Budgeting software

Discussion in 'Money makeover' started by terrysgirl33, 3 Jan 2019.

  1. terrysgirl33

    terrysgirl33 Frequent Poster

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    690
    Can anyone recommend software to keep track of money? We used YNAB (https://www.youneedabudget.com/) in the past but didn't stick with it. However, this is the type of product I'm interested in.
     
  2. mathepac

    mathepac Frequent Poster

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    6,602
    Good app. It sounds like the software isn't the problem. How committed are you to living your life while sticking to a budget? I was surprised in previous posts here how many people aren't. Look at conversations like "How much are you spending on non-essentials?" "I don't know and don't care. Do you mean drink, cinema, meals out? They're not non-essentials!"
     
  3. tallpaul

    tallpaul Frequent Poster

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    1,028
    Excel or similar spreadsheet software is all you need. Create monthly tabs and itemise your income for the month. Then itemise your monthly fixed costs e.g. mortgage payments, monthly subscriptions etc. Then list your variable monthly costs e.g. gas, electricity, phone etc. What you are left with is your disposable income. Categorise this figure e.g. day-to-day expenses, children's activities, general purchases, fuel etc. and set a realistic monthly budget for each. Set up a running total if you like (perhaps quarterly) so that there is no real issue if you are over one month and under the next as long as you are on track over the longer term.

    Make sure you itemise and categorise EVERYTHING you spend or else you are wasting your time. Stick to what you have budgeted for in each category and you will start saving! Does anyone really need a take-out coffee every day? Or even every other day?
     
    mathepac likes this.
  4. Firefly

    Firefly Frequent Poster

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    2,939
    OP,

    I would highly recommending going the old-fashioned route (at least for a few months) and writing down everything you spend into a journal - our journal is on the kitchen counter so it's a doddle to update. As you have to record your spending it acts as a big deterrent for spending money on things you don't need. We've saved a packet already.

    https://www.askaboutmoney.com/threads/anyone-want-to-write-a-money-diary.209522/

    Firefly.
     
    mathepac likes this.
  5. spondulix

    spondulix Registered User

    Posts:
    14
    I make card purchases with Revolut and only use my card. My actual banks debit and credit cards stay at home. Revolut has simple limits you can put on spending and it categorises purchases to the best of its ability. Although it’s not perfect it’s mostly great and saves manual accounting.

    As well as this I use a spreadsheet to track subscriptions and bills.