Tracking your income/expenses
April 25, 2007 | Author: Eve Lester | Filed under: Money Matters
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I just had to take a minute and rave about the new budgeting program I have been using. It is called MVelopes and is the only budgeting software I have found that works for me. It is ALOT different than other programs like Money or Quicken in that it does not specifically plan ahead. It just allocates. So far it has been super easy to use, and I think the fact that I do not have any actual ‘credit cards’ helped that, because tracking credit cards and payments can get confusing. What it does for me is lay out my checks, from all my accounts, say Joseph brings home a 400 dollar check, and I have 200 dollars in PayPal, then it puts 600 dollars in the ‘cash pool’ saying ok, you have 600 dollars to spend, what are you going to do with it?
Then you set up ‘virtual’ envelopes for bills and spending, things like insurance, grocries, eating out, etc, then you assign a amount to each envelope, until that 600 is ’spent’. Then through the week, you can see that you have say 40 dollars in grocery money and 20 in eating out, if you spend 15 on eating out, then you enter that in the envelope and now you only have 5 dollars left to eat out on. You can also put a protion of money into a ’savings’ envelope to grow everytime you add to it, and say if you go over on something, you can transfer money from another envelope to cover it.
No more missing money, every dime is accounted for before we spend it, and we no longer ‘accidently’ overspend… it is great! They also have a business edition that I have not tried, but I can only imagine it is perfect! LOL I recommend it to anyone that has a hard time budgeting money any other way. It is really close to the Dave Ramsey principals of teaching and making it very easy to save money now.
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6 people have left comments
That sounds pretty cool, I think my budget has been in need of something like this, thanks for the tip!
That sounds like what I need. Thanks for the link!
I need to check that out! Can’t wait…it sounds like something I could use.
Hope yall like it! It is a great program for us so far!!
This sounds like a great idea! Since I’m hoping to eventually generate all my income from home, I really need a good system in place for maintaining a good, workable budget.
I left you some linky love at my Plain Book of Homeschooling blog, too. I figured my readers could get some good use from your blog!
Great to hear. I am still working on my finances. I let too much go to waste and I feel like I need to make some changes as far as that goes. Wish me luck! Good job though because I know that takes care of a lot of stress.