Tools That Help Budgeting

justwii on 06/01/2023 - 14:28
Last edited 06/01/2023 - 14:28

Have been a tight ass in the past years, always worrying I may spend too much on stuff. But its a whole new year ahead, wanna try something new. This time I want to try budgeting, assigning a certain % of my income into all sorts of categories, like living, clothing, dinning out, entertainment, travelling, etc., so that going down the year I know oh I can actually spend a few hundreds to get a pair of new shoes, or may be for the first time I can be a whale in some P2W games instead of being an all time freeloader. This may help easing my money spending anxiety.

So I am looking for a bank saving account that can help me to do budgeting, something like automatically assigning money into different "slots", representing those categories that I can configure myself, whenever there is a deposit. Is there something like this out there and how do you configure it?

Financial

Comments

  • Edgecrusher on 09/01/2023 - 15:05

    Check out up bank.

    Its an online bank, but the app allows you to set up automatic money splits into different accounts for different needs.

    I don't use it as I feel I'm on top of things, but its format looks very geared to gamers, late teens, early twenties.

    Given you a a ptw gamer, it might just be a set up that keeps you interested.

  • realaaa on 09/01/2023 - 21:02

    yeah Up bank seems to be quite good in doing all of that mostly out of the box

  • McBanjo on 09/01/2023 - 21:47

    Free sheet or paid option from v2 onwards: https://docs.google.com/spreadsheets/d/1tRJzUsKBNE_JoSTiMLT0…

    I also use PocketSmith.

  • argonide on 10/01/2023 - 00:03
    +1

    Maybe check out pay splitting with Up, you can create multiple savers and then set a percentage of your pay to go to each saver.

  • MrMarket on 10/01/2023 - 08:48

    here is a simplest budget you can do without wasting time
    you stacked away 20% of your pay each month and you never touch it; you then invest that money and never touch it for the next15-20 years
    and keep reinvesting all income

    you spent with is left over after putting away 20%, spend it all to the last cents, no need to budget, enjoy yourself on your 80% salary to the max

    after a decade or two depending what you invest and how good you are you likely having a very large sum that start paying you dividends or good rental income
    you can start spending some of that income into your old age and never run out of money plus you have a lot more capital that keep growing

    that is my budget since I have a job, I don't have any fancy spreadsheet or calculators or tracking
    I go travelling and do all my hobbies all fund from dividend and the seed capital never go backward it keep growing each year

  • BROADSAW on 11/01/2023 - 13:27

    As argonide said Up Bank (online only) Has the feature of splitting paydays into pre determined amounts or percentages of your pay (or both). Give it a look!

    As others have said, you can make multiple savings accounts, and divvy it up between them and your transactions account, all get the same interest which is activated after 5 transactions in a calendar month.

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