Category: Tutorials

Plan ahead in 2017

It’s time to sink our teeth into 2017. Financially and otherwise. Perhaps only sink your teeth into 2017 literally if you have a very tasteful calendar or thoroughly enjoy cellulose.

There are a few very simple things you can do to plan ahead, avoid unpleasant financial surprises and can thus afford to eat things tastier than paper throughout the year.

 

1. Add all regular expenses you can predict in 2017

Fill in as many expenses as you can in advance. No worries if you don’t have the exact right amount yet. Add an expense with the approximate amount and set a reminder, so you don’t forget to edit in the exact amount later on.

Think about which expenses repeat regularly, be it every month, once a year or every few weeks. If they repeat in the same period every time, add them as repeating expenses.

Here are a few examples:

  • transport costs (car registration, regular car maintenance, public transport fees)
  • rent, house maintenance
  • loans, mortgages, car payments
  • utilities (heating, electricity, internet)
  • content subscriptions (streaming, cable, music, web services, publications)
  • education fees
  • gym, leisure activities, seal clubbing club membership fees

 

2. Add budgets for your variable spending

There’s also spending that’s harder to predict as it’s more irregular and subject to your current whim, making it a lot more difficult to plan in advance. Things like going for coffee, eating out in restaurants, impulsively buying a herd of reindeer, deciding to work on your own nuclear fusion reactor…

While the latter two might be just me, I’m sure you can find plenty of examples where your impulsive spending can take you overboard.

Those areas are perfect for setting up budgets for the variable spending you want to keep in check. It’s easy to do, just set a budget to track an individual category or tag to make sure those areas don’t get out of control.

A few examples of such budgets:

  • Monthly budgets for Food & Drinks, or perhaps just “restaurants”, “alcohol” or “coffee & tea
  • Monthly budget for Leisure or some of your past time tags in particular
  • Yearly budget for Transport, especially for leisurely petrol-heads
  • Yearly budget for tobacco can be especially helpful if you’re trying to quit smoking, the large yearly numbers might just shock you enough to stop

Find out more on How to set up the budgets (Web, Android, iOS) and How to use the budgets (Web, Android, iOS) in general.

While it’s good to have those figures under control, let yourself room for some treats once in a while. Being a “bon-vivant” might even help you save on your health bills in the long run due to lower stress. 😉

 

 

3. Make a financial buffer

You should have a healthy financial cushion or a financial buffer in other words, so you can weather any storms that might come up. Having 3 months worth of incomes saved up is a good basic start, but try to increase that amount gradually as you go along. Knowing that you can survive for at least half a year even if you loose your job will make you breathe a lot more easily. With the full realisation this is often easier said than done, this should be a goal you strive to, so unexpected financial events don’t throw you off your balance.

Making a special financial account in Toshl for this purpose is a good idea, just make sure you have this money actually saved up and can get to it rather quickly if the need arises.

 

4. Save in advance

Don’t forget to save for the big stuff in advance. I’m sure I don’t have to remind you about your big financial goals like buying a house or an apartment, buying a car etc.

Fusion reactors also don’t come cheap, but your government is likely already making you save a bit for those collectively. Good call.

Don’t forget about the smaller, but still quite considerable purchases that come up often. You’ll probably want to take a holiday in 2017. If you haven’t yet, the time to start planning for this is now.

Start a new financial account for your “Holiday savings” or “New flat”. If you already have something saved up for it, enter an initial balance. Then, add a regularly repeating transfer from your main bank account to your savings account. Setting a reminder here can help you remember to actually put that money on the side every month.

See: How to set up your finances – including financial accounts (Web, Android, iOS)

 

5. See what’s ahead with Planning

We have a new feature for you that will help you better visualise the data that you have just entered and plan ahead in general. It’s called Planning and is currently available in Beta testing on toshl.com.

