You see, in principle, money is about what comes in and what goes out. But in the end, there are many situations that, if you only think in terms of cashflows, are not representative of your actual budget.
Example: Let’s say you want to know how much you made this month vs. how much you spent. Last week, you transferred $500 from one account to another. The problem is, your charts will tell you that this month, you spent $500 and made another $500. Except thinking in terms of incomes and outcomes doesn’t work here. Imagine you did that 10 times this month. Paf, your charts will tell you that you miraculously made $5000 and spent another $5000. What a month! Other problematic operations include:
Investing
Withdrawing money from an ATM to have cash
So I’m asking you: What apps or software do you use that allow enough flexibility and have a pretty design?
For me, the key was finding an app that tracks transfers between accounts as, well, transfers, not income and expense. Like, if I move money between checking and savings, it shouldn’t mess up my budget. Some folks swear by You Need A Budget - it’s popular for a reason. They call these transfers “moving money around” which makes perfect sense. Another option is Personal Capital - it has a sleek interface and lets you track investments too.
EveryDollar is a budgeting app made by Ramsey Solutions. It lets you create a personalized budget with as many categories as you need. The app is free and good for people who want a simple budgeting tool. Extra features, like connecting your bank, require a paid version.
I’ve been a YNAB user for 3 years, and I love how easy it is to use—it only takes me 5 minutes a day. I review my budget while having my morning coffee. It clearly shows how much I can spend in each category, and if I overspend, I have to reallocate money from elsewhere. Since we started using it, our savings have grown by at least 10 times.
Other problematic operations include:
