I spend maybe 15 minutes each week on my budget! If you are not prepared to spend that little time on your budget, you are probably not ready to be serious about your finances.Īnd another thing is essential: every budget is different! I do not think there is a single correct way to budget that will work for everybody. So if you will enter some of your expenses and earnings manually, why not enter them all manually? And no application will help you do that. What about this purchase that you had to make cash? What about purchases in another country? You want to track them accurately. Let’s not forget that an automation tool cannot track everything. I much prefer to enter my expenses myself than to have a tool scan through my bank account to find them. I think it is essential to understand what is going on with your finances. I think it is the same when using a budget application that does everything for you.įirst of all, you do not know what is going on. You may have already read that I do not like money automation. Checking once a week should be sufficient in most cases. Since you will not sell today, you do not need to know how much is in your broker account. But it is not a good thing to become obsessed with your numbers. It is a good idea to stay informed about everything that is going on with your finances. And you will then waste time looking at everything on your personal finances.ĭo not take me wrong. It will distract you from your main goal. If you need to look at your bank account, seeing the state of your portfolio will serve no purpose at all. But do you need these advanced features? Probably not! Fancy features are often a distractionįirst of all, you do not need to see the state of your investment portfolio every single day. Many people will argue that a simple spreadsheet is lacking some advanced features. I think this is much better than merely trusting an application that gives you money advice. Moreover, a spreadsheet also has a significant advantage: you know what you are doing! You will know exactly which numbers are going where and what is happening with your money. And you know what fulfills all these requirements? A spreadsheet!Ī spreadsheet is the only budgeting app you will ever need! I think that is the only thing that most people need. A simple way to compute your balance and your savings rate.A way to track your earnings, preferably in different categories.A way to track your expenses, ideally in different categories.To keep track of your budget, what do you need? I do not even think that most people need a budgeting app. You do not need a budgeting app A Spreadsheet is all you need! I do not see why one should pay money to save money. And you probably do not need as many features as you think! These applications provide a wide array of features. For me, this makes it a costly application that I would not use. This one is free, but they are trying to sell you expensive investments via their service. And another one is Personal Capital, which is all over the place. And some of these apps are quite expensive.įor instance, one of the applications that people recommend a lot is YNAB. Let’s get into why you should not pay for a budgeting app.īudgeting apps You Need a Budget (YNAB) budgeting app And I believe that most of the features are useless if not harmful. I do not think you will recoup any of the costs. For the immense majority of people, there is no need for a fancy application. Nevertheless, there are still many people that pay for their budgeting application. You should not spend money on your budget to save money on your budget! However, I think that there is no need to pay for a budgeting app at all! And everybody should track their expenses. I strongly feel that most people need a budget. ( Disclosure: Some of the links below may be affiliate links)
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