A New Way to Track Expenses & Set Budgets with HeyAlfred

I’ve been tracking my expenses for a while now and from time to time I get questions from people saying “How do you keep track of every single expense? I don’t think I have the patience for that!”. I always tell them that it’s easy for me because I’ve already made it a habit but at the same time, I understand that not all people are like me so luckily for you guys, there is an app called HeyAlfred to help with not only tracking expenses, but also budgeting. They have kindly sponsored this post today so if you are interested in learning more about finding a solution to your expenses tracking and budgeting problems, then read on.

Tracking Expenses and Budgeting Can be Challenging

Some people think tracking expenses and budgeting is tedious because they can’t keep up with receipts or having to remember how much they spent on something and THEN having to take the time to compile a month’s worth of expenses. At least, that is what people have told me and they have a point. Maybe it's possible for someone to do it for the first week but they might not be able to do it the second week. Every person has a different circumstance and it can be a challenge because sometimes it’s just due to our busy schedules or sometimes it might just be due to demotivation. It’s just too much effort! I always think that every problem has a solution and this is an easy one to tackle because let’s be honest..we’re not trying to solve the world’s problem here. Instead, the app is solving your problem by making things easier.

With HeyAlfred, all you have to do is set your budget, spend as you normally would and HeyAlfred will do the magic. For the past month, even though I’ve been stuck at home during MCO, I had the chance to try something new - which is their app - and I am here to explain each and every feature they have as well as show you how you can set up your account. Once you’re done with this, you can see a better visualization of everything on the homepage.

Let’s Talk Features

1.How to Link an Account

Just log in to your bank account here. If you have many bank accounts, you can view all your transactions on HeyAlfred at one go..which means you can skip the tedious task of logging into multiple accounts to check on your spendings. They use bank level encryption and security practices and they are a read-only service so you don’t have to worry about anyone having access to your money. Once your account is linked, you can see all your transactions on the homepage and in the calendar for better visualization, when you click on each transaction, you can categorise your expenses (I love this). Watch my video and you will understand.

If you want to remove the account, just head to Settings > Account: Linked Account > Select Your Bank Account > Click ‘Remove’ and you’re done!

2.How to Set an Income

Click ‘Sync with Bank Transactions’ and the app will automatically identify transactions for the past 3 months. Select it one time and it will detect it in future. Alternatively, if your bank is not listed and you are not able to sync, you can just click the ‘+’ button on the top right corner and manually add your income.

3.How to Set Recurring Bills

This is the same step as setting the income, only this is for recurring bills. Click ‘Sync with Account’ and you can choose from options like ‘Netflix, Spotify, Time Internet, TNB’ to connect to. I assume that there will be more options in the future. But you can manually add your bills in too. Do take note that the bills won’t appear on the front end BUT the app will send you a bill reminder 7 days before the deadline. That way it is easier for you to pay your bills on time.

4.How to Set a Monthly Budget

This is really easy; you need to input income and recurring expenses to make this work. You can see two important things here: ‘recommended monthly budget’ and ‘I would like to save monthly’. You can adjust either one of them, if you are a budget oriented person, just adjust the first option but if you are a savings oriented person, you can adjust the second option. It will adjust based on your income and also your monthly fixed expenses.

5.How to Set up Investment Portfolio

At the moment they only have ASNB so if you want to add this, it is your choice. I think having the visibility in this app will encourage some people to regularly put some funds in their portfolio because it acts as a visual reminder. It will be exciting to see what other options HeyAlfred will put here in the future.

Watch my short Youtube video below to see me test out each feature:

The Features Sounds Great..Is It Safe Though?

I think security is a very important topic to cover. I’ve linked it to my bank account for more than a month now and my money is still there guys so don’t worry. I trust the companies that put their trust in them (Maybank, RHB, Cimb, ASB, Luno etc). You can click here to read more about their security. The beauty of this app is that it is flexible and you can link however many cards (and in the future, e-wallets) as you want, even if it's just one. So that you can explore this step by step and on your own terms. I personally cannot wait for their new update and when I can finally link my TnG eWallet because I use that a lot nowadays.

In Conclusion..

One of the things I hope to see in HeyAlfred in the future is the ability to manually add in non-recurring expenses because in certain situations, we can’t avoid using cash. Otherwise, this app fulfills all the basics and considering that they are a startup, they did pretty well so far.

If you’ve been with me for a while but haven’t started your expenses tracking journey or if you’re new to both my blog and to personal finance, I just want to encourage you to take charge of your finances as we are most likely going to enter a recession and keeping your finances in check will be a skill that will benefit you now and in the years to come. Take baby steps!

Follow HeyAlfred on Instagram for more personal finance tips. I love how they make it look so cute and easy to digest.

I love how they have the charts like this because I prefer to visualize things and I believe many people like to as well.

Another feature that they have is Ask Alfred, you can ask questions like ‘What’s my balance?’ ‘How much did I spend on x?’ ‘Can I go out?’ ‘ What day is it?’. Not all questions can be answered though, as Alfie is still learning but it will be interesting to see how this will improve with time.

If you haven’t tried out the app yet, you can download through their website here.