Personal Budgeting Software

[rob_s]

I think there's a segment here that are pretty budget/cost/finance savvy so I thought I'd ask...

I'm looking for some software, and Quickbooks may be it, that I can use to track spending and budgets for our family. Ideally what I'd like to have is something that automatically data-mines the various statements (checking account, credit cards) and also attempts to categorize the costs or that learns over time how I categorize them and starts to automate the process, but also allows me to override the classification (for example, Amazon purchase could be for the home, the kids, work, personal, etc. and I'd like the software to initially categorize them as "amazon" but then allow me to go in and re-categorize the cost to one or more types based on the recipt).

I have to assume something like this exists. I'm currently doing something similar in a spreadsheet but that requires a little more manual entry than I'd like and I'm hoping there's a way to automate more of it.

Anyone have anything they use and like?

[TC215]

There are several apps out there that do this. Dave Ramsay has one (Every Dollar), there's a popular app called "Mint" that does it, etc. Some are free, some are not. I've never found one that I thought was perfect, though I probably liked the Every Dollar app the best.

[BehindBlueI's]

Quicken does all of that.

[LOKNLOD]

I use Mint. It has some wonky bits, but works pretty well for a free product.

Free...Which makes me wonder what they’re doing with my data on the backside...

Mostly trying to market financial services to me.

[David S.]

YNAB: You Need A Budget, especially if you have Apple devices.

My family has been on it for 5 years now and we really like it. I chose it because Quicken products for Apple products didn't have as much functionality as the Windows based equivalent. I don't know if that still holds true. We still run the classic version which requires us to manually enter our transactions. Apparently the new subscription based software auto imports for you.

They do have a 4-rule methodology that's designed around buffer funds and getting you to spend last months earnings this month. The concepts very well laid out on their website and with YouTube videos. I'm sure you could use their software without following their method, but it's optimized around it.

I think their 4 rules integrate very will with Dave Ramsey's Baby Steps, and that's the hybrid approach we are taking.

[LorenzoS]

I've used Quicken for years and am too entrenched to change, but probably wouldn't select it if I were starting fresh. The software is dated and lacks cloud or mobile.

[Larry Sellers]

We use mint after reading the Ramsay books. Not 100% ideal but it works for our needs and lays it all out for us. Other than mislabeling "shooter's connection" as "Hooters" and throwing my wife for a loop it's been great.

It tracks expenses and allows you to set alerts for expenditures in certain categories.

Sent from my SM-G930V using Tapatalk

[Jaywalker]

If you use Windows you have plenty of choices; try Quicken, many people like it, and you'll find plenty of help. if you use Mac try Moneydance, which I'm currently using; support's good. If you remember your accounting classes, try GnuCash - it's free, but support's volunteer.

[BehindBlueI's]

I've used Quicken for years and am too entrenched to change, but probably wouldn't select it if I were starting fresh. The software is dated and lacks cloud or mobile.

https://www.quicken.com/support/what-quicken-cloud

https://www.quicken.com/content/stay-connected-your-money

https://www.quicken.com/sites/default/files/quicken-online-mobile-app-ios-android.jpg

[Chance]

We got a copy of You Need a Budget when it was on sale on Steam for like, $15. It's a lot of work getting things set up initially, but easy to use from that point forward. Plus, they offer free, live workshops on how to use the software, so you're not stuck digging through manuals and such.

[LorenzoS]

Are you using the Quicken mobile app? I know it exists but it's rated poorly with many people complaining it doesn't work at all for them. Their cloud really just synchs between the desktop and mobile without a web interface available.

[David S.]

We got a copy of You Need a Budget when it was on sale on Steam for like, $15. It's a lot of work getting things set up initially, but easy to use from that point forward. Plus, they offer free, live workshops on how to use the software, so you're not stuck digging through manuals and such.

I can't imagine setup is worse than any other software.

As I said, this software is designed around you paying for this month's expenses with last month's income. It makes complete sense once you've reached that level, but transitioning to that level isn't super intuitive, IMHO. As Chance said, there's plenty high quality media and helpful support forums to get you going.

Again, we use version 4.x, which I don't think is available anymore. My wife has tinkered with the 30 day trial (full function) of the new software and said it's structured somewhat differently.

[rob_s]

I'm experimenting with Mint, largely because:free.

So far it seems pretty good. Couple of issues with the abbreviated way it's pulling in some costs, and so far I can't figure out a way to split a line-item into multiple categories, but otherwise it's off to a good start.

[OldRunner/CSAT Neighbor]

I'm experimenting with Mint, largely because:free.

So far it seems pretty good. Couple of issues with the abbreviated way it's pulling in some costs, and so far I can't figure out a way to split a line-item into multiple categories, but otherwise it's off to a good start.

Any updates w/ Mint Rob or anyone else care to update their experience's since their last post here?

[LOKNLOD]

so far I can't figure out a way to split a line-item into multiple categories

That should be pretty easy, Rob. From the transactions list, let's pretend this Walmart charge for $117.46 was really me buying $100 in groceries, $10 in ammo, and a $7.46 DVD. Depending on what part of town you're in, you always need to buy $10 worth of ammo to reload after the 3 thugs/bikers/methheads you shot on the way in, and be ready to fight your way back to the car (at least that's how walmart works on gun forums).

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Click the line item, and then click "edit details, you'll get this:

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Look for the "Y" arrow and click it to split the transaction.

