Budgeting Tools

Since I just covered budgeting, I thought a post discussing budgeting tools might be helpful. There are soooo so many ways to maintain your budget, and with a little experimentation you can find a system that truly suits you. So far, I’ve researched or personally tried these:

Excel: If you know how to use formulas, you can create a snazzy little budget for yourself in Excel. This is the budgeting tool I use right now, and I love it because it is completely personalized to my lifestyle. If you’re interested, contact me and I would be happy to send you a free copy of the spreadsheet I created.

Online Banking: One of the easiest ways to track your spending, especially if you pay primarily with a debit card. My bank allows me to categorize entries, and then displays charts and graphs based on my spending habits. This option may not work for you if you primarily use cash or a charge card, or if you spend from multiple accounts.

Mint: A relatively new (and free) money management tool that imports all your savings and checking account data, allows you to create categories, and automatically updates your spending information. Mint also provides suggestions on how you can save money based on your current financial habits. I find Mint a bit clunky at times, but. . .it is new, and it improves daily. Some of the money saving advice has been really good, too! I would use this in conjunction with another budgeting tool, though, like excel or envelopes. Click here for more info.

Envelopes: I think this method has been around since forever. If you aren’t detail oriented and don’t want to continually record what you’ve spent, this is ideal. You just figure out how much money you want to allocate to each category, create an envelope for that category, and stick cash in the envelope. When the cash is gone, you either stop spending, or you borrow money from other envelopes.

Mvelopes: A techie take on the old fashioned envelopes system. According to the website: “With Mvelopes you can easily create an online home budget, track all your spending, and always know exactly how much you have left to spend in every category” The system is kept online, so you can access your account from anywhere and at any time. There is a monthly fee. Click here for more info.

These are only a few of the tools available right now. There are also old standbys like Quicken and Microsoft Money, as well as a myriad of budgeting tools available online. Whatever you choose, keep in mind that Developing A Budget Takes Time (this is my mantra, haha).

I went through three or four budgeting systems before I settled into one I liked and could easily maintain. And that’s the thing: If you’re struggling to maintain your budget, your system just might not be suited to you. So try something else! There isn’t one perfect “right” way to do this!

If you’ve tried a budgeting system and really like it (or hate it), leave a comment and let me know about it. I’m always on the lookout for new tools or techniques!