Good habits start young, they say. This is quite true in the case of Gaukhar Yergaleyeva, a software engineer based in Malaysia. Being a responsible daughter to her parents, she realised early on in her student life that she had to learn to manage her money well.
Gaukhar studied abroad, and so did her sister. This meant that her parents had to send money to both of them every month. “I didn’t want to be so broke that I had to ask my parents to send me extra money before the month ended,” says Gaukhar. “So I had to be more careful about spending right.” She stumbled upon Wallet during her college days in Prague in 2013. And, she has been stuck on to it ever since.
A long-term affair
At first, Gaukhar used Wallet to track her expenses. Once she had some idea of her monthly spending habits, she created budgets for her spending on food, transportation and utilities. “My goal was to stay within the amount I had budgeted for,” she says.
But then, life was much simpler. Based on her budgets on Wallet, she used to cash out her monthly allowances and keep them in physical envelopes. And, she would spend only till the money ran out and used data on Wallet to keep track of her day-to-day spending.
Things changed as life started getting more complicated. “I have a full-time job now, 3 bank accounts and I make most of my payments by debit card now,” says Gaukhar. “So now I use Wallet not just to track my expenses over multiple accounts, but also to save towards my goals, and to plan future payments and purchases.
“Even though my bank has an app, I find it more convenient to check my balance on Wallet as it gives me a complete picture of my finances.”
Wallet, says Gaukhar, is a great example of “good functionality wrapped in an eye-pleasing interface design”. Most personal finance apps are drab and what sets Wallet apart is the intelligent and aesthetic UI and UX design, she says. “Wallet makes me feel reassured, especially because the team is always quick with their responses to my problems. And, they even respond to all the feedback and suggestions I send their way.”
Setting priorities right
Gaukhar’s mantra for financial stability is simple.
“Plan your spending out before your paycheck comes in,” she says. “If you don’t plan it, you will waste it.”
Thanks to Wallet’s reports and charts, she gets the right information about her spending, which she uses to plan out how to spend her next salary in the best way. This has helped her save a lot of money, says Gaukhar.
Once she started working, she found it very difficult to find the time to cook food. She turned a bit lazy and started eating out more often. This meant she spent more money on unhealthy food. “Now, I create both weekly and monthly budget for groceries and eating out,” explains Gaukhar. “I buy all my groceries at once every week so that I have everything in store to cook after a tiring day at work. I’ve also started taking lunch to work. I have saved so much money and also started eating healthy again.”
A new outlook on life and money
Wallet has shifted Gaukhar’s perspective and has encouraged to look at things through a long-term lens. “Earlier, I always looked for short-term solutions,” she says. “But now after using Wallet for so long, it has brought a lot of discipline in me. I now know from my own experience that no matter how much I earn, I can always save money with thoughtful planning and setting your priorities right.”
Over to you
Has Wallet changed your spending habits?
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