The iCash manual starts with the following: "The first step in getting your finances under control is keeping records!", I wrote that sentence a long time ago, actually before entering 16 years of data into iCash! Now I am the happy owner of information, 3 lustrums of data at my fingertips. All about my economy, incomes, expense habits, loan and mortgages repayments, etc.
I believe January is the Personal Finance month. It is the time for budgetting. It is when you see what you did the previous year and what your goals are for the next one. It is also when you look at your spendings, especially the fixed ones. Since you entered everything in iCash you can easily find out what your money was used for, how much you really earned and what's left.
Do you remember the formula: Wealth (what's left) = Incomes - Expenses ?
Well, if W (Wealth) is low you have two solutions, you either increase I (Incomes) or decrease E (Expenses). Not everybody can increase its incomes but almost everyone can lower its expenses. Yes, believe me! Look at your iCash reports and charts. I am sure you are paying too much in electricity, phone, water, cable TV or whatever. Look at your invoices, sure they include things you no longer need. Look for mistakes so you don't repeat them. Take a few hours to analyze your fixed spending invoices and other important expenses. You will be surprised. So yes, you have been collecting and entering data, now it is time for analysis and decision making.
Decision making definition: The thought process of selecting a logical choice from the available options. When trying to make a good decision, a person must weight the positives and negatives of each option, and consider all the alternatives. For effective decision making, a person must be able to forecast the outcome of each option as well, and based on all these items, determine which option is the best for that particular situation.
In my particular case and as an exemple, after checking my phone bill, I found out I was paying around $15 in useless features. I cancelled them all. That represents a clear $180 saving for the year(s) to come. I actually found lot of useless stuff I was paying for nothing. Then you can check your electricity and water bills, there are lots of ways to reduce consumption. I have decided to set limits.
You can’t manage what you can’t measure. So remember, the first step in getting ones finances under control is keeping records. With iCash I am able to view my daily, weekly and monthly incomes and expenses anytime. I can monitor my spendings, understand my household consumption habits and adjust them to reduce on the monthly bills.
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iCash is a software intended to control your personal finance, keeping track of incomes, expenses, credits, debts and Banks transactions for you. As simple as creating the accounts you need and move money between them! You don't even need to know about accounting or even care about it! Your finances depends largely on good organization that lets you know where your money comes from and to where it goes.
iCash is an easy-to-use, full featured and multi-purpose Personal Finance Manager tool for macOS and Windows intended to help you control all kinds of money issues. iCash can serve several small accounting needs for either private users, or clubs, associations, self-employed, small businesses or simply to be used at home, making keeping track of incomes, expenses and Banks transactions a snap.
With a few clicks you can begin creating accounts and making transactions in minutes.
iCash is versatil and user-friendly. For this reason it doesn't use the principle of double-entry bookkeeping making it much easier to be used by people with very little or no accounting knowledge at all.
Simply create accounts for all your expenses, incomes, Banks... and start moving money between them! iCash will then allow you to find out where all your money comes from and where it goes. All accounts are well organized according to user-defined categories and built-in types so reports can be tailored to include all records or only ones meeting specified criteria.
Cash also allows you to have as many money manager documents as necessary so you can control almost anything from Clubs, associations, home and so on at the same time.