Budget Tool

[Anonymous]

What is an easy budget tool to use?
Excel spreadsheet-type not good for me; MINT not really what I'm looking for; I don't want just a table of data about money/money out.

I am looking specifically for something that will analyze total net income and make recommendations on what "should" be spent, i.e., 30% for housing, 10%savings, x% utilities, etc.......as a way to more accurately tell where any overspending might occur.

I hope that make sense...ideas please?

[Anonymous]

You Need a Budget has been a game changer for us, but there is a steep learning curve and you really need to follow their philosophy for it to work right.

This wiki from Reddit is a great starting point for budgeting: https://www.reddit.com/r/personalfinance/wiki/budgeting

I don't follow this exactly, but I've heard of the 40/30/30 rule:
40% to NEEDS (housing, food, utilities, cell phone, car, insurance, childcare)
30% to SAVINGS (retirement, long term, short term, home down payment, savings for auto repairs, savings for home maintenance, etc)
30% to WANTS (cable, eating out, booze, pets, entertainment, vacations, fancier than needed car, etc)

See this Reddit thread: https://www.reddit.com/r/personalfinance/comments/6k8vs9/basic_personal_budget_percentages/

But really, the only person who knows about how much they should spend in each category is you, as only you know what your priorities are.

[Anonymous]

I started using YNAB in February and it has really made budgeting, and more importantly, budgeting with a partner, so much easier. I spent a couple days taking their 20 min online classes to learn the system.

A key tenet of YNAB is that your budget should reflect your priorities. It sounds like you are asking what your priorities should be. The reddit forums can provide various approaches and advice, but ultimately, your priorities are your own, and they are fluid. YNAB, if used as intended, will show you in real time where you stand in the context of your budget.

[Anonymous]

What you are looking for doesn't exist.

[Anonymous]

i started everydollar.com and it may fit your needs... I did the free 2 week trial for the plus version and it links all my spending and you just drag it into your category after you set up your monthly budget.

[Anonymous]

Anonymous wrote:You Need a Budget has been a game changer for us, but there is a steep learning curve and you really need to follow their philosophy for it to work right.

This wiki from Reddit is a great starting point for budgeting: https://www.reddit.com/r/personalfinance/wiki/budgeting

I don't follow this exactly, but I've heard of the 40/30/30 rule:
40% to NEEDS (housing, food, utilities, cell phone, car, insurance, childcare)
30% to SAVINGS (retirement, long term, short term, home down payment, savings for auto repairs, savings for home maintenance, etc)
30% to WANTS (cable, eating out, booze, pets, entertainment, vacations, fancier than needed car, etc)

See this Reddit thread: https://www.reddit.com/r/personalfinance/comments/6k8vs9/basic_personal_budget_percentages/

But really, the only person who knows about how much they should spend in each category is you, as only you know what your priorities are.

Agree with YNAB (and the learning curve). Love it though...it has changed our lives! They also have wonderful free classes you can take to help you navigate the tool.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You Need a Budget has been a game changer for us, but there is a steep learning curve and you really need to follow their philosophy for it to work right.

This wiki from Reddit is a great starting point for budgeting: https://www.reddit.com/r/personalfinance/wiki/budgeting

I don't follow this exactly, but I've heard of the 40/30/30 rule:
40% to NEEDS (housing, food, utilities, cell phone, car, insurance, childcare)
30% to SAVINGS (retirement, long term, short term, home down payment, savings for auto repairs, savings for home maintenance, etc)
30% to WANTS (cable, eating out, booze, pets, entertainment, vacations, fancier than needed car, etc)

See this Reddit thread: https://www.reddit.com/r/personalfinance/comments/6k8vs9/basic_personal_budget_percentages/

But really, the only person who knows about how much they should spend in each category is you, as only you know what your priorities are.

Agree with YNAB (and the learning curve). Love it though...it has changed our lives! They also have wonderful free classes you can take to help you navigate the tool.

Thanks. I have started with YNAB and while it is comprehensive - WHEW - it's not necessarily easy; however, i do like the educational aspect of it. Its not just :heres the money you spent.

[Anonymous]

Yes to YNAB! The other tool that really helped me was Elizabeth Warren's book All Your Worth (yes, that Elizabeth Warren. This book was written before she became a politician and its very good). She is the one with the Needs/Savings/Wants formula mentioned above, and goes into it at length. Her other book The Two Income Trap was also helpful to my two-income family - helped us figure out how to balance our spending to mitigate the risks she identified. But the All Your Worth book is the practical one.