Blog

Your Average Living Expense & what does it mean (Jun 2018)

So now that you know your average daily living expense what does that mean to you?

Well, the good news is knowledge is power.

The number by itself is irrelevant, as you need to also look at your income for the period but nevertheless, seeing it will either make you feel 😀 or 😒.

But let’s make this actionable.

Step 1: Let’s take your number and multiply that by 30 days in the month – this is your monthly expense.

Step 2: Calculate how much money you have as income for the month – this is your monthly income.

Step 3: If your monthly expense is greater then your monthly income, that means you may need to look into making an adjustment, as over the long haul you can not reach your savings goals.

What you can do next is work out what is your optimal daily living expenses based on your income.

Step 4: Set up a budget for the month in Frollo (coming soon to Android).

Step 5: Track, track and track yourself daily – this is how you build your finance muscles. We wish you luck.

 

How do you compare to others?

Not that this should matter as everyone’s circumstances are different. But here is a look at our customer base and their daily living expenses.

 

What can you do to get a more accurate number?

Here are some things you can do to get a more accurate number?

  • Go back and categorise your transactions. (We show you how in a quick video)
  • Exclude transactions that are transferred or should not be counted.  (Video Tutorial)
  • Link more of your accounts on Frollo to get a complete picture of your finances.

 

Footnote: Want to know how we got the number?

    1. Only took into account your bank accounts (savings and transactions accounts), credit cards.
    2. Excluded all transactions classified as transfers.
    3. We did not take into account any hidden accounts.

If for any reason you want it run again to get in contact with our team feedback@frollo.us

 

Share:
0 comments on Your Average Living Expense & what does it mean (Jun 2018)

Post a comment

Your email address will not be published.