Need Budget system advice

[heart4pooh]

My husband and I are beginning to budget our money better than we have been. I would like advice on which systems work for you and why. We are thinking about using Dave Ramsey's advice, but I have also looked into You Need A Budget and Mint.com.

Mint.com is free. But I'm a little concerned about them because of the fact they seem to want to sell you stuff...But maybe it's things I need? Like cheaper auto insurance...

Also, should I just get QuickBooks and do our own budget with it? We have a bookkeeper for our business. But, I'm thinking about getting QuickBooks for my household and once I get the hang of it, then take over the bookkeeping for the business. I spoke with my accountant this week and he thinks I should be able to do it myself. That would save us money there, too.

Thanks in advance for your advice. We need to stop the bleeding!

 

[Ericandjenng]

I don't use Dave Ramsey or any particular system. There is nothing wrong with any one of the systems that I know of and I even have friends that teach Dave Ramsey. Quite frankly I am just not that disciplined. But what I have started doing is setting everything up on an Excel spreadsheet. I use one sheet for each 4 week period rather than a month since we get both paid bi-weekly. I am using Excel instead of quickbooks or anything else because I wanted to tailor everything exactly how I wanted and group things the way I need to for my habits and needs.

I used to use a written ledger but I all I saw was each entry and when the money ran out. But since I have started using the spreadsheet, I can see the entire month and what I am spending and where and what still hasn't cleared the bank.

My goal in doing the 4 week period is that I will have an "extra" period at the end of the year when the only $$ coming out of it are the automatic things that I pay/contribute every single paycheck. I then plan on taking the whole $$ and paying off something. Then next year, each 4 week period should have less out go each time and I will pay off something else at the end of the year again or buy more DVC points

Good Luck!!

 

[vicki_c]

I love YNAB! It's a little different to get used to than other budgeting programs I've seen, but I really like it. And they have excellent support - they have a lot of free webinars you can sign up for and excellent technical support from the developers and also in their forums.

They have you work on building up a buffer of one month's expenses, so you are using last month's money to pay this month's bills, so you are always 1 month ahead (minimally, of course).

They have a companion iphone app as well (you have to have the software on your computer to use the app).

 

[DawnM]

Can you tell me more about it?

Do you save all your receipts and then log it into the computer?

I went to the website and it says it is $59. Is this a one time fee or is this for a year?

Dawn

I love YNAB! It's a little different to get used to than other budgeting programs I've seen, but I really like it. And they have excellent support - they have a lot of free webinars you can sign up for and excellent technical support from the developers and also in their forums.

They have you work on building up a buffer of one month's expenses, so you are using last month's money to pay this month's bills, so you are always 1 month ahead (minimally, of course).

They have a companion iphone app as well (you have to have the software on your computer to use the app).

 

[vicki_c]

Dawn - that is a one time charge for the software. The iPhone app is another $10 (one time) but you don't have to have that or anything.

Not sure how to describe it exactly. Did you see this FAQ page?
http://www.youneedabudget.com/support/faq/#whatisynab

It also looks like there is a video to watch on their main page (the page was updated since the last time I looked).

You can get a 7 day free trial. I think that's how I started earlier in the year, but it only took me a day to realize I liked it and purchased the full version.

If you choose to buy it, I really recommend signing up for the first few webinars explaining their budgeting philosophy and how to best use the software - they are great classes. I love that they do them for free.

 

[minnie1928]

I personally love Quicken, and since it's made by the same company as Quickbooks, I would assume there is some similarity/consistency between the two products. Quicken used to have a Quicken Home & Business version, not sure if they still do or not, but if they do that could kill 2 birds with one stone.

We use a modified DR for our finances and I run it all through Quicken. If you decide to get Quicken, I can help you with any questions or problems.

 

[DawnM]

I did watch that video. It didn't really explain logging everything in.

Just like logging in foods eaten on a diet website, I am afraid I won't log in all my spending (of cash even!) on a website and will lose track.

I don't have an iphone.

Dawn

Dawn - that is a one time charge for the software. The iPhone app is another $10 (one time) but you don't have to have that or anything.

Not sure how to describe it exactly. Did you see this FAQ page?
http://www.youneedabudget.com/support/faq/#whatisynab

It also looks like there is a video to watch on their main page (the page was updated since the last time I looked).

You can get a 7 day free trial. I think that's how I started earlier in the year, but it only took me a day to realize I liked it and purchased the full version.

If you choose to buy it, I really recommend signing up for the first few webinars explaining their budgeting philosophy and how to best use the software - they are great classes. I love that they do them for free.

 

[sookie]

you have to log all your spending to budget! that is the biggest part.

 

[dd50]

You may want to look into Fiance Works as they are offered my banks and credit unions for free. I haven't started it yet but plan to on Monday when the kids go back to school.

 

[vicki_c]

you have to log all your spending to budget! that is the biggest part.

Yep. No way around that although I so download from my bank every few days. Like any budget, you set your limits and do your best to stay within them and to know that you have to have the discipline to track things. I just like YNAB as a program to manage that. But it's not magical! I don't think anyone could be successful with any budget if you don't track things.

 

[heart4pooh]

I've spent the day looking into many different budgeting systems.

