Understanding our spending

Understanding our spending

The coolest thing when you finally have money after a saving effort, is that it’s time to spend it! After the first steps we have already taken in saving, in this activity we will talk about your expenses. Your expenses are the money you give to pay for some goods, a service or even to support another person. They include all types of expenses you make to meet your personal needs and desires. Usually, they fall into the following basic categories. 

Expenses can be regular or extraordinary depending on when and how they arise. On a recurring basis, they can be daily, weekly, monthly, or even annual. In some cases, however, they may appear unexpectedly. Expenses are also split into fixed and running. Fixed expenses are the expenses that someone is required to pay each on specific period of time -For example your monthly English tuition fees, mobile phone bill, or an annual subscription to a magazine. On the other hand, there are of course the running expenses that come from our daily needs and desires, such as our expenses for food, entertainment, etc. 

In the Woli app we consider it very important to learn how to recognize and manage your personal expenses. In this way, you will increasingly improve your financial skills and gradually ensure your financial well-being. Remember that through your Woli account, you have the ability to see with beautiful graphics and in real time where you spend your money, so that you can manage your expenses even better.

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