My friends and I go to the Cinema.
I pay for the tickets.
My two friends send me money to my mondo card.
The ticket payments are categorised as Entertainment.
The money in is not categorised as entertainment.
So now at the end of the month, I’ve spent £30 on entertainment (cinema’s are far too expensive) instead of just £10.
I should be able to categorise ‘money in’ into the same categories I use for ‘money out’. This should work to bring down the total amount spent each month, thus helping to effectively manage my money!
At the moment I find myself not pooling money together like this in order to keep an eye on my own finances, making me a difficult friend! Think, splitting money at the end of meals etc.