Budgeting apps aren’t the only way to manage money and track spending. Here are some alternatives to budget apps to consider.
Budget software
While mobile apps are fine for day-to-day budgeting, you may prefer software for a more robust money management experience. Software programs like QuickBooks or Quicken offer extended capabilities beyond budgeting, such as tax software integration and payment management. However, these added features often come at a higher price than mobile apps, so consider how much you can afford to spend.
Budget calculation
Spreadsheet calculations are highly customizable, making this method ideal for anyone who needs something more practical than budget apps. With a spreadsheet, you can record your income, track your expenses, and see where your money is going each week or month. Excel and Google Sheets are popular choices.
The 50/30/20 budgeting method is good for budgeting with a spreadsheet because you can divide expenses, discretionary spending, and savings into categories within the spreadsheet and assign individual expenses to each category. Use our 50/30/20 budget calculator to get started.
Expense tracking apps
For some, creating a detailed budget may not be necessary or may seem too advanced. When that’s true, just tracking your spending might be a good place to start. You can do this by periodically reviewing your bank or credit card statements or using an app. Expense tracking apps like Mint give you a snapshot of your spending by category. While you can use Mint for budgeting, you can also use it to sync different bank accounts and get a clearer view of your activities.
Calculation of the money envelope
If a mobile app isn’t your style, you might prefer manual budgeting. Budgeting without the help of technology is a good way to become responsible for your spending. Envelope budgeting or cash stuffing is a proven system for budget visualization that can be done manually.
When you get paid, you will divide the parts of your salary into envelopes. Each envelope will be designated for a specific category, such as rent, food or fuel. With this system, you give every penny of your paycheck a purpose and you can’t spend more than what’s in your envelopes.