Planning will show you a full year’s view of your finances, making it a lot easier to learn from your financial past and plan for the future. You can see the past or projected balances for each individual month, how your net worth (sum of all accounts) grows or falls over time, as well as see monthly changes in expenses in incomes. Don’t forget you can also filter by category or tag to see how smaller parts of your spending vary with the seasons.

 

 

You can now see the effect of all your careful expense planning and saving from the previous steps. The columns for each month’s spending should be at least somewhat filled already with your fixed expenses. Naturally, more variable expenses will fill those months as well as time passes. Now you’ll at least have a basic frame of reference to see how much you can afford in discretionary spending once your fixed expenses and saving for the important things have been accounted for.

Don’t forget to check your past spending patterns in 2016 as well, just to make sure you haven’t forgotten something in your yearly financial cycle.

 

6. Don’t forget to have fun

I write “have fun” on my to do list every day, so I don’t forget about it and just remain miserable throughout the day. I’m lying of course, as I’d like to think I’m not a complete moron and do tend to gravitate towards some amusement on my own without constant prodding. The larger point I’m trying to make here, is that these financial planning steps are not an end in themselves. Sure, we need to keep our finances in check, but the aim here is to worry less, not more. With some basic thinking ahead like this, we can keep a lot more relaxed throughout the year and enjoy life to the fullest.

Here’s to life!

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

How to Track Loans, Repay Debts and Deal with Your Friendly Neighbourhood Loanshark (iOS)

Toshl_2.0_monster_0057_58We have almost certainly all been there at some point – borrowing money, launder loaning money, forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed.

So, how to go about tracking and dealing with the dynamics of loaning and borrowing money? Fear not, for Toshl is here for you again, not in the money loaning business though, but in the business of helping to track loans and debts – or simply Hilfespurverleihenborgengeschäft, as the Germans would put it.

 

Track major debt repayments

Let’s say I want to buy a new Ferarri for $3200, but I am just $3100 short for it. What do I do? I go to a guy* I heard you can get a loan from, that hangs out behind the parking garage in the shady part of town every other night (because he has kids). I ask him for a donation towards my cause and after a few laughs, I promise I would pay him back in ten months with $1900 interest. I get the money, and now I have to settle the $5000 debt in ten months, which makes for $500 per month. Because I use Toshl, the best loan app around, I know this will be a piece of cake and I will not get my legs broken in the process.

 

1. Add income marking the received loan

I put the $3100 in Toshl as an income, category ‘Loans’, account ‘Cash’, plus I put ‘Drago’ in the description – which is supposedly the guy’s name and also means ‘expensive’ in some languages. Just so I can be precise when I tell my grandchildren about my first Ferrari.ios_inc1

Ok, we got the money, we got the income from the loan marked, now to go about tracking the debt.

 

2. Add a new account to track the repayment of debt

I make a new account for the debt, called ‘Drago’ and set up the initial balance as ‘-$5000’ which is the total amount of the debt, including the interest.
ios_adacios_acclist

 

3. Add transfers to note the debt repayments

To note the repayments as I return the money to Drago in monthly instalments, I make a transfer of $500 from account ‘Cash’ to account ‘Drago’, date it on the day of the first payment, set it up to repeat every month for ten months and set up reminders for it. Now I will be reminded to take the $500 to him every month, and the ‘Drago’ account will get out of red numbers over the ten months.ios_adtr

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That’s it!

 

Track smaller loans to friends

Let’s take a look at another, simpler case. Let’s say I lend $4.99 to a fellow car enthusiast for a little 1:100 plastic Ferrari model.

 

1. Note the loan as an expense

I give him the money, put it in Toshl as expense, category ‘Loans’, account ‘Cash’.

If this is a one-off loan, I can put the guy’s name in description. If I lend to this guy often, I could also put his name in a new tag on the expense. That way I can easily sum up everything he owes me.ios_adex

 

2. Note the loan repayment as an income

When he pays me back after seven and a half months, I just enter it as an income with appropriate tags, etc. This way I can always track borrowing and loaning entries.

Alternatively, I could just erase the loan expense, but that wouldn’t give me any insight on the loan later on.

ios_inc2

Bob’s your uncle! Use whichever method works best for you or be creative and invent your own system. That’s it for now from our secret volcano base, ta ta!

*Toshl does not recommend taking loans from random guys behind the parking garage, nor can we provide phone numbers of any specific guys providing such loans. A bank would probably still be a better bet, although their moral compasses might not be in much better shape, compared to the guy behind the parking garage.
Posted in Debt, iOS Tutorials, Personal finance, Tips & Tricks, Tutorials

How to Track Loans, Repay Debts and Deal with Your Friendly Neighbourhood Loanshark (Android)

Toshl_2.0_monster_0057_58We have almost certainly all been there at some point – borrowing money, launder loaning money, forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed.

So, how to go about tracking and dealing with the dynamics of loaning and borrowing money? Fear not, for Toshl is here for you again, not in the money loaning business though, but in the business of helping to track loans and debts – or simply Hilfespurverleihenborgengeschäft, as the Germans would put it.

 

Track major debt repayments

Let’s say I want to buy a new Ferarri for $3200, but I am just $3100 short for it. What do I do? I go to a guy* I heard you can get a loan from, that hangs out behind the parking garage in the shady part of town every other night (because he has kids). I ask him for a donation towards my cause and after a few laughs, I promise I would pay him back in ten months with $1900 interest. I get the money, and now I have to settle the $5000 debt in ten months, which makes for $500 per month. Because I use Toshl, the best loan app around, I know this will be a piece of cake and I will not get my legs broken in the process.

 

1. Add income marking the received loan

I put the $3100 in Toshl as an income, category ‘Loans’, account ‘Cash’, plus I put ‘Drago’ in the description – which is supposedly the guy’s name and also means ‘expensive’ in some languages. Just so I can be precise when I tell my grandchildren about my first Ferrari.

Ok, we got the money, we got the income from the loan marked, now to go about tracking the debt.

 

2. Add a new account to track the repayment of debt

I make a new account for the debt, called ‘Drago’ and set up the initial balance as ‘-$5000’ which is the total amount of the debt, including the interest.

 

3. Add transfers to note the debt repayments

To note the repayments as I return the money to Drago in monthly instalments, I make a transfer of $500 from account ‘Cash’ to account ‘Drago’, date it on the day of the first payment, set it up to repeat every month for ten months and set up reminders for it. Now I will be reminded to take the $500 to him every month, and the ‘Drago’ account will get out of red numbers over the ten months.

That’s it!

 

 

Track smaller loans to friends

Let’s take a look at another, simpler case. Let’s say I lend $4.99 to a fellow car enthusiast for a little 1:100 plastic Ferrari model.

 

1. Note the loan as an expense

I give him the money, put it in Toshl as expense, category ‘Loans’, account ‘Cash’.

If this is a one-off loan, I can put the guy’s name in description. If I lend to this guy often, I could also put his name in a new tag on the expense. That way I can easily sum up everything he owes me.

 

2. Note the loan repayment as an income

When he pays me back after seven and a half months, I just enter it as an income with appropriate tags, etc. This way I can always track borrowing and loaning entries.

Alternatively, I could just erase the loan expense, but that wouldn’t give me any insight on the loan later on.

Bob’s your uncle! Use whichever method works best for you or be creative and invent your own system. That’s it for now from our secret volcano base, ta ta!

*Toshl does not recommend taking loans from random guys behind the parking garage, nor can we provide phone numbers of any specific guys providing such loans. A bank would probably still be a better bet, although their moral compasses might not be in much better shape, compared to the guy behind the parking garage.
Posted in Android Tutorials, Debt, Personal finance, Tips & Tricks, Tutorials

Unlock Toshl with Your Fingerprint

Keeping your financial data safe and private is important. It’s also important to make the security precautions comfortable and easy to use. If they’re too much of a hassle, people tend to turn them off and any potential security enhancement vanishes like a tub of ice cream on a depressing day.

