You pay ₹180 for lunch, ₹60 for a cab and ₹250 for groceries. Each payment takes a few seconds, and none seems like a big expense. But when you check your bank balance at the end of the week, you wonder where so much of your money went.
Recently, the use of online loan apps in India, along with UPI and digital wallets, has also increased, as people use these apps to manage various transactions. However, you don’t need to stop using UPI or digital wallets to get better control of your money. You just need a way to keep track of what you spend, check that payments go through correctly and avoid losing sight of your available balance.
1. Decide How Much You Can Spend Each Month
Before using your payment apps for everyday purchases, work out how much money you have available after paying for essentials such as groceries, bills, and savings.
For example, if you have ₹5,000 left for personal spending after covering your regular expenses, decide how much of that amount you want to use for eating out, shopping and entertainment. Be mindful if you’ve borrowed money from a loan app, as you need to account for its EMIs also.
Keep the limit realistic. A budget that doesn’t account for your usual habits will be difficult to follow. The aim is to know when you need to slow down, not to track every rupee perfectly.
2. Check Where Your Money Goes
Open your UPI app and look at your transactions from the past seven days. You might find several small payments for food delivery, tea, transport or online shopping that you had forgotten about.
Add up the amounts for each type of expense. If you’ve spent more than expected on food delivery, for example, you could cook at home a little more often the following week. Ensure you also add up the repayment amount if you’ve taken a loan from a digital loan app or any other lender.
A weekly check is usually easier than trying to remember everything at the end of the month. It also gives you time to adjust your spending before it gets out of hand.
3. Keep Your Wallet Balances Simple
UPI payments usually come directly from your linked bank account. Some digital wallets work differently because you add money to them before making payments.
If you use several wallets, it’s easy to forget how much money is sitting in each one. You might have enough for a purchase in your wallet but overlook that the money was already part of your monthly budget.
Use the payment methods you actually need. Before adding money to a wallet, check its balance, any applicable fees and whether the money can be returned to your bank account.
4. Keep a Record of Money You Send to Others
Shared expenses can become confusing, especially when you regularly split bills with friends or family. A transfer of ₹800 might be your share of dinner one day and groceries the next.
Add a short note to important transactions or maintain a simple record of shared bills. If a friend owes you money, update the record when they pay you back.
This is particularly useful for people sharing rent or household expenses. You can see who paid what without scrolling through weeks of payment history to work it out.
5. Check Before Repeating a Failed Payment
A payment may show as pending or unsuccessful even when money has been debited from your account. If you immediately try again, you could end up paying twice.
Check your transaction history and bank balance first. Follow the status shown in your payment app. Contact your payment provider if the money has been debited, but the issue remains unresolved.
Before confirming any payment, check the recipient’s name and the amount. Correcting a mistaken transfer can be difficult, so taking a few seconds to verify the details is worthwhile.
6. Be Careful With Payment Requests
UPI makes sending money easy, but that convenience can also be misused by scammers. Never share your UPI PIN or OTP with anyone, even if they claim to represent your bank. Also, remember that you generally don’t need to enter your UPI PIN to receive money.
Contact your payment provider immediately if you see an unauthorised transaction.
7. Review Your Bank Statement Every Month
Your payment app is useful for checking individual transactions, but your bank statement gives you a broader view of the money moving through your account.
At the end of the month, look for duplicate debits, missing refunds and unfamiliar transactions. If you use multiple UPI apps linked to the same bank account, review all the transactions together.
Keep receipts for larger purchases and important bills. You may need them if you have to follow up on a payment or request a refund.
Make Digital Payments Work for You
Start with two habits: check your spending once a week and review your bank statement at the end of each month. Add notes to shared payments and always verify a transaction before sending money. Furthermore, if you want to borrow a loan, then ensure you avail it from a secure loan app.
These small steps can make it easier to understand where your money goes, catch payment problems early and stay within your budget, without giving up the convenience of digital payments.
