{"id":4999,"date":"2018-08-29T17:11:14","date_gmt":"2018-08-29T15:11:14","guid":{"rendered":"https:\/\/toshl.com\/blog\/?p=4999"},"modified":"2018-08-29T17:12:03","modified_gmt":"2018-08-29T15:12:03","slug":"where-did-all-the-money-go-a-guide-to-get-you-back-on-track","status":"publish","type":"post","link":"https:\/\/toshl.com\/blog\/where-did-all-the-money-go-a-guide-to-get-you-back-on-track\/","title":{"rendered":"Where Did All The Money Go? A Guide to Get You Back on Track."},"content":{"rendered":"

Now that summer is coming to a close (if you live on the northern hemisphere), you are probably checking the damage that all those summer parties, trips and dinners did to your budget.<\/p>\n

We get it, summer is the time to party and real sweating. Sweating about the small stuff like money should come later\u2026 But now, the summer has almost ended and you are stuck with sweating about the small stuff. Like money.<\/p>\n

This guide is more about discipline than it is about changing the income and outcome factors deliberately. We\u2019ve read some saving guides that began with \u201cEarn more money\u201d or \u201cStart selling stuff you don\u2019t need\u201d and we said \u201cThis guy is obviously a banker!\u201d. This guide is different.<\/p>\n

 <\/p>\n

Get yourself together!<\/h2>\n

\"\"<\/p>\n

First thing\u2019s first – do not panic. Money problems are more common than a common cold. We are all in the same boat. The important thing is to get your spending habits recorded, so you know what the problem is. Some people don’t understand where their money is going and they just start hacking at costs left and right. Which is just silly, you need to eat.<\/p>\n

However, did you know you are spending way too much money on collectible dolls from the 18th century? By which we mean if you own ONE 18th century doll, you are spending too much money on them. The perfect amount of 18th century dolls a person should have is zero. There you go. You are welcome.<\/p>\n

\n

\"\"Toshl tip<\/h3>\n

Connect your bank<\/a>, import data from a file<\/a>\u00a0or enter the expenses in the app<\/a> so you can have a clear, categorized view of all your financial ins and outs.<\/p>\n

Keep adding everything you make and spend into the app<\/a> to get\u00a0a complete picture of your finances.<\/p><\/blockquote>\n

 <\/p>\n

Create a separate savings account<\/h2>\n

\"\"<\/p>\n

Yes. Trust me. You need a separate account where you will move the money you are saving. No, you will not dedicate that portion of the budget mentally. No, you will not be extra careful. This is not junior high. Create a dedicated account for all the money you are going to save. Period.<\/p>\n

\n

\"\"Toshl tip<\/h3>\n

Create a new account<\/a> in the Toshl app and give it an appealing name so you will feel good moving money from your checking account to it. Do not call it \u201cSavings\u201d, call it \u201cAss kicking account!\u201d<\/p><\/blockquote>\n

 <\/p>\n

Focus on the goal!<\/h2>\n

\"\"<\/p>\n

OK, you cannot just save money. I mean, you can, but saving money is like saving the world. You will never finish, plus everybody will tell you that there is a million things that need saving more urgently. Ugh, whatever Shaunna. But they are right – you need a goal. A target. A sense. But a goal can be anything – a new pair of shoes, financial independence, a motorcycle, being debt free, a new laptop, a house.<\/p>\n

\n

\"\"
\nToshl tip<\/h3>\n

Make separate financial accounts for your particular saving goals in Toshl and track your saved-up balances. Make sure you put the money aside on your bank account or in an envelope when dealing with cash.<\/p><\/blockquote>\n

 <\/p>\n

Set a monthly budget and set up savings<\/h2>\n

\"\"<\/p>\n

You cannot just go ahead saving money. You need a goal inside a goal. Sort of like a budgetception. Only without Leonardo DiCaprio. Set a goal for how much you’ll save each month and use budget tracking<\/a> to limit your general spending and make sure you always put the savings amount on the side. There is no point over-promising yourself and then never actually committing that much money.<\/p>\n

\"\"<\/p>\n

Toshl tip<\/h3>\n

The River flow graph<\/a> in the Toshl apps can help a lot in steering your money flows each month. You’ll see how your budgeting is going and how much you’ll save if you stick to it.<\/p><\/blockquote>\n

<\/h2>\n

 <\/p>\n

Automate the process<\/h2>\n

\"\"<\/p>\n

Seriously. The robots are coming for your job anyway, you might as well give them one and task them to take money from your checking account and put it in your saving account. If you have to do it by hand, it won’t feel as good. Yes, some things feel better when you do not use your hand.<\/p>\n

\"\"<\/p>\n

Toshl tip<\/h3>\n

Set up automatic transfers<\/a> between your checking and “ass kicking” (savings) account.\u00a0Do the same on your online bank, or set a reminder<\/a> to actually put the cash aside.<\/p><\/blockquote>\n

 <\/p>\n

Save before you spend<\/h2>\n

\"\"<\/p>\n

This might be tricky, but time your saving robots with your incomes. If your paycheck is due on the 10th, make sure the robots do their thing on the 11th so that you will learn to handle the rest of the amount till the next month. If you want to play on a lower difficulty, tell the robots to move the set amount the day before the paycheck.<\/p>\n

\"\"<\/p>\n

Toshl tip<\/h3>\n

Same thing as before – add a reminder<\/a> to transfer to savings in the app so that the app keeps you on your toes.<\/p><\/blockquote>\n

 <\/p>\n

Bonus: Change your spending habits<\/h2>\n

\"\"<\/p>\n

OK, up until now tips for focusing on discipline. This last one is different.<\/p>\n

Maybe you should evaluate your expenses report and think about it. Spending too much on cable? Using outdated package deals that are not as viable anymore? Still having too many of those 18th century dolls? Adapt and see what happens.<\/p>\n

You should make a ritual out of reevaluating some business deals every once and awhile anyway. Mobile phone providers, internet access providers, banks\u2026 these are the deals you made once a thousand years ago and then just got stuck with them because you just could not be bothered. But you should be!<\/p>\n

Providers often count on your passive behaviour after the initial excitement about discounted prices even when the contract expires. So mark the expiration date on your contracts and go hunt for better deals when the time comes.<\/p>\n

\"\"<\/p>\n

Toshl tip<\/h3>\n

Create annual reports<\/a>\u00a0or even annual budgets<\/a> on individual costs tag so you can see how much money did you spend in total and then compare new offers to see if they are worth your time and money.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Now that summer is coming to a close (if you live on the northern hemisphere), you are probably checking the damage that all those summer parties, trips and dinners did to your budget. We get it, summer is the time to party and real sweating. Sweating about the small stuff like money should come later\u2026 … Continued<\/a><\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6,4],"tags":[],"class_list":["post-4999","post","type-post","status-publish","format-standard","hentry","category-budgeting","category-tips-tricks"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9HkH6-1iD","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts\/4999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/comments?post=4999"}],"version-history":[{"count":83,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts\/4999\/revisions"}],"predecessor-version":[{"id":5131,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts\/4999\/revisions\/5131"}],"wp:attachment":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/media?parent=4999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/categories?post=4999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/tags?post=4999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}