The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: jidon on October 13, 2014, 01:49:17 PM
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I am looking for a personal financial budget software or application that allocates my income into a specific categories and can still transfer the balances of that category into the next month. For example, if I have a category for Cell phone as $50 and the bill was $40 for a particular month, I'd still like the remaining balance carried over to the next month as $10 plus the original monthly allocation for cell phone (total of $60). I have looked into Mint, but I don't think it can do this. Is there anything software/application out there that can do this?
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YNAB!
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Mint actually can do this, though their method is a bit funky.
Using your example, you set up a $50 budget for phones. In October, you only spend $40. On November 1st, you'll see your budget say "-$10/$50" instead of "$0/$50."
Using another example (with more transactions), let's say you set up a $200 budget for gas, but you only use $150 in October. On November first, you'll see "-$50/$200." The first time you fill your tank up in November, it's only $30, so you'll see on Mint "-$20/$200."
On the one hand, it's nice because it reminds you that you only want to pay $50 a month on phones or $200 a month on gas while still rolling over your remaining budget from the month before. On the other hand, it's not 100% clear exactly how much money you have left in your budget (involves a little bit of basic algebra).
I should note that this isn't the default setting on budgets. You have to edit the budget and check off the box that says "Start each new month with the previous month's leftover amount."
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I second the recommendation for YNAB (i.e. You Need a Budget). It's a software and a budgeting/living philosophy rolled into one. Also, the forums are great for getting help and advice.
The best part is, they have an app that you can put on your smartphone, so anytime you are out and about you can consult the app to see your budget and input transactions on the go.
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+1 for YNAB
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Another recommendation for ynab here!
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Another YNAB user. Although for the purposes of clarity, I've not used much else apart from excel. I adore it though. It's supported me through many a financial change. Try out the trial.
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Hi,
I've started similar topic before several days ( http://forum.mrmoneymustache.com/ask-a-mustachian/personal-finance-smartphone-application/ ) ...no I am testing for 3 day YNAB and Wallet ( walletapp.net ). From my point of view, Wallet is only for Android and Desktop, but is ...I don't know how to explain it in English ...so, my feeling from Wallet is better (the apps are similar), probably because of nicer user interface. Probably depends what functionality do you want.
There is also Mint, looks nice, but I am not able to install it in my location.
Yesterday I found http://moneywizapp.com/ ...looks well, but not so cheap.