Any good softwares for budgeting?

[ProjectX]

I've made my own way of budgeting using excel but somehow it doesn't seem to be working. What I mean is I don't seem to be saving as much as money I wished to or spending on the right things.
Here is a screenshot:



So basically what I'm looking for is something that can project future savings and profits and costs more easily.
Also to assign how much money I want to spend on each item in the future. for example I want to spend $70 on groceries every week, and I don't want to go over budget. And when I do the software will warn me.

[Zwynd]

Originally Posted by ProjectX

I've made my own way of budgeting using excel but somehow it doesn't seem to be working. What I mean is I don't seem to be saving as much as money I wished to or spending on the right things.

An Excel sheet or another nifty program isn't going to help you with discipline. I can already see you're wasting money on 'outside' food.

Mistakes happen though.

I discovered my partner had spent over $130 last month on 'outside' food (basically just $8 a day lunch money.) So this month we opted for making tasty lunches at home.

That is: favorite sandwiches, soups and fruit costing no more than $30 bucks for the month. Imagine that, we just saved $100.

Last month I decided to stop eating sushi at those pick-and-go bars in convenience stores to save up for a guitar. I didn't realize till the first couple weeks after that I was going to save over $150!

Wow, that's a possible $250 we both saved.

Even a $4 dollar chips and pops at your corner store every day is going to add up. Plus, it'll kill your body. Why waste your money on that crap?

So basically what I'm looking for is something that can project future savings and profits and costs more easily.

Honestly, if you straighten out your desire to compulsively buy things (food/nick knacks) then you're going to have a lot more money to start out with. THEN work on budgeting that extra $$ into paying off loans, stocks or whatever.

Don't put it all into savings, btw. Better to have your money gaining better interest than 'rotting' in a bank. But do keep some 'security money' (3-6 months if you can budget that) for emergencies.

Also to assign how much money I want to spend on each item in the future. for example I want to spend $70 on groceries every week, and I don't want to go over budget. And when I do the software will warn me.

A tip for budgeting food is to buy in bulk what you use a lot of and try to get by with what you don't really need. If you have a Membership-Only bulk store in your area then hook up with a friend who has a card and go shopping with them. You'll save a lot.

Also, make sure to only buy treats you REALLY love and make that a special reward when you do something positive in your life. An excess of favorite things can eventually become boring.

Want to save even more on groceries and you have a small freezer or fridge? Try cooking everything you need all in one day into portions and then stick with that for the month.

Welcome to 30 Day Gourmet's Freezer Cooking Online Manual. . .

Don't forget to head out to your local market and buy chemical free fruits/veggies that you can get cheap (especially if you're a good haggler.)

And don't see the program you're looking for as the only big hurdle in your way to budgeting. That's just looking outside of the problem. Work on your self discipline, get motivated to saving money, write energetic goals for things you love and the money will flow in with much less effort than trying to force yourself to NOT do something.

[pianoperformer]

I use "You Need a Budget." It works rather well for me.

I agree though it is all about self-discipline. Nothing is going to prevent you from spending too much money if you are set on doing that. If you use the software correctly, though, you'll feel the consequences later.

[Doku]

Back when budgeting was critical to me, the only thing that worked for my wife and I was the envelope system.

Envelope System Video Tutorial (Step By Step Guide To Using The Envelope System To Manage Your Cash)
Dave Ramsey's Envelope Budgeting System

[1000feet]

Software can complicate things, which makes it harder to stick to your budget. If something is important to you just make sure that's the first thing you do with your money, not the last. That will hopefully put you in a situation where the only money you have left is what you want to spend on having fun now - when you run out you'll have to stop. If you overspend that's good to know, but you have to personally change something so you earn more or spend less. If this is hard for you to do spend some time every day thinking about why you're saving and imagining what you'll do with it. Nothing gets your wallet back in your pocket faster like the sound of throwing away your dreams!

[CStrunk]

I've been testing mint.com lately and I've been happy with it.

[ProjectX]

Originally Posted by pianoperformer

I use "You Need a Budget." It works rather well for me.

I agree though it is all about self-discipline. Nothing is going to prevent you from spending too much money if you are set on doing that. If you use the software correctly, though, you'll feel the consequences later.

