budget/spend analyis software?

glewis

Is there some freeware out there that will take the bank statement data you can down load and put it into spending categories.

So what I'd like to be able to do is download my bank statement at a CSV (excel) and then after setting up where I spend my money, so if it say sainsburys on the bank statement this gets tagged as food, Boots as health, etc. and then automatically populate a spend sheet like the martins budgeting spread sheet. This would save a load of time compared to doing it at the end of each month to see if we have managed to bring home more than we spend.

Kind regards

zx2011

gnucash can do this. is use it all the time. you have to set up an expense account for EVERY type of expenditure. it sounds like a lot of effort but it does work.

www.gnucash.org

glewis

I have asked this question so here is the answer a year or two later.


1. What is you aim, to track you 'net worth', with all the accounts, saving/checking, morgage, ISA, (TESSAs remember them?) numerous pension pots from previous employers, the list I feel goes on and on...
2. I have tried looking a GNUcash - but this is a double enter accounting system and I'm sorry but there is no need for double entry systems as there are now calculators (here I mean computer calculations don't make mistakes, the equations can be wrong but not the maths).
3. Quicken and MS money are both on there way out of the UK market, strange as all money is just numbers with a different unit name!
4. Excel - depends on who much of spreadsheet expect you are - case in point - look as YNAB, it started as a spreadsheet
5. Good old paper and pencil
6. I'd suggest you figure out what you want as I seem to find that there is soneone out there that has already made it - like YNAB (I'm sure understanding how to live within my means was 'my idea' - joke)
7. Then there are websites like, mint, wesabe, whostolemymoney and lots more, these to can tag (categories spend) but YNAB has the thing about living on last months money this month rule that is just so simple I love it. (Even though I am paid a monthly salary my income varies due to TAX on stock options, sales, employee saving schemes, and restricted stock units (RSUs) [shares with limited right] and that is just for starters) I can easily move in and out of my emergency buffer fund to smooth things over.
8. I have even tried 'first directs [HSBC]' internet banking plus to consolidate accounts even supermarket loyalty points!, which is free to those that bank at first direct and sounds the closest thing to what you are asking for. [I am in the process of changing from first direct to try halifax for £5/month instead of 0% on my current account]

Good luck and let me know what software and sites to come across.

Kind regards
Giles

[Deleted User]

poss the lloyds tsb money manager

donkingkong

https://www.xero.com/personal/

Cmdr_Bond

donkingkong wrote: »

https://www.xero.com/personal/

free for 14 days then £24 a year.

donkingkong

Cmdr_Bond wrote: »

free for 14 days then £24 a year.

And it would be money well spent vs the other options posted up.

glewis

Hi donkingkong & Cmdr_Bond

Thanks for pointing out xero/personal/
I had a look at the webpage and it looks like a commercail package that is scaled back for personal use?
It is web based? or can up down load it on to your PC?
And does it automatically log into your on-line bank to get your data? Like say wasbe or mint?

Thanks
Giles

BreamoreBoy

Why do people keep referring to commercial packages when there are loads of open source packages available? There's no guarantee that they'll be better quality or that they will be maintained. Consider the demise of m$ money and quicken in the UK. See my earlier comment on thread entitled "budgeting/finance software ideas please" for a few choices.

glewis

Hi BreamoreBoy

Thanks for the pointer on the other thread to ...
daniel.carrera.name/2009/02/personal-finance-software/
But the posting is 2009 so 3 years old. However I am interested in taking a look at KMyMoney.
But I love the YNAB methodology and it started life as an excel spread sheet and has developed.

I tried a lots of free software and it didn't do the job, gnucash is a double entry system and good for paper, finding errors but please not for a computer prog.

But there is a lot out there and people are just trying to help with ideas :-)

Edu-tainment, here are the 4 rules :-)

1. Give every dollar a job. (same a current rule)
Every dollar is assigned to a spend or save category.('tag' all your money with a job)

2. Save monthly for non-monthly expenses. (Save for a Rainy Day)
The job of certain dollars is to "sit" in the checking account until it is needed for non-monthly expenses.
(Big lumpy expenses that WILL happen like garage bills and a new car)

3. Correct for overspending. (Roll with the puches)
Fix overspends by reducing expenses in the following month. Jobs (dollars) are reassigned to balance the budget.
(Flexibility - a budget is a gestimate and will always me a little high or low, how to be frugal, and how to still enjoy life and spend the money wisely)

4. Live on last month's income. (Stop Living Paycheck to Paycheck)
Maintain a buffer in your checking account equal to the next month's expenses. Bills are paid with income earned in the previous month.
Control and power of knowing you have last months money to live on, I have seen some 'money management' systems use Direct Debits for all monthly bills and then a weekly withdrawal of CASH for all discretionary spend including food. With the motto 'if you haven't got it you can't spend it' but I think YNAB is the best method of I come across so far.

Kind regards
Giles

BreamoreBoy

The post I referred to might be old but it's still accurate, I know cos I tried them. Kmymoney is a fairly big download cos it needs all the associated KDE files, hence why I'm trying gnucash.