluffy bunny, paying off your mortgage, or traveling the world.

Image by Big Plush

Posted in Budgeting, Tips & Tricks, Tutorials