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AIBU?

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To think there should be an app to organise my finances!?

40 replies

smudgedlipstick · 13/07/2016 18:40

I can find apps for the most ridiculous things, but finding a decent financial recorder or organiser of some sort is proving impossible Angry any recommendations?

OP posts:
pearlylum · 14/07/2016 07:35

I guess we all work in different ways.
I don't have a target for saving, and keep quite a bit of my savings in my current account, so it's just a case of not spending it.
I couldn't see the need for such a tool.

JackieAndHyde4eva · 14/07/2016 09:18

I couldn't see the need for such a tool

I dont have a need for such a tool

Fixed that for you pearly

ChazsBrilliantAttitude · 14/07/2016 09:38

pearly

Budgeting is about a lot more than not spending what is in your current account. Its about forecasting future needs and saving now e.g. I save 1/12 of all annual bills each month so when the bill falls due I can pay the lump sum which is cheaper than the pay monthly option. I know I am likely to need £2500 in 45 months time which works out at £56 pm.

I run my current account down to zero each month by moving money into higher interest savings accounts, ISA etc. Leaving money in your current account receiving little or no interest means the value of the money is being eroded by inflation.

Not spending money is the first step of the process but you can do so much more. I use excel spreadsheets but YNAB would serve a similar purpose.

MrsHathaway · 14/07/2016 09:43

I can'y help feeling that a budget allocates spending money- a sum to burn a hole in your pocket.

I can see why you would think that, but it has a longer focus than that.

Ours is drilled down into very specific categories (eg School Dinners / School Trips) and it can predict your likely spending based on averages over the last year etc. What that means is that it allocates your necessary current spending on eg utilities, mortgage, groceries, allowing you to set aside the remainder as savings. But then it allocates the savings as eg car tax, Christmas presents, new back door, rather than a single pot.

Callmecordelia · 14/07/2016 09:52

Exactly. I know the car will need replacing in about four years, so I save now to cover the current car's depreciation. I like to have a fund for house repairs. I save for Christmas, new furniture for my daughter's bedroom, holidays, car insurance etc etc. It's really good to keep on top of all these pots of money to make sure you have enough for all your priorities. And if you don't, you make adjustments.

MrsHathaway · 14/07/2016 10:02

Of course it's perfectly possible to do all that by putting cash in envelopes behind the mantle clock, or running multiple savings accounts. It's just another way of doing the same thing.

BarbaraofSeville · 14/07/2016 10:15

Our savings cover all those things Chaz and others. It's just not categorised or separated. If we go on holiday, need a new car, or washing machine, we just buy it, or in reality, put it on a cashback credit card when possible and pay it off at the end of the month.

All money just goes in and out of the Santander 123 account and because it pays 3% interest on everything whenever the balance is above £3k, there's no need to be messing about with separate accounts. The cashback paid on household bills covers just about all of the £5 monthly fee.

I think what I'm trying to say is that budgeting doesn't have to be time consuming or complicated. I can see people thinking that if they have to be writing down every penny they spend or open multiple accounts all over the place they won't bother.

What is important is having a good understanding of all outgoings, where they sit in order of priority and making sure there is provision for irregular expenditure like Christmas, holidays, replacement of cars and household appliances, property maintenance etc before spending on routine day to day stuff that is usually not strictly necessary like food and drink out of the house, magazines, entertainment and days out, new clothes for adults when you have loads already, that sort of thing.

Because a lot of the time it is unaffordable spending on the latter that means people get into a mess budget wise and can't afford a holiday, or a new car when needed. Excluding the people whose income doesn't even cover their basic outgoings obviously.

ChazsBrilliantAttitude · 14/07/2016 10:40

Barbara
I don't have multiple accounts but I do have a spreadsheet splitting the balance of my main savings account into pots. I agree budgeting shouldn't be complex, I spend a max of 30 mins a month on it now that it is all set up. It was only the set up phase that took a bit more time. However, the reduction in stress more than justified the time spent.

I agree with you entirely on the random spending, I am an intentional spender i.e. I spend money on things I choose which includes days out, the theatre and sports tickets (things I enjoy) but I can't remember the last time I bought a magazine. I see money as a tool to be used to meet my priorities.

smudgedlipstick · 14/07/2016 14:32

Thanks for all your suggestions, I will look into a few of those apps! My problem is I want it to do everything (and for free) Confused we are pretty crap with money and will often go and spend money at the weekend and then there will be a bill due out the following week - we are always able to cover it but I find myself looking at our bank and wondering where all our money goes! We should have quite a substantial amount leftover after bills but we never do, we do save into 2 mortgage ISA every month so we are saving some but money is disappearing somewhere!

OP posts:
DoubleCarrick · 14/07/2016 14:42

Based on your update it sounds like Ynab would be a really good commitment for you to make. When we had no money we used it religiously. Not we have enough to feed ourselves we just update periodically to ensure that our annual bills are being saved for at a good rate

autumnboys · 14/07/2016 23:01

If you've got Facebook, scroll down their page to the humble homemaker blog review. She had a link for a free three month trial.

JemmaPiggyPot · 18/07/2016 15:29

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BeenThereDoneThatForgotten · 18/07/2016 15:37

Following.

mrselizabethdarcy · 18/07/2016 15:51

Also following

Clayhead · 18/07/2016 15:58

Am quite surprised at some of the reactions on this thread, budgeting with an app does not necessarily mean spending until everything has been spent!

Having used Microsoft money for years I recently changed to YNAB and it's been brilliant. No need to type much in at all really, I download all my transactions straight to YNAB.

Not sure why some posters think these apps are only useful for spenders? They can be great for us savers too. I like to allocate my income to long and short term savings and also like to buy coffee and lunch out sometimes too Wink.

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