Advise needed regarding budgeting apps/software and spreadsheets

The_Fella_London

Hi. I have always been terrible with money, and despite trying to save, usually end up each month overdrawn, and not knowing where all my money has gone! I know there are a lot of apps and software available that claim to help with this, and also to help with how one thinks about money. YNAB is one, though I gather it is quite complicated to learn and understand? There is usually a monthly fee involved, but happy to spend a bit in order to save a lot!! Some of the best rated also seem to be US based, such as Quicken. I was also wondering if the best option might be some Excel budgeting spreadsheet templates, and if anyone has a recommendation for the best of these that might be available to download, ideally for free! Again I have been recommended Tiller, but one has to pay to join. I just want something relatively simple that will help both with controlling my spending, and showing me where all my money is going, and ideally help me save something for the future! Thanks in advance for any advice.

wmb194

The_Fella_London said:

Hi. I have always been terrible with money, and despite trying to save, usually end up each month overdrawn, and not knowing where all my money has gone! I know there are a lot of apps and software available that claim to help with this, and also to help with how one thinks about money. YNAB is one, though I gather it is quite complicated to learn and understand? There is usually a monthly fee involved, but happy to spend a bit in order to save a lot!! Some of the best rated also seem to be US based, such as Quicken. I was also wondering if the best option might be some Excel budgeting spreadsheet templates, and if anyone has a recommendation for the best of these that might be available to download, ideally for free! Again I have been recommended Tiller, but one has to pay to join. I just want something relatively simple that will help both with controlling my spending, and showing me where all my money is going, and ideally help me save something for the future! Thanks in advance for any advice.

You had a thread on this and I imagine many of today’s responses will be similar.

https://forums.moneysavingexpert.com/discussion/6314829/best-money-tracking-saving-apps-and-websites#latest

I use MS Money 2005 UK. If you Google for it you should be able to download it from somewhere.

mr_stripey

I'm a bit fan of YNAB. There is a cost - approx £70 a year I think and it does take a bit of getting used to. It's not complicated as such but it takes a few monthly cycles to get the hang of I think!

MattMattMattUK

I would vote for the spreadsheet, incredibly flexible, incredibly powerful, the only disadvantage I can think of is that you have to manually input your data, but that is also a very good way to make sure you review your bank and card statements. 

Reddleman79

I use a WHS A5 two days to a page diary, in which I write every item of expenditure and add them up at the end of the month. There is a summary page to transfer the monthly totals and income. I've done it for many years and know exactly what I've spent and earned. The diary only costs £8.99 per year, as I hate apps and stuff, as the main purpose of them seems to be that of advertising.

Hoenir

Use cash more to budget with. Makes you think twice before spending. Far too easy with cards to lose track. 

MattMattMattUK

Hoenir said:

Use cash more to budget with. Makes you think twice before spending. Far too easy with cards to lose track. 

I never understand this, there is a perfect record of what everything was spent on, where it was spent and where it was spent with cards, it is impossible to lose track unless one is choosing to be wilfully ignorant. 

The_Fella_London

Thanks for the responses so far, and for pointing out I have already asked a similar question in the past. Unfortunately I didn't proceed with some of advice at that point, but am determined to now. I know new apps/software are introduced all the time, so just making sure I have up-to-date info. Thanks again.

elsien

I prefer cash as well for areas where I’m on a tight budget, for example, my food shop.
@MattMattMattUK It’s nothing to do with wilful for ignorance, but if you’ve got twenty quid in your purse you can physically see it diminishing and when it’s gone, it’s gone.
I’m not good at updating my spreadsheet every time I spend anything so for me personally just using cards means I tend up to end up over spending. It doesn’t have the same impact on a card as physically handing a note over, for me. 

Each to their own but don’t knock it because it does help some of us. 

molerat

Using cash is a rather blunt budgeting tool.  As long as you don't get another £20 out of the cash machine and it works for you then fine.  But you have no idea / record of where that £20 was spent, you just know you spent it as it isn't there any more. Many people do that with their bank accounts, spend until it is empty.  With spending on a card you know exactly where and when that amount was spent and can maybe alter your behaviours because your spending patterns are there in black and white in front of you.

As for the original question, I have looked at the many off the shelf budgeting tools and thought they were over complicated and far too difficult to maintain. I use a fairly simple spreadsheet that I made up myself, in fact it is based on the original pencil and paper one I made in the 1970s and transferred to a computer version. I now have 3 sheets that cover everything, a monthly spending sheet, an annual budget "bills" spend and a total assets sheet.  The daily user is the monthly spend and runs the current spending, 6 credit cards and budget and savings columns with a "money left to spend this month" box at the bottom.  The savings is usually negative as any excess positive balances in the current and budget columns have been moved off elsewhere earning interest until needed.  The big thing is that it takes discipline to keep it up. That is what budgeting is all about, no tool in the world is going to do it for you, it is down to your own discipline, a state of mind.

MattMattMattUK

elsien said:

I prefer cash as well for areas where I’m on a tight budget, for example, my food shop.
@ MattMattMattUK It’s nothing to do with wilful for ignorance, but if you’ve got twenty quid in your purse you can physically see it diminishing and when it’s gone, it’s gone.

The wilful ignorance comment is in relation to people who claim that they have no idea where/when/on what they spent the money when they spend on card, the only way to not know would be to choose not to look at statements/apps. All cash can tell you is what you physically have left, not where you spent the cash you no longer have. 

elsien said:

I’m not good at updating my spreadsheet every time I spend anything so for me personally just using cards means I tend up to end up over spending.

I only update the spreadsheet once or twice a month to keep overall track of my spending and allocate it to the relevant categories. I spend everything on my credit card and then clear it in full every statement, I keep an eye on that in most days so I know roughly where I am anyway.

elsien said:

It doesn’t have the same impact on a card as physically handing a note over, for me. 

Each to their own but don’t knock it because it does help some of us. 

I have not used cash for many years now and I think that it is not really needed anymore, but that is beside the point, what I was "knocking" was the idea of people claiming that they could not tell where/what/on what money had gone when spent on card.