Budgeting can be a frustrating task sometimes. Whether you’re an internet entrepreneur who works from home or a digital nomad traveling the world, budgeting your money is high priority. With a good budgeting system, you decide in advance how to spend and save your money.
Enter technology and the interwebs.
With many options online, it’s really easy to find great (free) tools to help you manage your money.
Here are 3 quick guides of the best money management tools I’ve come across:
The main use of using budget planning software is to bring all account balances to one place and manage them from a common point. Using Mint.com’s online software to budget and keep track of your net worth and where your money is going is a great alternative to pen and paper.
Based on the accounts a consumer shares with Mint (such as credit cards and checking accounts), the website categorizes spending and recommends a budget. Mint.com had no problem connecting to my bank and does a far better job automatically categorizing transactions. It is very intuitive (fitting since Intuit does own Mint.)
SmartyPig is an online piggy bank where you can set up savings goals, and invite family and friends to contribute to your account. So far, it is the only banking application that is social. One of the most fascinating aspects of SmartyPig is the ability to publicize your savings goals.
SmartyPig offers a smart, simple and secure approach to saving for a specific goal like a honeymoon or a new MacBook Pro by offering additional incentives like cash boosts of up to a certain percentage from retail partners such as Best Buy and Macy’s. SmartyPig empowers people to rid themselves of the “buy now, pay later” mindset with its platform that allows customers to save for specific financial goals like a flat-screen TV. Great interface and design.
NeoBudget is an online budget system that uses the envelope method to help you track your spending habits and stick to a budget. NeoBudget has an import feature that is almost as good as directly connecting to a bank, but it’s a lot safer. NeoBudget is one of the new budgeting tools out there based off of the the envelope system of budgeting.
It has a nice clean interface and the direction they’re headed is definitely a great one. NeoBudget has a free version and monthly subscription options. Although it’s newer to the money management tool space, it looks like a real great option. Because it is the newer tool on the block, I’m particularly interested in Neobudget. Plus, I’m a big fan of the envelope method of sticking to a budget.
We can all use a little help when it comes to managing our money. In fact, you have to manage your smart income better in these uncertain economic times. New entrepreneurs starting businesses who have left the cursed 9 to 5 especially have to watch every penny. Budgeting can be very hard to do with just pen and paper because the mind forgets.
I’m really interested in trying out Neobudget and giving it a whirl. I just signed up and I’ll be sharing my results and findings through my newsletter. (Psst…Sign up if you haven’t already).
If you’re using any of these money management tools, let me know what you think of them. If not, what do you do to budget yourself every month?