Earlier this week I mentioned how I’d been scouring the market for an alternative to MoneyWiz. It’s not that MoneyWiz has anything wrong with it. I just like to check the competition once a year (or so).
I came across YNAB which has gone through a major overhaul and moved to a web-based application. However, I was left disappointed by the amount of support for UK customers. So, I went back to the drawing board.
That’s when I remembered, I have a giant network of UK Money Blogging friends who must like me all track their finances and budget in one way or another. So, I decided to ask them how they do it and share the results with you.
Because if these guys are tracking their money like this, then it’s probably a sure bet that you should be too;
I was really shocked by how many of my fellow UK Money Bloggers tracked their income and expenditure using a spreadsheet. Faith from Much More With Less said, “I use an excel spreadsheet to track my money because it’s simple, flexible and familiar. Allows me to record all my spending – cash, credit cards and current accounts”
Emily from, A Thrifty Fox uses Google Spreadsheets thanks to their ability to be accessed by multiple people via the cloud. “I can easily share a live version with my husband (which he also updates).”
Interestingly enough Neil from P2PBlog does something similar due to his finances being in two currencies. “I add in the GBP:USD conversion to show totals in both pounds and dollars (to make sense of the fall in the pound).” as does Emma from The Money Whisperer ” I don’t track day to day but once a month I update our net worth using Excel – it captures our UK and Australian assets and allows me to see how close we are to paying off our mortgage. I use Money Dashboard to see the current balances of all bank accounts and credit cards and then use pension and fund manager specific apps to get the relevant data from these.”
I’m in shock to find only one vote for what is supposed to be the UK’s best finance tracker, MoneyDashboard. It’s a service I’ve previously covered on the blog, and although I no longer use it Sara from Debt Camel thinks it’s great because “it lets me see what is spent from my bank accounts and credit card all in one place”.
You Need A Budget
Despite You Need A Budget not working for me, Rebecca from BoostMyBudget has found it’s the perfect tool for her needs. “I use the budgeting software YNAB to track my money. The phone app lets me easily record my spending on the go. It shows how much I have left in each budget category. The desktop version shows me loads of awesome graphs and data so I can see the bigger picture.”
Cash in Purse
Hollie from ThriftyMum has some great psychology behind tracking her money from within her purse. “I look in my purse as I prefer to use cash so I feel some exchange when I spend it”. Cat from PennyWiseLifeRich agrees “I prefer to use physical cash and I like the instant tracking of it”
Pen & Paper
Pen and paper is apparently still a thing among us Money Bloggers. Francesca From Pennies To Pounds thinks tracking by pen and paper is great because “It down helps me concentrate on it more and keep on top of it. I pay for pretty much everything using my card so I can track it really easily on internet banking”
Elle from FeelGood’s Vintage is the same and believe that tracking with pen and paper although boring is the best way “I keep a little book in my bag so it’s with me at all times where I track income and expenditure. Tracking spending with a pen and paper is something I always come back to!”
Influenced by her husband Lee from Homely Economics has broken free of her budget tracking app “We are currently using a wall calendar – my husband prefers an all-analogue method of tracking our expenses, so I’m giving it a whirl for a bit!”
Not All UK Money Bloggers Record Their Spending…
Eileen from Your Money Sorted does something I’ve not done for many, many years. To quite an extent she doesn’t track her financial accounts. “I have 2 current accounts and mindful spending to track my money. I can’t be bothered recording every penny. I’m using one account for all my bills, savings and regular expenses. I never look at it because I transfer enough to cover the bills the day after payday. I then have a spending account and think carefully about every purchase, so that I don’t overspend. I’ve been using this for years and it works for me.”