Spending tracker/budget/saver app

YNAB YNAB YNAB!



Can I just say YNAB?

Like Nat, we have a similar set up. Here is what we have done (if it helps?)

- We opened a spreadsheet and transferred all of our direct debits/standing orders with the last payment amounts and dates they were paid.

- We went through these to get them all to be paid as close to our monthly pay dates as possible (so I get paid on 20th and my wife on 25th so 95% of our dd/so's now come out before the end of the month).

- We have then looked through our bank statements and looked for regular payments outside of our dd's so things like paying the window cleaner and swimming lessons, school dinners and the food shop.

- We have looked to agree an amount we feel is reasonable for these things and as we are paid monthly we have looked to multiply the amounts to an annual amount and then into 12 months. This gives us an idea of what we need to put to one side for the regular stuff we need.

- We then looked at what we had left and agreed an amount for a buffer to be left in the bank to account for any variable payments that come out of DD. We agreed what we could overpay and what we needed for entertainment etc.

Once we had all this sorted and agreed. We kept the DD/SO, buffer amount and debt overpayment amount in our current bank account. We then opened up a Starling Bank account

https://www.starlingbank.com/

The reason we did that was because it gave us an account which updates as you spend immediately. Unlike our bank account where it can take a couple of days for a card payment to reflect on your balance - this was instant and we could easily see what each of us were spending so we can keep within the agreed budgets more easily.

The account is set up so we have a 'goal' assigned where we transfer the money across to when our SO hits the starling account. We then leave our weekly budget available to spend. We love how it makes it so clear for us to know that what has been spent and what is available. We have never had discussions about waiting until next week to pay for something but this forces us to do that and whilst we know the money is in there - it gets you back to basics of only spending what you have.

Its better than any spending tracking app because if you spend a lot on debit cards like we do, it does it for you. There is very little we do that needs cash these days - even the window cleaner has a card reader. It really works for us.

FTBNow said:

natlie wrote: »

Hi I use Monzo as my cash account, it does all these things without the need of a separate tracker. I set up pots for groceries, eating out, work expenses and savings pots for xmas and birthdays and it stops me overspending its really good - the app is free and you can spend abroad free on the card and there's free cash up to a limit of £200 abroad.

You can set your own limits for daily spending at home and its flexible so you can move things around

Nat

Hi Nat,

Thanks for this! I've heard a lot of good things about Monzo and have just signed up for an account and a debit card with them. I like the idea of individual pots: I think if I have it all in one place I'm more likely to spend it on something the money isn't originally allocated for (!)

Do you just transfer from your main bank account into here?

I'm also a Monzo convert. My salary goes into my main bank account then I leave enough in there for dd's and have a standing order to send everything else to Monzo.  I have 13 pots for various budgets. 😲  You can tag things to different types of expenses, add notes to what you've spent.  

Naomim