‍“Years ago I started my journey of budgeting all my expenses in order to save money. I installed & tried multiple apps but I liked an app named ‘Monefy’. It was simple to use. It asked me to initially log all the transactions that I did in a day. Based on how I was spending, it also gave me insights into where my money had gone.

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For a few days, I stuck with the app and diligently added every transaction I made, either online or offline. Since I had never tracked my expenses (using pen and paper), I loved it. It felt like a welcome improvement to my lifestyle. I was taking care of how much I spent, regularly logged expenses & continuously monitored my dashboards.

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After a few weeks, I started feeling the drag. Keeping a track of all my expenses manually was not my routine task. Yeah, I did want to save money but the app showed me a stricter way to log my expenses to my phone and it wasn’t my thing, I felt. I felt I was compelled to do it every single day & continue making a streak to never miss my budget. And believe me, it was tiring, especially when I was using UPI for all my transactions.

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Soon I began feeling obligated to confess my transactions to my phone. Monefy had now become ‘Painify’. I later realized that forgetting to enter transactions made it impossible to get back on track with my money. My motivation soon faded and tracking my expenses felt more like a chore.

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That’s when I left budgeting (but always was mindful of my spending in general) until I joined Spac & took the initiative to grow a product that solved this exact problem. Happy to be here :-)”

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👆 The above excerpt is from Akshay, one of our team members. Just like Akshay, we believe there are millions that face the same problem day in and day out. They want to save more than they are doing currently, but eventually, give in after following strict rules of tracking money. It feels like a daunting task to track every expense manually. Doesn’t it?

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What’s the right way to track your spends then?

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Tracking your spends as and when you make your payments is the most viable way to track your spends. With digital payments picking up pace, we feel it can get overwhelming to sit every night and reflect back on payments. Imagine you noting & reviewing your spends instead of talking to your person, or delaying your favorite show at night because you’ve spend too much today!

It can get exhausting, believe us!

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How can you track on Spac?

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Spac auto-tracks every spend as and when you pay through your spending account. While paying through the card, we understand where you’re using the card, automatically. Also when you Scan & Pay on all your favorite shops, all you need to do is — Tag the Merchant QR code to a category & every time you pay, we auto-record the transactions to the category.

That’s how we seamlessly let you be on track of all your spends, literally.

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What do we mean when we say you can control your money?

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At Spac, we understand saving money can be a difficult task for many people, especially with the constant influx of bills, expenses, and the temptation of instant gratification. We won’t let you take the pain of going broke every time by helping you place spend limits over your money.

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For any category when you set a spend limit, we make a promise to ourselves and to you to never let you cross that limit. We do it by nudging you, alerting you and even declining card transactions at times when it crosses your approved limits. Isn’t that crazy? People find it.

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We mean it when we talk about the controls. We take care of your money like it’s ours, keep it close to your eyes & lets you never lose track ( & control) of it, ever. We believe with right controls, you will spend smarter and better & we are here to give the power to you.

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