In the post “How to Track Expenses in Detail for Better Savings“, we have shown a simple method to kick-start your expense tracking habits.
To do that, we have used Excel as an accessible software that can help achieve that task.
That said, although Excel was perfect for that exercise, it could be very difficult to use in the long run. For example, how do we handle automatic dashboard generation with Excel? How do we aggregate data by Category and generate statistics over a given period of time? How do we set goals for expenses and savings and have Excel notify us if something is off?
All valid needs we might have when dealing with personal finances and unless we have great knowledge of programming in Excel, we might find ourselves stuck with lots unusable data.
Here is how to track expenses using Bankslash.
Adding a new entry
Adding a new entry on Bankslash is a very straight forward process that takes seconds. Simply type in a few tags you want to tag your entry with (For example: food, diner) and enter the amount, that’s all. Here is an example animation:
Exploring your finances in detail
Bankslash comes with a set of graphs and indicators that dynamically update as you use it. These range from global graphs that track your overall performance over time to more detailed tag dashboards.
On top of a global dashboard that helps understand the current situation, you can get as detailed as you want using the automatically generated tag dashboards.
Basically, every time you use a tag in an entry, a new dashboard gets generated. You can then just click on a tag to open it. Here is an example tag dashboard.
Relax while Bankslash keeps an eye on your goals
On top of being able to generate dashboards and reports related to the different tags you use, Bankslash can also keep an eye on them when you’re not looking.
You can set-up expense, income and saving goals and Bankslash will keep track of them by giving you updates and alerts when needed.
There are much more functionalities that Bankslash offers. We will be covering those in other posts.