I love Dave Ramsey's advice. I just can't justify spending a monthly fee indefinitely.

Even though mint.com is free, I don't feel comfortable having all my information stored in one third party online company. And being able to compare my budget to my neighbors gives me the heebie jeebies. I don't mind paying for things online, its just having it all in one place online that feels wrong.

Mvelopes looked interesting, but again it has a yrly membership and I read there are issues with the bill pay through them.

I REALLY don't want to have to manually enter everything. I just don't have the time and I really need to make this work. I read an excellent review about You Need A Budget 3. http://personalfinancesoftwarereviews.com/ynab-3-review/

It's $60 and it's yours, no more subscribing. You can download your bank account and then give them categories. They encourage you to put a months worth aside for the next months bills. That will be a chore, but I have to start somewhere.

I looked into quicken and it's the same price. The review wasn't as good as YNAB3.

So after spending an entire day researching it looks like I'm downloading YNAB3. Thanks for your advice and imput about what you use and why. I've attempted budgets before but could never maintain them. We'll see if this does the trick. Also, Dave Ramsey is coming to Raleigh in 5 weeks. It's $39 a piece. If I can get it into the budget maybe we will go!!

 

[vicki_c]

I hope you like it. Really take advantage of their forums if you have questions. Everyone there is very nice and helpful. Now if someone from YNAB could just come live in my house and make me stick to the budget every month ...

 

[vicki_c]

Oops double post

 

[DawnM]

Yeah, the logging is the hardest.

THis is why I use envelopes.....$100 in the eating out envelope and once it is gone, we are finished eating out for the month.

I guess I could write it all down in a notebook in my purse and then re-enter it in the computer.

Dawn

Yep. No way around that although I so download from my bank every few days. Like any budget, you set your limits and do your best to stay within them and to know that you have to have the discipline to track things. I just like YNAB as a program to manage that. But it's not magical! I don't think anyone could be successful with any budget if you don't track things.

 

[njcarita]

I've tried almost every method there is..... and the only thing that has worked for me and I have stuck to for almost a year know is a is a sheet of computer paper and pen.... lol

At the beginning of month I take a fresh sheet of computer paper write our total monthly amount on top of page......

keep it next t my computer

than I deduct my misc cash amount for the month
next I deduct all my set atomatic deductions ( ex mortgage,life insurance etc)
and than add any carryover money from previous month

everytime I pay a bill I subtract from total...

I add up my sheets quarterly and semi yearly...... and file

 

[vicki_c]

I've tried almost every method there is..... and the only thing that has worked for me and I have stuck to for almost a year know is a is a sheet of computer paper and pen.... lol

At the beginning of month I take a fresh sheet of computer paper write our total monthly amount on top of page......

keep it next t my computer

than I deduct my misc cash amount for the month
next I deduct all my set atomatic deductions ( ex mortgage,life insurance etc)
and than add any carryover money from previous month

everytime I pay a bill I subtract from total...

I add up my sheets quarterly and semi yearly...... and file

Your description is basically what YNAB does, but you're doing it by hand. It really sounds exactly the same - you should have designed your own software to do it - LOL - then maybe you wouldn't even be needing a budget - you could be a software mogul!

 

[DawnM]

Ok, I downloaded YNAB 7 day free trial.

I had a question, but I think I figured it out.

I think I like this!

I do want to know how to have my savings NOT show as "available funds" though. I want ONLY my checking to show as available.

Anyone know how to do this?

 

[vicki_c]

Ok, I downloaded YNAB 7 day free trial.

I had a question, but I think I figured it out.

I think I like this!

I do want to know how to have my savings NOT show as "available funds" though. I want ONLY my checking to show as available.

Anyone know how to do this?

I think you can only do that if you make it an off-budget account. But I'm not entirely sure, since I include mine. Check the YNAB forums - there a lot of YNAB program experts there that can tell you what's possible. They helped me a lot with some oddball questions when I was first starting out.

Off-budget vs. on-budget accounts are kind of one of the "advanced" features - a little more confusing than the basic stuff.

 

[njcarita]

Your description is basically what YNAB does, but you're doing it by hand. It really sounds exactly the same - you should have designed your own software to do it - LOL - then maybe you wouldn't even be needing a budget - you could be a software mogul!

lol...... I just found it so much easier to write it down with a pen.... than have to log onto a spreadsheet....

and I've use spreadsheats a lot and actually like them... when I have tons of data to anylaze and calculate.... but for my everyday budget... pen and paper works fine...

 

[heart4pooh]

I've spent the morning organizing and adding up our monthly bills. I've already known what they are as I'm the one that pays them, so not a surprise. My husband and I have gone category by category through a worksheet I printed out from betterbudgeting.com. That has been eye opening!! We are both on the same page as far as what to budget for what, so a big hurdle is done. He even suggested (before I did) that we should bring our lunches to work...It's been since before we were married (13 yrs) that I made lunches for my husband. I've never questioned where or what he has eaten. He works hard and I didn't want to micromanage him. He's a good man. I guess I didn't want to have to report to him what I've eaten either, though I did bring my lunch here and there. With that in mind, is $150/wk an average amount for a family of three to spend on food (not going out). That's what are goal is for this week.

I'm off to go download my bank acct into my new budget program...Wish me luck!