? Do you often find yourself stretched thin for the month? Well, you’re not alone. Managing your finances is a lot like sticking to a healthy diet, sounds easy in concept, not so much in execution. Yet, over time, it gets easier once you realize that the “diet” is serving you well.

In this edition of The Enterprise Guide, we’re diving into the basics of financial planning, including how to prioritize, map out your spending, create budgets, and more.

REIN IT IN-

Do you find yourself constantly able to make the right financial decisions at the right times? That’s good news. When you spend your income wisely and without excess, you’re in control of your money, not the other way around. With everything and anything constantly being promoted as your next best purchase, it can get difficult to rein yourself in.

Why? FOMO. Social pressure can have us spending our bucks on things we don’t actually need — uhm, Labubus. The momentary adrenaline rush that comes with clicking “complete order” might just be what we’re after when we’re spending. Yet overspending looms just around the corner. If you’re not careful, you might find yourself drowning in credit card debt or unable to catch up to your BNPL payments. If any of that rings a bell, it’s time to exercise some control over your finances.

SET YOUR BUDGETS-

First things first, to take control, you must set clear and specific budgets. These budgets should include all sources of income and all types of expenses. Start by identifying direct income sources such as your salary, as well as any passive income sources such as CD interests or rental income. Next, make a list clearly defining all your expenses, and categorize those into fixed (bills, installments, and household expenses), and variables (leisure spending… and the occasional Labubu).

Track it all down. Write down every EGP spent, no matter the amount. In doing so, you’ll get a clear picture of where your money is going. Often, people assume that dining out is what’s making a dent, but the truth might surprise you.

Debts, debts, and debts. Pay your debts on time, whether they’re credit card bills, loans, or other obligations. Avoiding accumulating interest helps more than you might think. When planning your budget, you should always set aside money for debts first to avoid unpleasant surprises. It’s also recommended to avoid using credit cards for non-essential expenses if paying them on time isn’t an option.

?PRO TIP: Always check the points system your bank offers for your credit card. Reward programs can give you discounts and cashback that can be used to pay off part of your balance. These points expire, however, so make sure you always have an eye on them.

SAVING IS YOUR BEST FRIEND-

#1- Set a savings goal: It’s easy to lose your way if you don’t. Identify a goal you’d like to work towards, that can be a new apartment, car, a big trip, or even early retirement.

?PRO TIP: Start your savings with an emergency fund. Put aside enough money to cover basic expenses for at least three months to fall back on in case of any sudden unexpected emergencies. This, above all else, should be your top priority.

#2- Save smart: When choosing a savings account, opt for one that offers the highest return — rates tend to get lost in the fine print, so put your good glasses on. Done right, a savings account with good interest rates will give you a helping hand, even if said help is modest. Banks offer a variety of savings account with different return calculations — monthly, semi-annually, annually, and even daily. The most important thing? Don’t spend what you put in your savings, and no excuses.

?PRO TIP: The Thndr app offers a savings feature with competitive annual returns through its Sharia-compliant Clouds feature. The feature allows app users to transfer their investments from an investment wallet to a savings wallet.

BUDGETING APPS TO CHECK OUT-

Need a helping hand? There are a number of apps that can help you manage your income, expenses, and planning. These are our recommendations:

#1- Spendee: With a simple and clear UI, Spendee allows you to set a budget at the beginning of the month and divide it into categories. You can also add expenses and assign them to a specific category. The app also provides an infographic that tracks changes in your spending and income. The app is available at no cost, with the plus version available for USD 2 per month or USD 15 annually. The premium version will set you back USD 6 per month, or USD 36 annually. (App Store | Google Play)

#2- Goodbudget: The app helps you track your income using an “envelope” model, where you set a budget for each goal in a separate virtual envelope, making sticking to your budget and tracking your expenses easier. The unpaid version provides up to 10 separate envelopes, making it suitable for family members tracking their expenses together. You can also subscribe to the premium version for USD 10 per month or USD 80 annually — though if you ask us, the unpaid version works just fine. (App Store | Google Play)

#3- Money Manager: Love organized data? You’ll love Money Manager. Once you input your income and expenses, the app quickly converts everything into charts and diagrams, placing them onto your monthly calendar. You can also easily export all the data to an excel spreadsheet. An ad-supported version of the app is available, with the premium version coming at a price tag of USD 2.5 per month, or USD 20 annually. (App Store | Google Play)

#4- Buddy: Similar to the apps mentioned above, Buddy does everything from tracking salaries and expenses to displaying them in charts. What sets it apart, however, is the ability to share a budget with others through the Budget Together feature. The unpaid version works just fine, but the premium version offers a more customized experience, with prices starting at USD 5 per month, USD 35 annually, or USD 100 for a lifetime subscription. (App Store)

#5- Fudget: The app offers daily, weekly, and monthly budget planning features with a simple, uncomplicated interface. It also provides charts for your data, but its unpaid version is limited, especially when compared to the other apps mentioned above. To get features like organizing your budget by different categories or exporting data to Excel, you’ll need to subscribe to the premium package, which starts at USD 2.5 per month, USD 13 for six months, or USD 20 for a year. (App Store | Google Play)

DON’T UNDERESTIMATE AI-

AI chatbots can work wonders when it comes to helping you with finances. The trick? Knowing how to ask the right questions.

#1- Provide the right information: Whether you’re looking to set down a daily, monthly, or yearly budget, you’ll need to give your LLM of choice some basic information about your salary, expenses, and your goals, along with any debts you need to pay off. Ask it to create a spending plan that will help you save.

#2- ELI5: You can ask your chatbot to create tables, excel files, or other infographics which you can then easily export. Need an explainer? AI is a great tool for simple financial analyses, which can aid in your financial decision making.

#3- Find the right ready-made template: A quick online search can land you a number of ready-made templates for charts and budgets to track your spending. Platforms like Notion, Canva, and Smartsheet offer a variety of these templates, with some at no cost. More advanced versions are available if you’re super serious about tracking your expenses down to a T.

BLOCK OUT THE FOMO-

We’re creatures of influence, and social media is engineered to influence. While it may sound silly, what you consume truly can impact your spending. Following an influencer dropping haul videos on the daily? You might want to unfollow. Content that promotes reckless spending and overconsumption might be impacting you more than you realize.

Need a financial role model? Many creators dedicate their platforms to raising awareness about toxic shopping habits, increasing financial literacy, and advocating for a more minimalist approach to life.

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