Most of us were never taught how to manage our money properly, and although we’re inundated with apps and clever technology, more of us are struggling to manage our bank balances than ever before.
SPARQ aims to solve this problem, by offering a revolutionary financial tool that helps you to understand your monthly budget, whilst using data-driven analytics, combined with a visionary game-based approach to finance that puts an emphasis on forming positive habits.
In this article, we’ll share some tips to help keep your bank balance in check, and explain how you can use SPARQ to implement them:
Keep Track of Your Outgoings
It sounds pretty obvious, but the easiest way to stay on top of your finances is to make sure that your expenses aren’t exceeding your income.
Once you have a handle on exactly how much money you’re spending and where you’re spending it, you’ll be able to tweak your budget and make substantial savings in the long run, even if you only make small changes, such as eating out less or giving up on the odd takeaway coffee.
How SPARQ Can Help
Using SPARQ’s intuitive dashboard, you’ll not only get a detailed breakdown of exactly how much you’re spending on each type of service or product, but you’ll also be able to set limits that will allow you to reduce your spending in problematic areas without having to rely on guesswork.
Don’t Rely on Credit Cards
Sure, credit cards seem convenient, but if you don’t pay them off each and every month, your debt can quickly spiral out of control. We’re fully aware that young people today face pretty huge pressure to keep up appearances, but honestly, do you really want to be burdened with debt for the next 10 years?
So what’s the solution? Well, in all honesty, there isn’t one! You’re just going to have to learn some good old-fashioned self-control and delay the gratification until you can pay for that item without getting into debt.
Use SPARQ’s Vault Instead
In the upcoming update, you’ll be able to create special “Vaults” in the app’s dashboard. Vaults are like self-contained savings accounts, but with a few key differences: You’re able to set predefined savings goals for each vault, as well as a time limit to reach your goal. This helps to create a sense of competition, reinforcing good habits by adding a time-based gaming element to saving.
Take the Time to Learn More About Personal Finance
Lots of people will try to give you financial advice. Sometimes they’re well-meaning, but other times they’re trying to sell you a product. Regardless of the person’s intentions, the advice you receive may not always be accurate, so it’s vital to get at least a basic knowledge of how to navigate the financial landscape without getting yourself into trouble.
https://qz.app.do/financial-literacy-quiz-from-sparq
The SPARQ Qsystem, Launching 2021!
As well as our revolutionary dashboard and Qpoints reward system, later this year, SPARQ will be launching the Qsystem, a financial literacy community, and comprehensive knowledge base, to help give you the edge when it comes to planning and taking control of your finances.
Create an Emergency Fund
Last but not least, it’s vitally important to start a small emergency fund. We’ve talked about SPARQ’s Vault feature already, but it’s important that you’re saving for an unforeseen event, not just the latest iPhone!
To learn more about SPARQ and its benefits, head over to our website, and find out how you can take control of your finances today!
Links to download:
Appstore — https://apps.apple.com/lv/app/sparq/id1487955577
Google Play — https://play.google.com/store/apps/details?id=eu.sparq.m
