Budgeting

Rob5342

Daliah said:

Rob5342 said:

The easiest way is to switch to a bank that has bugeting tools in it's app, Staring or Monzo for example.

I'm with Monzo and I have a bills pot which all my direct debits come out of, and a pot for each week where I put that weeks money. All I have to do is monitor the main balance each week, transfer out of the corresponding pot at the beginning of a new week, and I don't even have to think about direct debits as they just come out of the bills pot whenever they are taken.

It might be easy but it ties your budgeting data to that particular bank. If you want, or need, to change banks, you lose your budgeting data. Much better to use an independent budgeting app.

I find doing it this way the simplest. I have a spreadsheet with all my income and outgoings on it that I tweak from time to time to cover what is coming up the next month. The spreadsheet gives me totals for bills and what I'm allowing for each week so when I get paid I transfer that amount into the various Monzo pots and use the Monzo app to keep track of it day to day. If I ever need to change banks I'll switch to Starling and do the same thing, and if I have to switch again I might look at a standalone app. For the moment it suits me perfectly.

Daliah

Rob5342 said:

Daliah said:

Rob5342 said:

The easiest way is to switch to a bank that has bugeting tools in it's app, Staring or Monzo for example.

I'm with Monzo and I have a bills pot which all my direct debits come out of, and a pot for each week where I put that weeks money. All I have to do is monitor the main balance each week, transfer out of the corresponding pot at the beginning of a new week, and I don't even have to think about direct debits as they just come out of the bills pot whenever they are taken.

It might be easy but it ties your budgeting data to that particular bank. If you want, or need, to change banks, you lose your budgeting data. Much better to use an independent budgeting app.

I find doing it this way the simplest. I have a spreadsheet with all my income and outgoings on it that I tweak from time to time to cover what is coming up the next month. The spreadsheet gives me totals for bills and what I'm allowing for each week so when I get paid I transfer that amount into the various Monzo pots and use the Monzo app to keep track of it day to day. If I ever need to change banks I'll switch to Starling and do the same thing, and if I have to switch again I might look at a standalone app. For the moment it suits me perfectly.

It's obviously your decision, to a large extent. You can't, however, control what Monzo will do, you can't predict the future, and you are limiting your flexibility. I perfectly understand that this is acceptable to you but it may not be for others.

Angelica123

stuart746 said:

Hi, there are apps and websites out there to help with budgeting and some will cost money for all the functionality. Some have free trials to give them a go, so I would look into it and not stick with the first one you find. They may be based on slightly different approaches. I use YNAB (US/UK) which is a digital version of an envelope system for budgeting. It is very easy to use, has both website and app functionality, I use the app occasionally and possibly the website version is a bit easier to use but the app is very good. There are endless videos on the YNAB website to help set it up and get the most out of it and YT has lots of supportive videos also. It works for me and has transformed my finances over the years, but it does cost a monthly subscription that you may not want.

I love YNAB. I just wish the price hadn't increased again. I have yet to find an alternative that works as well. 

mr_stripey

Angelica123 said:

stuart746 said:

Hi, there are apps and websites out there to help with budgeting and some will cost money for all the functionality. Some have free trials to give them a go, so I would look into it and not stick with the first one you find. They may be based on slightly different approaches. I use YNAB (US/UK) which is a digital version of an envelope system for budgeting. It is very easy to use, has both website and app functionality, I use the app occasionally and possibly the website version is a bit easier to use but the app is very good. There are endless videos on the YNAB website to help set it up and get the most out of it and YT has lots of supportive videos also. It works for me and has transformed my finances over the years, but it does cost a monthly subscription that you may not want.

I love YNAB. I just wish the price hadn't increased again. I have yet to find an alternative that works as well. 

Yes, same. I love YNAB and have been using it for just over a year now. The price increase was not exactly welcome but for me it still represents value. My renewal just went through last week and I think it was around £75 for the year.

I kind of justify it in my own mind in that by paying for it, I am actually more committed to using it!

Vin247

Hi I use wealthposition.com for budgeting, spending tracking, portfolio, and future forecasting my wealth position. Really good app works on mobile and desktop