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A few things I like about it:
1. I like the fact that it doesn’t link up to my bank accounts.
I know some of you may not like this idea, but I LOVE it! I have more ability to move my money around and split up my shopping trips into different tags.
2. The ability t o create different accounts
as many as you need! I have Bank 1 checking, Bank 1 savings, Bank 2 checking, Bank 2 savings, Cash box, ect. I love being able to see all my accounts and what I have in them in ONE easy place.
3. You can set “tags” for every category in your budget
This allows me to quickly view how much I spent that month on the specific tag. I tag my items as food, pleasure, gas, ect. By clicking on a tag, I can quickly see how much I have spent that month on gas. At the end of the month, it’s easy to do a quick overview… I talk more about this in my post how to mange money.
4. Set monthly “Goals”
You can set “goals” for how much money you want to put in, or take out on your “tag” for the month. It even shows you a bar graph as you have spent over 50% of the target amount, for a quick look to see how you are doing.
5. I enter in my own “expenses”
I specifically add each “expense”… the slow way… I know this might not sound like “fun”, but it has helped me save money even more!
I look at the receipt, or online bank statement, then type it in… this is 2 ways I see and feel and become aware on what I am spending money on. Adding each expense to you account, even a $1.50 ice cream, is important. Instead of just looking at charges on your website, physically typing them in makes you realize that you spent $1.50 for that ice cream (and was totally worth it, or wasn’t worth it).
It also helps me be more accountable to what I bought. If my credit card says $16.70 Walmart, and I got to enter it into moneytrackin and don’t remember what I actually bought… because it wasn’t something I needed, I feel dumb. AND that I wasted $16.70!
Since I’ve been physically typing in EACH and EVERY expense, I am more responsible when buying things, and I am more aware of how much I am spending…. BOTH help me keep to my budget.
6. Able to divide up transactions
Also, by entering in my own expenses, I can split the transaction up. Lets say I went to Walmart, spent $20 on food, $10 on children, $3 on pleasure. Instead of typing in “Walmart, $33”, I can divided it up into specific categories/tags. This allows me to be more accurate in my budget and I don’t go over near as much as I used to.
A Few things I don’t like about it
1. It’s not mobile friendly.
Yes, I can see it on a mobile device, but it doesn’t adjust to it. I have to zoom in A LOT.
2. Sometimes, the website goes down
This happens about once ever 3 months… and I can’t see my information for a day or two.
Like I said…
I started using moneytrackin 3 years ago prior to getting a smart phone. Part of the reason why I haven’t changed to a more recent app is because I already have 3 years worth of information in my account.
I have to tell you how EASY tax season is now that I have everything in one place. We still keep our receipts in a file. But it’s easy to click on my “work” or “school” or “medical” tab and see how much I’ve spent, and what I’ve spent it on.
What’s your favorite money management app or tool?