Budgeting for Experts, “Applications for Our Wallet”

For those who have decided to take their finances seriously, today there are many applications, for PC and Mac, iPhone and Android, which aim to help us put our budget in order. Whether it’s just to keep track of our money, or to update the detailed family budget we’ve worked so hard for, technology is on our side to have the best possible control over our wallet.

For those who are thinking of trying a zero-sum budget for their wallet can make their first attempt in Microsoft Excel to see if it suits them. A zero-sum budget is a strategy that requires you to “spend” every euro you earn by treating your savings and investments like all your other monthly bills — meaning you “pay” yourself every month, no matter what. Most people already have Excel installed on their computers, and those who do not can use Google Sheets at no cost. You can benefit from thousands of templates from Google to build a simple or complex budget.

A specialized budget app though has many advantages over a simple Excel spreadsheet. Those could be:

• Ease of use: They offer a user friendly interface where you can easily create and modify accounts and expense categories, and record quick and easy revenue and expenses.
• Possibilities of analysis: By recording all the movements of our wallet, we can easily see the course of the goals we have set, such as the repayment of a debt or the amount we collect for our vacation.
• Automatic data entry: Although most of the times online synchronization with banks outside your home country is not possible, most applications have the ability to import bank account data via a .csv file that we can download from our bank website.
• Synchronization between users: In a household where more than one person has income and expenses, a budget app helps to easily and correctly update our common wallet.
• Use from laptop, smartphone or tablet: Everyone can choose the screen that suits them best, to update their wallet at home or from wherever they are.

Some may think that it will be difficult to learn and use such an application as their wallet. They may come across complicated accounting programs, which one may think it is impossible to use without a degree in finance.

Depending on whether you prefer seeing your budget on your laptop or mobile phone, one of the following suggestions will be the most suitable for your needs.

1. HomeBudget (http://www.anishu.com/homebudget.html): One of the most popular applications, especially for Mac users, HomeBudget is available on all platforms with full features and synchronization. You can buy the application online and its price is for the purchase of a license for up to 5 computers simultaneously, but the mobile applications are purchased separately.
2. You Need A Budget (YNAB) (https://www.youneedabudget.com/): YNAB is one of the first and most popular applications for personal budgeting, with many features and ease of use. The developers of the application also offer financial management courses to their users, with specialized videos and manuals on their site, while there is even a relevant section on Reddit. The developers recently introduced the new version of YNAB, which can be used by a browser instead of the previous application for Windows and Mac. You can try the free version before you decide to pay the subscription, while there is also the possibility of free use for 1 year by students.
3. Goodbudget (https://goodbudget.com/): Another popular option for all platforms, Goodbudget also offers the possibility of free and simple use with a few categories.
4. EveryDollar (https://www.ramseysolutions.com/ramseyplus/everydollar): Dave Ramsey is one of America’s best-known personal finance consultants, offering his free budget program to users who have read his books or attended training seminars. It offers all the basic functions that a simple user needs.
5. HomeBank (http://homebank.free.fr/en/index.php): HomeBank is a free open source application that has nothing to envy from similar commercial budget apps. It is tailored to the needs of a personal budget, ideal for the needs of those who prefer open-source solutions.
6. Toshl Finance (https://toshl.com/): If you want a lighter touch for your budget, the Toshl Finance monsters are here! The application for mobile and web browser offers complete budget, categories and cost analysis, and synchronization between users, all in a cute but powerful package.

Whichever application you try, you will find that they all make using a budget much easier and more practical, instead of writing your moves in a notebook or in Excel. This very convenience will help you persevere and gradually improve your budget, until you see the positive results in your wallet!