That YNAB looks great. I might get it but is Microsoft Money similar to that software?
Microsoft Money Home

[pianoperformer]

ProjectX, I couldn't tell you, because I've never used Microsoft Money. YNAB has specific "rules" (4 to be exact) that is supposed to help you budget more effectively. You can read more information about that on that web site. I find it very effective for this purpose.

Specifically, its aim is to help you build a buffer, so that you always have at least a month's worth of income in your checking. If you receive a paycheck this month, for example, the goal is that you don't use it until next month.

The second rule is to make "every dollar have a job." You budget every dollar to specific categories, with nothing left over. One of these categories, of course, can be savings, so you can save whatever you want.

The third rule is the "rainy day fund." This is partly savings, but also preparing for bills that only occur every few months or, annually. If you have something that you must pay annually, you might put a twelfth of that into that category every month. Further, if you realize that you spend $xxx on, say, car repairs every year, you might put $xxx / 12 per month in that category.

Finally, the fourth rule is that if you overspend in a category, it is taken from your available amount the next month. For instance if you usually have $2,500 every month, and one month overspend by $50 in, say, groceries, you will only have $2,450 available the next month. Similarly, if you underspend, well that amount will simply carry over in the same category.

therefore, it is not only software, but a methodology as well.

[artrenegade]

I have used MS Money in the past. It does everything you asked for and more. In fact it offers so much info that a newcomer can get lost in it. Just stick to the basic budget pages at first. Also most banks support downloading your statements to MS Money, very convenient.

Saving can be made easier by having a certain amount direct deposited every payday into a savings acct at a different bank, or into a 401k, IRA, or mutual fund. It goes straight from your check to the account and you end up not missing it. If you are truly saving and don't need instant access to the money you could also put that money into certificates of deposit or a low-medium risk mutual fund and get a decent rate of return that can add to your savings. It's fun to watch your money grow!

I also participate in an internet marketing program that pays me a rebate on my advertising dollars to the point that advertising my websites is not only free, but I'm making money. My income from this grows daily and will soon exceed my bills! Learn more at my site 60 Minute Work Week

Best wishes for success! Mike

[ProjectX]

Originally Posted by artrenegade

I have used MS Money in the past. It does everything you asked for and more. In fact it offers so much info that a newcomer can get lost in it. Just stick to the basic budget pages at first. Also most banks support downloading your statements to MS Money, very convenient.

Saving can be made easier by having a certain amount direct deposited every payday into a savings acct at a different bank, or into a 401k, IRA, or mutual fund. It goes straight from your check to the account and you end up not missing it. If you are truly saving and don't need instant access to the money you could also put that money into certificates of deposit or a low-medium risk mutual fund and get a decent rate of return that can add to your savings. It's fun to watch your money grow!

I also participate in an internet marketing program that pays me a rebate on my advertising dollars to the point that advertising my websites is not only free, but I'm making money. My income from this grows daily and will soon exceed my bills! Learn more at my site 60 Minute Work Week

Best wishes for success! Mike

Is it true though that MM is based more on recording transactions whilst YNAB is more future planning?

[artrenegade]

Originally Posted by ProjectX

Is it true though that MM is based more on recording transactions whilst YNAB is more future planning?

I havent tried YNAB so I can't say. I know that MM will give you future projections based on the info you put in, and your expected income and bills based on past history and your past statements.

[ProjectX]

Originally Posted by artrenegade

I havent tried YNAB so I can't say. I know that MM will give you future projections based on the info you put in, and your expected income and bills based on past history and your past statements.

Thanks. I'm currently using the YNAB 15 day free trial. So far I love it. Afterwards I'll try out the MM free trial.

[coulls]

Originally Posted by ProjectX

Thanks. I'm currently using the YNAB 15 day free trial. So far I love it. Afterwards I'll try out the MM free trial.

Something else you might want to look at is getting an accounting package. Microsoft Accounting Express is free, and fine for starting a small business, though it's maybe a little overkill for what you want.

It's easy to navigate around, although I do think it's a little on the slow side, and it takes up LOTS of disk space because of the engine behind it. But for the price (FREE) I can't beat it.

[Keith]

I found the articles at Getting Finances Done really handy (especially the ones on zero-based budgeting and the envelope system. Using those, I put together an Excel spreadsheet that worked really well at controlling my expenditure.

In the case of the OP, it looks like you might want to give yourself an 'outside food' envelope of, say, $20 per week (I don't know your circumstances, though).