5 reasons why you should enter your transactions
BudgetInMind aims at helping you understand your income and expense trends, get a good grasp at your assets and at what you owe. While the idea of mastering its own spending is a source of motivation, many of us struggle with the fact that, to reach this objective, one needs to enter transactions manually.
It is very important to remember that every commercial company controls its finances precisely, and manages the entry of its accounting data.
Why? Simply because bank errors are common, and you must verify what the bank tells you, not the reverse. You are in charge of your finance, not the bank.
Besides, bank statements, electronic or paper, only show the past, what has occurred. Any check not yet cashed, any future transfer you know about, etc. are not visible to the bank. Yet, this money is not yours anymore. You could also know of future large investments you plan to make (house renovation, purchase, vacations, …) for which you need to plan savings now. Again, the bank has no idea of your financial arbitration.
So in fact, to manage your finance properly, you first need to enter yourself your transactions into a financial application. You will then see exactly what you spend when you enter the data. Now, this does not mean that the process has to be tedious and time consuming.
BudgetInMind‘s user interface has been specially crafted to make the transaction entry a simple, effective and fast process.
The 5 good reasons are:
- Verify what the bank tells you, not the reverse.
- Know your financial situation before your bank.
- Manage proactively your accounts and anticipate to prevent overdrafts.
- Manage your forecast, set realistic & achievable goals.
- It by entering your accounts yourself that you really grasp what you spend and how.
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