You'll get this screen, were you can break it into individual amounts in different categories:

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Get it lined out, "i'm done", and you should be good.


Hope that helps, but if that's not what you mean, message me maybe I can help. I've been using for for 7-8 years now, maybe I've figured it out.

[rob_s]

Ah thanks that’s perfect!

This was really my only gripe with Mint. I’m quite happy with it now m

I can’t tell yet if it learns my categorizing for various vendors or not. For example, I’d like Jimmy Johns to always be “rob lunch” instead of “fast food”.

[LOKNLOD]

Ah thanks that’s perfect!

This was really my only gripe with Mint. I’m quite happy with it now m

I can’t tell yet if it learns my categorizing for various vendors or not. For example, I’d like Jimmy Johns to always be “rob lunch” instead of “fast food”.


It does learn - sorta. If you'd like a certain vendor to always go towards a category automatically, you can make a rule for that. Incidentally, the various "food" categories give me the most fits with this. I lump it all into "eating out" but wants to divvy it into restaurants, fast food, coffee shops, etc. In particular there is a fast food place here that also sells groceries (including the best local milk) - I usually want it to be "eating out", sometimes it needs to be "groceries", but Mint always wants to call it a "coffee shop" by default. I would note that Mint is much less likely to successfully categorize stuff into custom categories than it is into the built-in list. E.g., it will recognize "Academy Sports and Outdoors" as "sporting goods", but it won't know I want to pull that into "guns, ammo, shooting" unless i create a rule for it, because it doesn't really know what my category means.

So:

On the "edit details" screen, the option to create a rule will pop up only after you've changed the category. Example: I bought some Rudy's BBQ breakfast tacos to take to class last weekend, and it pulled in as "Restaurants" instead of my preferred "eating out". Once I changed it in the dropdown, I get this option showing up:

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If I check the box, it will always categorize that transaction as "eating out" instead of whatever it thinks it should be. That should work for you if you want Jimmy John's to always default into your own "Rob Lunch" category. It also gives you a button to "manage rules" so you can go in and see and edit all your existing rules for this.

Also note I changed the name of the transaction from "Rudys Cty Tx" to "Rudy's BBQ" to make it more clear. You can use this to make that a rule, as well.


Since you can see them there, I would mention the use of the Tags, as well, in particular the one I set up called "Exclude from Budget". Tags in general are helpful to lumping stuff in different categories together. For instance, if you want to capture everything in various categories you spend on your summer vacation together to see what it cost you, use a "Vacation" tag and flag everything and you can then pull a report on it in the "Trends" tab up top.

Where the "exclude from budget" can be really handy is if you have multiple accounts all linked, to keep it from double dipping stuff. If you buy something on a credit card, and then pay off the credit card from checking, you'll end up taking a hit on the categories when you buy stuff and then you'll get a hit for paying the card itself, and then a positive for the card itself (as a credit), and they will cancel out. That may or may not be how you want to handle it. If you want it to not count something, you can set up an "exclude" tag and it will keep it from showing up in the budget/trends categories. Note there are a couple different ways to handle this situation -- you just have to be consistent. Some of my method is carry over from earlier versions with less functionality. The important thing is just to think about what you want it it to show before you get too far in, as it's hard to change after doing it a couple years.

[Doc_Glock]

When I transitioned to a modern Mac I needed something to replace Quicken for Mac that was just no longer supported.

I ended up choosing See Finance. It had a learning curve but works decently. I can’t compare it to Mint.

I have used it a few years and it works for my purposes which is acounting for every penny.

https://scimonocesoftware.com/

[rob_s]

Thanks again LOKNLOD. between the splitting and the learning I think I'm all set!

I've been playing with the tags as well. For example, we travel a lot and so I want the various expenses (hotel, dining, etc.) to g into their respective categories but I want to be able to see how much we spent on a particular trip, so I am adding tags for each trip so I can filter that way.

[rob_s]

Bumping back up to ask other Mint users another question...

I love the software, but the Amazon bills are killing me from an admin perspective. We get everything right down to dog food and toilet paper from there, and the way they bill makes it really hard to track the costs from there as things you order all at once may get split into different bills, with taxes and shipping getting applied differently than the actual bill on Amazon... The there's me using my card and the joint card, and wife using her card and the joint card...

Anyone have any tips and tricks on how to make this less time-consuming?

[Bratch]

Hopefully I’m following your question correctly.

I only run Mint on my phone in the app. We tend to order a lot of single items through Amazon so I just jump in the pending transaction section as soon as it post and code it before I forget what it is. If it’s an order that has multiple items I need to split I’ll have the app open on my phone and Amazon order history open on the computer and just run through matching spend and split that way. It’s a little manual but not hard.

I’ve only recently started using the search function in the Mint app but typing Amazon into the search on the transaction page pulls all of the Amazon charges and is a fast way to find what needs coded and what I’ve missed.

[masternave]

I've been lurking, and I haven't read the prior, but I'll put in a vote for You Need a Budget. I'm a big fan of zero-based budgeting… while humbling it's let my family communicate clearly about what we can not and can do, and really has freed me to spend when I can with freedom and without fear that I'm going to end up in a hole as a result.

And yes, there is a Training and Ammo budget category. :P

Feel free to PM me if you have more questions… it's been really helpful to me to talk over it with people who have tried it before me.