I could not agree more about the value and benefit of budgeting, I am using Out Of The Dark (OOTD) budgeting, a free web app available anytime we can connect to the web just like facebook without having to download and install anything. OOTD may be particularly attractive for those who do not want to give out access to their bank accounts, using OOTD is completely anonymous as users accounts are created only based on a given e-mail and no personal information is required, I have not seen other budgeting tools offering this. On the features and functionality side I find OOTD also very good, it improve on the traditional envelope budgeting by offering a side by side budgeting and expense/income tracking for instant control from one screen. It also features a powerful Cash Put-Aside management and what is called a Credit Card Debt Terminator both built into my budget. It has transactional accounts to manage cash and loans outside the budget and a property assets manager with automatic personal worth statement generation to keep a good handle on all my cash and property assets, it has end of month reporting and long term trend reporting from closed periods and a lot of automation around closing and resetting budgeting periods, all unconditionally free. I am using it for about 2 years now, very happy and no complains.
Hareiana11:56PM April 03, 2013
Thanks for your article. I love the budget bandwagon! Nothing can help you feel, and stay, in control of your finances better than paying attention to what’s coming in and going out. I agree that envelope budgeting is very useful – the feedback on how much you’ve spent (dwindling supplies) can be an excellent curb to overspending. On the downside, it can be hard to carry wads of cash around, and sharing an envelope with a spouse is pretty cumbersome.
If you have a Droid phone you can combine your first and second suggestions (envelope budgeting and tracking) with a handy app for on-the-go virtual envelope budgeting. Check out www.eebacanhelp.com/getstarted.
EEBA is great for individual or household budgeting (the account can sync between multiple phones). You can enter transactions quickly as the money is spent - so you don’t have to bother with opening a website or spreadsheet and tracking it all at the end of the day. You can see what you have left in all your envelopes at a glance. And there’s a reporting function on the EEBA website (info links automatically from the app). Basic use is free and then it’s pretty inexpensive if you want to upgrade to more envelopes ($3/month). A couple benefits it has over Mint – you can add transaction quickly with the phone app, you don’t have to provide any personal bank account info, and your EEBA account can sync to multiple phones. So spouses, partners, even kids, can keep track of household spending at the same time. It’s a handy tool for budgeting, and easy on the eyes for beginning budgeters.
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Hareiana 11:56PM April 03, 2013
tricia of CA 3:58PM September 10, 2010