No more headaches when getting out your wallet
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Subscriptions are not (just) an expense. With the help of the Toshl application, a few euros a month can save hundreds a year.
Do you know how much you spent last month on groceries? Even when you went to the store hungry, after some tough exercise or after work? Do you enjoy daily coffees and lunches, or getting beers in town in the evenings? How much do you spend on clothing and shoes? And your holidays? A couple hundred, a couple thousand euros?
The majority of people can’t precisely answer those questions, which usually means that they have little control over their spending. According to the statistical office, Slovenian households spend on average a little under 19,500 euros a year, which comes to around 1625 euros a month.
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A decrease in spending of even ten percent would therefore mean almost 2000 euros in savings a year, which is about as much as two average Slovenian monthly salaries. How much of your spending is unnecessary? Where could you save?
»Try to save something while your salary is small; it’s impossible to save after you begin to earn more« is a joke once said by the legendary comedian Jack Benny, who entertained the American public until his death in the seventies.
To monitor expenditure, Toshl’s less demanding users only need a smartphone and diligent fingers to record spending.
His statement, although humorous, is a bit outdated and no longer describes the reality today. Two thirds of American millennials just starting out in their careers are practically without savings, according to a report by CNBC.
This can be changed by applications that set monthly budgets and monitor expenses precisely, such as Toshl, which was developed by the Slovenian startup 3FS.
Photo: Toshl
The basic version of the Toshl app is free; to monitor expenses, users only need a smartphone and diligent fingers to record spending.
More demanding users, who want to carefully plan their expenses and precisely analyse them to get a comprehensive overview of their finances, can opt for Toshl Pro or even Toshl Medici, which will cost subscribers 2.99 dollars a month (1.67 if paying the total yearly subscription at once) and 4.99 dollars a month (3.33 if paying the total yearly subscription at once) respectively.
“Look after the pennies and the pounds will look after themselves.”
Tosh Medici is the future of planning and recording consumer expenses, since it provides (currently only in the USA) automatic import and categorisation of transaction data from bank and credit cards, as well as online payment systems such as PayPal. All subscribers have to do is to link Toshl with their financial service providers.
This service, just like Toshl Pro, offers the option of creating unlimited monthly budgets, for example to spend on food, clothes, or hobbies, as well as all the tools to analyse their financial situation in detail, and export all the data.
Photo: Shutterstock
»Look after the pennies and the pounds will look after themselves,« is an English proverb that could easily be translated into cents and euros. Financial adviser tools such as Toshl, that regularly inform subscribers when they go over their monthly budget for lunches, clothes shopping, or entertainment, will make sure that all the cents and euros – even those that look after themselves – are accounted for and recorded. And that the monthly subscription fee will most likely result in substantially higher savings.