BHIM App’s ‘Digital Munim’ to Curb UPI Spending, Control Extravagance

Are you also troubled by rising expenses due to UPI payments? The government app's BHIM UPI Spend Analytics feature will now keep a complete record of your expenses. Learn how to set a budget in this app and curb your unnecessary spending.

Nowadays, whether it's a tea stall or a big shopping mall, only one sound is heard everywhere... 'Give the QR code', scan it, and the job is done. It's true, UPI has made our lives so easy that there's no need to carry a wallet anymore. But with this ease comes a big problem. When we used to transact in cash, we could see the notes decreasing from our wallet. There was a pang of pain that money was going away. But in digital payments, you just enter the PIN and it's done... The result? At the end of the month, when you look at your bank statement, you can't understand where all that money has vanished.

If you are also troubled by this invisible spending, then the government's BHIM UPI app has brought a great solution for you. In the era of Google Pay and PhonePe, perhaps many people have forgotten this app, but its new features make it the smartest digital accountant of today.

What is this 'Spend Analytics' Feature?

The BHIM app has added a special feature called Spend Analytics. In simple terms, it's a complete breakdown of your expenses. As soon as you open the app, you will find this feature on the home page itself.

It doesn't just tell you how much money you sent, but it's smart enough to categorise your expenses. For example, how much you spent on food and drinks, how much you spent on clothes, or how much money went into paying bills. When you see through a graph that a large part of your income is going towards unnecessary things, your hand automatically stops the next time you make a payment.

The Lakshman Rekha of Budget and That Red Mark

The most amazing thing about this app is setting a budget. Most of us think that we won't spend more than 5 thousand on unnecessary things this month, but who remembers?

In the BHIM app, you can set a monthly budget. As soon as you set the budget, a red line will appear on the app's chart. This line is no less than a danger signal. As long as your spending is below this line, you are safe. But as soon as the spending increases and the graph touches that red line, you will understand that it's time to pull back.

Why Try It?

Most private payment apps tell you who the money went to, but they don't explain your financial health. The BHIM app's feature also allows you to compare your spending with previous months. By looking at the charts, you can understand how much you saved or how much you overspent this month compared to last month.

Use technology not just to send money, but also to save money. If digital payments are emptying your pockets, try this budget feature of the government's BHIM app once. After all, it's hard-earned money, and it must be accounted for.

Complete Method to Use Spend Analytics in BHIM UPI

To take advantage of this feature, first ensure that your BHIM app is updated, then follow the steps below.

Step 1: Find the 'Spend Analytics' Section

As soon as you log in to the BHIM app by entering your password/PIN, you will see the 'Spend Analytics' option slightly below on the home screen. This feature is placed prominently so that you don't have to struggle through the transaction history.

Step 2: See an X-ray of Your Expenses

As soon as you click on it, a dashboard will open.

• Here you will see Current Month Spend: The total amount you have spent this month will be displayed as a large figure.
• Category Breakdown: Just below this, the app will automatically categorise your expenses into categories like Food, Shopping, Bills, and Travel.
• View All Categories: By clicking on this, you can see the details of every penny spent and where the most extravagant spending occurred.

Step 3: Understand Spending Trends from the Chart

Towards the bottom of the page, you will see a chart. This chart compares your spending over the past few months. If this month's graph is higher than last month's, understand that your savings are in danger.

Step 4: Set Your Lakshman Rekha

This is the most powerful part of this feature. It's not enough to just see expenses; it's also important to control them.

• On the 'Spend Analytics' page, you will see a 'Set Budget' button at the top.
• Tap on it and enter your monthly limit (e.g., 5,000 or 10,000 rupees).
• Save it.

Step 5: Keep an Eye on the Red Line

As soon as you set the budget, a red line will be drawn on your chart. As you spend, your blue graph will move towards that line. As soon as the graph touches or crosses the red line, you will immediately get an alert that you have exceeded your limit.