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Software For Budget

Discussion in 'General Discussions' started by mangaii, Feb 29, 2020.

  1. mangaii

    mangaii Platinum IL'ite

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    I'm 40+ and never done monthly budget. Now want to track expense .
    We have accounts from 4 banks. Is there is a way to scan bills using some apps ?
    Looking for some apps to track expenses which is simple .
    Any suggestions ?

    No patience to enter into excel .
     
    KashmirFlower likes this.
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  2. kkrish

    kkrish IL Hall of Fame

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    I heard of Mint.
    However, we are excel people, my hubs and I. :) So am unable to recommend any.

    Hopefully this article will shed some light on what might be your fit.
    The 7 Best Budget Apps for 2020
     
    Caughtinbetween and mangaii like this.
  3. heron

    heron Platinum IL'ite

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    If you are ok connecting credit cards etc... Mint, Microsoft money etc are good... they pick up everything automatically and calculate.

    I am love writing down in excel .I made my own Kharcha-Pani sheet and its customised to last bit. I personally feel writing it down every time makes one wonder how much one spends... keeps us money mindful. Automation shows results but self entering brings in a slight pinch of guilt :oops:.

    Krrish mams list is a good one.
     
  4. mangaii

    mangaii Platinum IL'ite

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    Thanks @kkrish and @heron I’m going to give mint a chance . I will update by end of month how I like it .
     
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  5. kkrish

    kkrish IL Hall of Fame

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    Please do.
     
  6. mangaii

    mangaii Platinum IL'ite

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    Next question - I have this habit of buying unnecessary things . I would honestly like to get rid of my credit card and just use debit card so I control my expenses. Is this good idea ? Any other suggestions are welcome
     
  7. mangaii

    mangaii Platinum IL'ite

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    I don’t spend on myself but on kids . If they ask for one I will buy them 4 . I try not to do it but momentarily carried away . I hope I’m old enough to stop doing this
     
  8. kkrish

    kkrish IL Hall of Fame

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    If your credit card pays you a percentage back, then do not throw it out.
    If it does not, then throw it out and get a credit card that pays you back.

    I read this step to budgeting and being disciplined about spending many years ago.

    This is how it goes :
    Document for three months every expenditure using cash, cheque, or ccard.
    Every night write everything down .
    Every month go through the list and you can identify the necessary, and unnecessary expenses.
    Work from there on where to cut and how much to cut on the unnecssary expenses.

    My credit card statement actually gives a list of my spending behaviour. It sorts according to where I spend and also shows percentage. No need to write down.

    Now if I see i have bought coffee frequently I can decide to cut down one coffee per day, and so on.

    You can treat credit card spending just as cash if you determine your limit before leaving home.

    Another option is take a set amount of cash at the begininng of each month and not worry about where it goes on small purchases. Once the cash gets over no more shopping. Limit credit card to big ticket items only.

    I feel that by spending cash on everything I will lose the percentage of money my credit card pays back every year.

    The money we get back, we deposit in a savings account that we set up exclusively for depositing rebates. Once a reasonable amount is reached we buy a Certificate of Deposit (fixed deposit as known in India)

    Hope my message is not confusing.
     
    Last edited: Feb 29, 2020
  9. Anusha2917

    Anusha2917 IL Hall of Fame

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    I like using debit card. No money in bank account automatically means no extra expenditure. :grin::grin:

    However my husband always insists on using the cc. All the points, cash back etc is indeed rewarding.

    Went to buy furniture today and we used coupons work Rs 10k . These coupons were redeemed for my husband's cc usage.

    Well worth isn't it?
     
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  10. heron

    heron Platinum IL'ite

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    You do need a good credit score for various reasons. So keep using credit card very few times like once or twice a month.

    Using debit card is a good idea for keeping check. But as long as you are not going haywire on spending, credit card is not a bad thing.

    On your question, forcefully stop yourself buying 4 for 1. Literally use one hand to stop the other one clicking on that 'BUY' button. Buy 1 . You will soon see how the other three were a waste of expense. Once you get used to not buying unecesary, you wont go back.
    We are all human, we do things that are not necessarily perfect but we can avoid if we really want to, we have that intelligence too.

    I have a 'unnecessary' column in my excel. Things I felt 'absolutely wanting' this month but after a month; they are just sitting there. I go back to last month to fill that cell up in my excel. Sometimes when I fill it I feel that urge not to fill it next month so keep full check on my expenses.

    You have come to the point of wanting to budget, and actually acting on it. Its a good sign. All the best!
     
    Last edited: Feb 29, 2020
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