Which software do you guys use to manage your bank accounts / spending ?
- Thread starter sbk1972
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You might want to check out Monzo on the app store. Monzo is a bank in waiting - banking licence due to be granted shortly so they're currently operating a prepaid card system at the moment. The app is pretty good - better than that of the other well-known challenger bank Atom IMO.
I think in the end it still comes down to discipline and common sense. I'd never in a billion years go into the red 'by mistake'. That would be a dumb thing to do indeed.
Before I make any purchases, I check what I have in my 'running account'. I subtract my pending purchase from my total and that's what I'll have left.
And I just can't believe that I had to resort to 1st grade maths to explain money on an adult forum as if that's somehow beyond common sense
I don't understand how some people's finances are so straightforward that they can work them out in their head. Either you have a massive overhead each month - in which case that isn't very efficient to have in a current account. Or you cut it close to the wire, but what about random yearly subscriptions, and direct debits with variable dates (especially those towards the end of the month)?
Or you live at home and have a very small number of outgoings to manage?
I look at my pay date for that month, what direct debits (both monthly and other frequencies), what my Gas/Electricity/Mobile/Sky bill is likely to be for the month (as they vary), what I spent on credit card the previous month so that it's all paid off, and my likely ad-hoc expenses that month (do I have a business trip coming up, birthdays, etc) only THEN work out how much I have to move into a separate account to overpay the mortgage. Which I do immediately as soon as I know how much that is.
All done in Google Sheets - with a current/next and predicted average month sheet within the main workbook.
Gotta love the air of superiority you find on here, you really can't find finer anywhere else on the internet.
Or you live at home and have a very small number of outgoings to manage?
I look at my pay date for that month, what direct debits (both monthly and other frequencies), what my Gas/Electricity/Mobile/Sky bill is likely to be for the month (as they vary), what I spent on credit card the previous month so that it's all paid off, and my likely ad-hoc expenses that month (do I have a business trip coming up, birthdays, etc) only THEN work out how much I have to move into a separate account to overpay the mortgage. Which I do immediately as soon as I know how much that is.
All done in Google Sheets - with a current/next and predicted average month sheet within the main workbook.
Gotta love the air of superiority you find on here, you really can't find finer anywhere else on the internet.
Soldato
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Found a few bugs in that which need ironing out.
Man of Honour
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Why do people need a app for everything these days? Whats wrong with logging into your bank account online and checking things? If I make a debit card payment it shows up straight away when I log onto my bank account. Easy enough to download and print out statements as well.
I don't think it's got anything to do with superiority at all. Some people may just come across as jackasses but that's because they can't understand how on earth people get themselves in financial jam with numbers that's essentially 1st grade adding and subtraction.
Generally speaking, that's extremely straightforward. The idea is not to account for every single expense, but to allow a ballpark figure made up of your little expenses.
In my humble opinion, if you don't know a ballpark figure within a 10% error margin, you're not managing your finances well at all. My error margin is at least 50-60% positive net. So I get this wrong every single month, meaning I overestimate how much money I need to live on. Which is a great thing of course, but it means that I'm losing interest by not investing that money instead. It is incredibly surprising that people still overspend by 'accident'. I honestly and genuinely cannot think of a single justifiable reason for unknowingly overspending.
Anyways, whatever works for people I guess. But I think a bit of common sense, discipline and moderation would see anyone in a comfortable financial position.
Associate
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Lloyds money manager is good. You have to bank with them though.
That's my preferred way of doing it as well.
I've tried out the bigger money apps, YNAB and Mint. I just find it incredibly double handed having to record a payment I knew I made anyway. I simply don't have to be told where my money goes because I already know where it goes. It's not as if I'm going to be 'surprised' by being told I've spend X amount on Starbucks as I've mentally calculated that I'll only visit once a week and spend roughly 5 bucks each time. Well, that's if I visited Starbucks at all
Although I can imagine the little charts and graphs might look quite cool and fancy!
Soldato
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Caporegime
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Log in, see how much I have left. Look at the date of the month, think when I get paid and what direct debits are left and do some rough sums.
It's not difficult.
That's said, year end I add up all my spending and send it to my accountant.
It's not difficult.
That's said, year end I add up all my spending and send it to my accountant.
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Today's generation, people want results yesterday. Not now, tomorrow or 5 seconds from now. If an app gets them quicker results then why not.
That said, many would rather use their wife instead of an app. They are brave.
that doesn't tell you how much you have left to spend.
No but your balance does?
nope.
Couple of things I've started using.
Money saving expert budget spreadsheet in excel, not gone OTT with filling this out just the regular ones such as bills, DD's and regular expenses like £x for food shopping each week and fuel.
Then I also added a direct debit calendar to my gmail account and that has all my direct debits on with the amount. I can quickly check on my phone what's still got to come out during the month.
Means I can check my bank balance on my banking app and then quickly see how much more is coming out before I decide to spend a bit on something out of the ordinary.
Money saving expert budget spreadsheet in excel, not gone OTT with filling this out just the regular ones such as bills, DD's and regular expenses like £x for food shopping each week and fuel.
Then I also added a direct debit calendar to my gmail account and that has all my direct debits on with the amount. I can quickly check on my phone what's still got to come out during the month.
Means I can check my bank balance on my banking app and then quickly see how much more is coming out before I decide to spend a bit on something out of the ordinary.