Being a student on a budget is not easy. Most of the year, your economy is tight, to say the least. And when the season of spending hits, staying within that limited budget can be especially trying. Your everyday transactions might seem small, but when you log in to your bank account and see that you’re on the brink of brokeness, somehow it doesn’t add up.
You end up having no idea where all your money went since your statement doesn’t give you a true understanding of HOW you actually spend your money. Looking through all the transactions and categorizing them (don’t we all love spending hours working on spreadsheets?) to find where you can save money isn’t exactly top priority of an already packed and stressful day.
But what if it was easier to manage your student budget? What if there was a way to have your economy automatically sorted into categories so you know how you’re spending your money, let you set custom budgets, and kept you on track with everything?
I’ve recently found a Danish app that can do all that and more.
Meet the Danish personal finance app, Spiir
Spiir is an app made to help you maintain a healthy economy. It collects all your accounts and presents you with a complete overview of your budget, bills, and spending in a clear, visual way. The app easily divides your transactions into different categories like food, clothing, transport, and medicine, while also providing an overview of different incomes, like your salary. As Spiir puts it “you’re the money boss”, so the app acts as a financial manager by notifying you before it gets out of line. And what’s even neater is that Spiir connects with every Danish bank.
I must say that when you get the hang of it, it’s an incredibly nice and helpful app.
Getting started is fast and pretty straightforward. I downloaded the app from the App Store (Spiir is also available on Google Play) and followed a few simple steps to create my user account in minutes. I created a password and gave my email, chose my bank and which accounts I wanted to add and I was good to go. It’s also possible to use Spiir’s desktop app to access your accounts online from your laptop.
When I finished connecting my bank accounts, I had to indicate whether each account is “only income”, or if I use the account for expenses as well. I can also put different transactions under specific categories. If Spiir has doubts about a transaction, it asks me to identify and categorize it, which is done in a matter of seconds.
Create goals to stay motivated
Within the app, I can create different financial goals. I can choose goals for a specific account or a specific category. Let’s say I would really like to cut down on my food spending because that sushi addiction just ain’t cheap. I just set up a goal on the account I use for food and chose the category: “Grocery”. Next up is choosing the amount I am allowed to spend on a monthly or weekly basis. I chose a weekly basis because I really don’t trust myself when it comes to food – who does?
Spiir will now track my transactions and notify me about my usage in that category. I find this is a really great way to stay motivated even when I’m in a rush. The notifications make it quick and easy to track my spending. Now I think twice every time I’m about to set my credit card on fire at the local bakery.
The app can save you money
Spiir also offers a VERY cool feature. I found out that the app is able to compare prices on my fixed costs, such as insurances, subscriptions, phone companies, etc. This means that I can check out prices from other providers and see if there’s a cheaper alternative to the one I use today. The app can actually save me money!
Try it out yourself
Spiir is currently available in Denmark, Sweden, Norway, and Finland. If you’re able to get it, it’s definitely worth checking out. Should there be any negatives to mention, it would be the initial logistics. The more bank accounts you connect to the app, the more confusing it gets to keep track of internal transactions between accounts. If you have one account for your income and then transfer money to a food account or a savings or shared account, it can be a little difficult to categorize the transactions. You might have to create a system that works for you, but it’s manageable.
When you first create your account, you most likely will have to spend some time on categorizing the transactions that Spiir can’t identify at first. But once all of this is done, the app will automatically sort them out as well as the various unknown transactions in the future. For some sound money advice, check out Spiir’s blog. You’ll find financial tips, cool everyday stories, saving ideas, and plenty more to help make your financial management easier and a bit more fun.
Try it out and let us know what you think! Get Spiir here.
Do you have any other apps to recommend or that you’d like us to review? Share them in the comments below!