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I use mint. Im not sure how people could prefer manually adding in all their transactions into a spreadsheet when mint automatically downloads them and I just need to make sure they are categorized properly.
Go back and read my post, and then explain to me why I need to fool around with software and enter my data into it in order to meet your absolute insistence that everyone needs to.
I don't understand how YOUR experience is evidence that I need a budget like yours. My parents raised a young family through the Great Depression, without YNAB or any other aid from computers or internet. There were a few pennies on the kitchen table, and they knew what to do with them.
Ya know . . . the OP was simply asking opinions about a certain program. If your system works for you just fine and dandy...no need to get snippy here ....
I would like to respectfully say that everyone needs a budget whether it is on paper, a computer program, or in their head. If you are an outlier to this general rule, please do not snarl at me.
I took a personal finance class in high school that really helped me think frugally. The instructor used a model of a person earning minimum wage who could pay their bills every month and still have a little money to contribute to charity. This was 1978 when $3.35/hr bought a bit more than it does now!
I have always kept track of my money in my head. I might occasionally write out my debits and credits if I need to make a big purchase. I have always paid my bills and saved money for the future.
Those who do not live within their means are the ones who would benefit most from a computer budget program. But who knows, maybe I would have better control of my money with a program.
When it comes to tracking your spending, my goal is that everyone does it, regardless of their financial situation. You can’t make conscious decisions without that data. Free Personal Finance Software, Budget Software, Online Money Management and Budget Planner Mint.com .My personal favorite budgeting software option is Mint.Because it is easy to use and setting up my bank accounts in Mint the first time took all of 30 minutes and most importantly it is totally free to use.
I use YNAB and like it. My favorite thing about it is the phone app, which lets me quickly check things on the go. No more wondering "Do I have enough to go out to dinner today?" I just open the YNAB app and check my "dining out" budget for the month and see how much is left in it. It's almost the opposite effect of payday madness, instead it's at the end of the month that I sometimes find I overbudgeted a bit and allow myself some fun.
Another nice thing about the phone app is that it geotags everything. So if I go to enter that I spent $30 at the grocery store, it already knows which grocery store I'm at and predicts that the budget category is "groceries" and that the funding source is "visa" or "cash" based on what I usually use at the grocery store.
YNAB's methods do take some getting used to, and it's not without flaws, but it's pretty good overall in my opinion. The biggest strength is that it's budgeting before the money is spent, not after (like with Mint). That makes it easy to budget for long term expenses like car insurance every 6 months or rainy day items like "car repairs" or "house repairs" and what not. It also helps avoid the "Oh crap...I forgot about X" moments.
YNAB is featured in Steam sales pretty frequently, so you can save a lot buying it that way. My copy was $15.
I am trying out YNAB right now and like it. I have been using Mint but with all the problems with sites getting hacked I was uncomfortable with Mint having a connection to my bank and CC accounts. I feel better entering the info and there is no account info needed.
could someone that manually enters data either by hand or into a spreadsheet tell me why that is better for them than using mint. whatever works for you is great, I just don't see the advantage (security of the info?)
I think a budget is necessary to eliminate overspending. At least it is for myself.
Since I worked in accounting all my life, now that I'm retired I still use spreadsheets for everything. I have one where I track every penny I spend. Column headings for groc, auto, pets etc. It also has columns for all income and bills. This helps me if I have set a goal say not to spend more than X # of $'s on clothing or whatever. At a glance I have a year
to date total for all the categories.
I have another spreadsheet for the year and it has the totals for all fixed expenses which is deducted from my income giving me the total that I can spend on groceries etc. I divide it by 12 and get my monthly figure. So when auto insurance bills come in I don't worry cause I know I've got it in my budget....in other words it's covered.
And the 3rd spreadsheet lists all my assets year to date. So I know at a glance what I have in checking, savings and cash on hand etc.
It works beautifully for me. I pay bills online except my rent because they don't take online payments. Other than that it's all automated including paperless bank stmts. It's so easy nowadays!
I suppose it could work for some folks to keep it all in their head but I prefer to see it in black and white in front of me.
could someone that manually enters data either by hand or into a spreadsheet tell me why that is better for them than using mint. whatever works for you is great, I just don't see the advantage (security of the info?)
That's it for me. I don't trust anyone with my data except me. I don't want my data hanging out there.
Sooner or later, something will get hacked. It may be later, but oh well
It all comes down to my peace of mind, no matter if someone else thinks it's irrational.
On another note, why would I want to use an online program anyway? Quicken has been working just fine for me since 1996 or so.
could someone that manually enters data either by hand or into a spreadsheet tell me why that is better for them than using mint. whatever works for you is great, I just don't see the advantage (security of the info?)
For me writing it down (yes -- I use pen and paper) lets me know ahead of time of what's coming up. Most things are monthly -- on the 4th is the phone bill, it's X, on the 10th is the mortgage, it's X, the 15th.... and so on. My writing it down precedes the debit. I tried Mint -- and all my stuff appeared AFTER the debit.
To my way of thinking that's backwards. I need to know what I WILL be spending, not what I spent. I need to close the barn door BEFORE the cows get out.
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