Monitoring your expenses is the best way to find out if your spendings are according to your budget or not. However, budgeting also has a poor reputation among many American households. The budget doesn't mean that you have to have restrictions over eating out, shopping, or golfing on weekends. The budget simply means maintaining a thin line between your earning, spending, and saving. In other words, budgeting is one of the essential tools to build a successful financial future, as it will help you get the most out of your money.

It's never a bad idea to have an estimation of how much you are spending on everyday essentials like food, housing, utilities like gas, electricity, phone, and water. On the other hand, it equally tough to track all the details about the entities mentioned above. On top of that, if you have a joint family, it becomes more suffocating when you have to go through all the complicated maths for splitting bills and shared expenses.

We have asked some users about how they manage their expenses, personal and shared finances with family. Hence, after listening to the feedback and comments, we came with an idea of the Luna app, an automated and easy solution of managing personal finances. Although the app has diverse use, the discussion below is all about how it can be useful for managing and monitoring household expenses

Budget and challenges

To get started, we thought it would be great to figure out the most problematic scenario while deciding a budget for the family. In the process, we have had gone through different researches and some real-time problems that the people are facing while budgeting.

Some of them are:

1. Getting Everyone On Board
2. Worrying About Disappointing Others
3. Inaccuracy
4. Time required
5. Transparency

The real challenge was to address every possible problem that the user might face while budgeting or managing finance. So keeping everything aligned, we are confident in lunching the Luna app very soon. Make sure you don't forget to sign up as an early user to get 3 months of free subscriptions.

What is Luna? How can it be useful for your family?

Luna is designed to solve the problem of splitting bills and shared expenses. Apart from that, the app can also be used as a personal finance manager. To be specific, Luna helps the user to determine a budget for all the shared household expenses, then divide it equally or unequally. In the meantime, it can be equally handy if you have to track and manage finance.

Check out the the key features of the Luna app.

Keeping budget up-to-date

Well, the most troublesome task as the head of the family is to keep the budget up-to-date. To solve the problem, Luna helps you to categorize your expenses, giving a clear idea. In particular, the categories of expenses might be rent, taxes, mortgages, utility bills, grocery bills, and many more. As soon as you can categorize all the expenses, you can quickly get the idea if you are spending as per your budget or not. In simple words, you can easily figure out where you have been spending most or vice versa.

Real-time tracking

Luna helps you to get an insight into the actual spending in real-time. To be more specific, the app has a real-time dashboard, so you can keep all your financial details up-to-date. Furthermore, the app also allows you to connect multiple bank account and helps you to track all the transaction in real-time. In addition to the real-time transaction, the user can also track recurrence bills and other expenses. Also, the app can actively monitor and notify if the user has to clear unpaid dues or monthly utility bills.

Transparency on splitting the bill and shared expenses

Luna allows users to create groups where each member can get an insight into the family's expenses. With this feature, everyone in the group will have clarity about who owes what to whom. Additionally, this also helps you to find out about how you and your family members are spending on groceries and other utilities. Focusing on fairness, the user can split the bills and shared expenses via different methods like split by amount, split by percentage, and split by share.