Question

What budgeting tools do you use?

Hi everyone, I have an idea for a new budgeting app, but wanted to get your thoughts on the tools you use.

What budgeting tools do you use?

What do you LOVE about them?

What’s stopping them from being so perfect that you would never dream to switch to a different tool?

Mentioned
#You Need A Budget #Copilot #Finance #Plaid #Capiche
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Humam619's avatar
6 months ago

Hi!, I use Wallet by Budget Bakers because of how intuitive it is and it allows me to upload my bank statement (as a csv) which automatically categorizes the expenses.

Daily logging of transactions is quite tedious for me so I'm in the process of building the habit of conducting a monthly financial review using 'Wallet'. The process of upload statement, select data columns, and import. This process is the most convenient one I have come across in testing multiple applications.

I previously used a mobile application called Monefy which is pretty good too, however, I used it for daily logging which made it in convenient.

Hope this helped!

2 points
sowenjub's avatar
6 months ago

I use YNAB.
I love the fact that it matches my approach to personal finance, and it removed the pain to make this approach work (I used Excel before that).
The only (manageable) issue I have is auto-import for my 🇪🇺 banks.

2 points
matthewpoe's avatar
@matthewpoe (replying to @sowenjub )
5 months ago

+1 for YNAB, which I have been using and loving for more than a decade (was a happy desktop user long ago).

The two things that I don't like about it are the way it handles credit cards which -- listen, I am a personal finance junkie, pretty well-read on the subject, have read the YNAB help docs, forums, gone to the (fantastic, free) webinars -- and I still don't understand how/why YNAB treats credit cards the way it does. It is so unintuitive, and so poorly explained, I think it's their biggest adoption challenge/liability.

The other miss is partner/roommate/household budgeting. If you split expenses with another person (like a spouse), but keep separate accounts and budgets, you will need to supplement YNAB with another tool like Splitwise, and your numbers will always be a little behind/less reliable. They really, really should just build this functionality into the product (or at least integrate better with Splitwise).

Despite these gripes, I've tried almost every product in this space, and nothing beats YNAB if you love envelope budgeting!

1 point
sowenjub's avatar
@sowenjub (replying to @matthewpoe )
5 months ago

Ha, I didn't know it was called envelope budgeting, thanks for that.

We use a single account/budget so we dodged a bullet there. 😆

As far as credit cards are concerned, my experience is that it mostly goes berserk if you have overspendings and don't cover them in your budget, because in that case, they don't move the money required to pay the credit card. The best page about it is probably this one https://docs.youneedabudget.com/article/944-credit-overspending.
I think the goal is to make any debt obvious, but they should offer some end-of-month view to help clean things and highlight such issues.

2 points
_helloitse's avatar
@_helloitse (replying to @matthewpoe )
5 months ago

I moved over to YNAB from Mvelopes and I prefer the way they consider credit card expenses expenses, and then allow you to pay off credit card debt separately.

Would love to chat more about your hang ups though! I have a business/accounting background so it might explain why think about it the way I do :)

1 point
maguay's avatar
5 months ago

With the disclaimer that I'm terrible at this, and tend to manage everything manually in a spreadsheet, I was excited last year to see Microsoft added a Plaid integration to Excel which would at least automate much of the manual side of tracking finances in a spreadsheet.

And then, an older discussion on Capiche about finance apps had people sharing a number of interesting tools: Lunch Money, Copilot, TrueBill, Personal Capital, and more.

1 point
TaylorFay's avatar

Quick update for anyone still following this thread. I've launched my budgeting app!

https://omnimoney.app

1 point
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