 

That’s why unlocking the Toshl app is also possible with a fingerprint. With the latest update (2.0.8), we’re also bringing this option to the Android app.

 

Just open the app settings and set the passcode lock to ON. You’ll first be asked to enter the numerical passcode. This is just in case you’re experiencing some issues with the fingerprint scanning, but also useful on phones which do not offer the fingerprint option.

 

passcode lock

 

The next time you open the app, Toshl will ask you to unlock it using your fingerprint which is already saved in the Android OS, if you’ve been using this feature on your phone before. Otherwise you can adjust the fingerprints saved in the Android system settings.

 

unlock finance app by fingerprint

Unlocking by fingerprint is available both in the Android and iOS apps with Toshl Pro.

 

Posted in Android Tutorials, Announcements, Tips & Tricks, Tutorials

Emojify your finances

In Toshl Finance, every expense or income gets a category, so you can quickly note what you’ve been spending on.

capture-decran-2016-09-22-13-46-58

When you first sign up on Toshl, your account comes pre-filled with some of the more commonly used categories and tags, which should cover most of your needs. That way, you can start using it immediately and not worry about setting up an entire tagging system from scratch.

Our financial lives can differ quite a bit, so it’s important to keep this system versatile. That’s why you can add new, custom categories and tags to fit whichever purpose your spending goes towards. Every existing category or tag can also be edited.

To keep this categorisation system easily customisable and universal, Toshl does’t add icons to any of the categories in advance. But this doesn’t mean you can’t liven up your Toshl account with icons yourself.

No need to get out your drawing pencil or start looking for images around the internet. Luckily we have emoji! A handy collection of icons, already there in a virtual keyboard near your fingertips.

 

How do I add emoji to my personal finances?

Simple, when adding an expense add a new category or tag. When typing in the name, switch the keyboard to emoji and tap in whichever title and emoji you want.

Spice up European UnionAdding a category for my projects to spice up European Union politics.

You can add an emoji icon in addition to your text category or tag. If you’re more courageous and sure to understand your symbolism later on, you can also opt to save categories with only emoji instead.

At the moment, categories and tags can be added in both native mobile apps (Android, iOS) and web apps, but editing existing categories and tags is only available in the web app.

To add emoji to your existing categories, log in on toshl.com then go to Expenses / Edit categories.

Click on a category or a tag inside a category, click Edit next to it and fill in the name with the emoji.

emoji keyboard mac

 

How to activate the emoji keyboard on a Mac?

Press the keyboard keys control + command + space bar simultaneously and the emoji panel will pop up.

You can also click Edit in the menu bar on top of the screen, then click “Emoji & Symbols

 

How to activate the emoji keyboard on Windows 10?

Click the touch keyboard icon in the bottom right corner of the screen.

The on-screen keyboard will open up. Click the smiley face emoji icon, just left of the space bar.

Emoji keyboard will open up. You can change emoji categories in the bottom row.

Once you’ve done a bit of editing your categories can look like this:

capture-decran-2016-09-22-13-38-54

The new categories will liven up your expense adding and lists as well.

capture-decran-2016-09-22-13-36-28

capture-decran-2016-09-22-13-46-58

Any changes you make to your categories and tags in the web app will automatically sync to your iOS and Android mobile apps.

Add expense with emoji on iOS

Expense list with emoji iOS

As makers of mobile and desktop operating systems each design and use their own set of emoji, the style might look a bit different when seeing them on a different platform. The emoji will be the correct ones, with the same meaning, but the styling of the icon might vary a bit.

 

 

If you’ve set up a very nice custom system with your emoji we’d love to see it. Perhaps we’d even publish it in a future tutorial or post, with your express permission, of course. If you’ve made such a creation, please send it to support@toshl.com. Can’t wait to see what emoji combinations you come up with!

 

toshl_2-0_monster_0041_42

Posted in iOS Tutorials, Tips & Tricks, Tutorials, Web App Tutorials