Information gathered mostly from Time Inc. article by Wise Bread.
Why is there a need for a new budget for 2015.
Gas prices have gone down making the likelihood of some savings more realistic could be a reason. Or you have overspent the holidays may be another. At any rate creating a new budget for your financial plans for 2015 may be a necessity.
Newer budgeting tools does better in tracking expenses to help you attain your financial goals:
1. Mint
Mint gives the ability to view accounts, investments & etc. on a single platform. It allows you to have an unlimited number of budgets. Compatible with smartphones and tablets.
2. Personal Capital
Similar to Mint Personal Capital is said to be snappier but not as robust. They also offer advice and management for a fee.
3. Buxfer
Buxfer allows you to send money to friends and family inline in addition to the capabilities of 1 & 2 above.
4. BudgetPulse
Being web-based may be preferable if you do not want to link all your accounts. BudgetPulse may require more manual entry work but you may find some easy-to-adjust budgeting tools.
5. Level Money
Level Money provides an additional feature called "spendable cash" to know how much cash you have left for spending.
6. GnuCash
More geared for personal and small business accounting GnuCash works on most computer platforms. It is based on the double-entry accounting system, very robust but may be confusing requiring some sophistication in accountancy.
7. Spendee
Where is you money going? That's Spendee 's strength. Not as robust as the others but may be good enough for tracking spending.
8. HomeBudget
Good for couples who wants to budget together. HomeBudget is compatible with iOs, Android, and desktop platforms. Good syncing capability. Downside- costs $4.99.
9. Paper Envelopes
Have a handful of plain white envelopes handy, fill each envelope with cash for budget items from your old budget. Once envelope is empty- there's no more to spend, so make the necessary adjustment. Can help you reduce dependency on credit cards to control spending.
10. Microsoft Excel
May seem outdated. Here's a simple monthly budget template to compare income and expenses.
Choose the one that suits you best.
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