Saving money is your first step towards financial fitness. What happens next though? How do you juggle the rest of your financial plates and find a tailor made way of meeting your own saving and spending goals?
In short, how do you learn to save better?
The answer? You learn to save better by starting to monitor your finances. Not just the savings, but your incomings, your outgoings, and the places in which you could improve.
Why monitoring is so important
So far, you've done everything right: you've downloaded Oval, you've linked it to the account where you spend most of your money, and you have set the Steps that seemed most suitable for you. And then what?
Monitoring: the keyword is monitoring. You might see it as the third and final stage, but ideally it’s actually part of a continuous savings cycle:
- First you calculate your expenses. In order to save you need to know exactly how much money you have going into and leaving your bank account on a monthly basis.
- Second you save. Once you understand your money, you are able to create a savings plan that lets you put aside a certain amount each month. You set up your tailored savings steps and you watch your digital savings account start to fill!
- Third you monitor. Although it is easy to forget and feels more passive than the other two, without completing this third step the savings wheel will refuse to turn. You need to make sure you keep monitoring.
After setting up a savings plan, you may have the illusion that your work is done: Automatic Steps take you out of the clutter of having to decide a saving amount from time to time; but the key is to see them as allies to boost your savings, not as total substitutes for what you could still do.
Without observing how it is going, there can be no improvement. Handily, Oval is right there ready to help again, with its brand new statistics section.
Monitoring can help you save more money
Oval will do the heavy lifting for you, using is complex software to analyse your expenses, savings steps, cash withdrawals, and everything else that goes into your financial life. It creates a holistic view over time that allows you to view all you key statistics, such as your most successful savings steps and your best and worst savings weeks.
With this raw data you are in a unique situation of being able to make an informed evaluation about your money. No one can understand your numbers better than you. You're the one who understands why they fluctuate, and how they can be improved, and Oval is always there to help you put your new and improved plan into action.
Thanks to the statistics on Oval, you can also see:
- Your average weekly savings: seeing it written down will help you relate it to your income, and understand if you can afford to save more.
- Your best step ever, the one that has allowed you to put more money aside: why not increase your savings rate, based on that?
Now you have the new statistics section there are no more barriers in your way - you are in the best position to save more than you ever have before!
You have no more excuses!
Start saving more money now, thanks to the new statistics section that does the calculations you don't want to do: download Oval!