Budgeting

[diningdecadence]

For those people that track/monitor their finances - do you use any particular budgeting software?

In the past i've tried spreadsheets, and used business accounting software - have just come across something called YNAB - you need a budget - seems to be software based out of the USA - thinking about giving it a try. Understand there's also some local apps like pocketbook etc

interested to hear!

 

[OATEK]

I do all mine with Excel. Bring forward last years recurring items, and make allowance for anticipated one-offs. I have formulas for interest payments, and even for when an Opal top-up might be required. Been working fine for me for several decades since I first started it in Multi-plan on Dos 3, then PlanPerfect, Lotus 123 and for the last decade Excel.

Do the same for major trips, setting indicative costs for hotels etc, baseline reference costs for airfares based on past trips etc. Accommodation is based on anticipated stay length x budgeted cost to build out the overall cost of the itinerary. I usually finish up $1-2K under-spent, through not using the built in contingency.

Gives me something to do.

 

[exceladdict]

For those people that track/monitor their finances - do you use any particular budgeting software?

In the past i've tried spreadsheets, and used business accounting software - have just come across something called YNAB - you need a budget - seems to be software based out of the USA - thinking about giving it a try. Understand there's also some local apps like pocketbook etc

interested to hear!

Keen to follow this. Most of the online ones I've sampled are more complex than I want in some areas (i.e. logging in to my bank on my behalf and sucking out the financial data); and not as complex as I want in others (with limited projections, difficulty to put scenarios in to see how it might affect it i.e. a 20k holiday next march).

So I end up back in my own spreadsheets, seperate ones for reporting and projections.

 

[cgichard]

I've used YNAB for several years now and can strongly recommend it. BUT my version is YNAB4 which cost a one-off A$60 which I soon recouped in the savings it enabled me to make. Now I think you can get only the 'NewYNAB' version which is cloud-based and has an ongoing subscription fee, after a free month's trial. New version is much criticised by long-standing users of the earlier version because of its "talk down to kiddiwinks" style.
Here's what one Australian user said (on the excellent users' forum):

I'm not missing the snazzy features of nYNAB too much. I feel so much better not having to have my brain invaded by all the negative thoughts about the tone. I wish I could have ignored it but it just seemed to me to be everywhere. So I'm better off with dull Classic and its complete lack of commands to dance every time I get my maths right​

Maybe give a try, though. Just yesterday I read of a new look-alike version called Financier which could be an alternative. Either will take a while to learn; watch the videos to start with. What YNAB is especially good at is giving you a mechanism to put money from income aside for monthly, quarterly or annual expenses, so that when they hit, even if the bills come in a cluster, you have enough salted away for them. PM me if you have queries; I do have a referral code but don't know if it's valid for the new YYAB.

 

[Snoopydoo]

I use Expense Manager, a fairly basic free app that tracks everyday and holiday current/projected expenses. I keep a separate spreadsheet for the more complex stuff. I like EM because I can log the expenses as soon as they are incurred rather than keep the receipts and then have to record them on Excel. And you can upload the whole database to cloud every now and again so you don't lose the info if your phone dies.

I've heard alot of negatives about the new YNAB.

 

[JohnK]

I simply look at my bank balance. <$10 usually means I've already spent all my money. Credit is too easy to get.