I have tried it but eventually gave up. Here are the top five reasons why I do not fancy a budgeting app:
1. I don't like to do frequent data input.
It can get quite irritating at times if I forget to key in any income or expense and the figures don't add up. Also it's a headache to be counting 'every cent in the wallet'.
2. I consolidate spending / savings on 3 monthly basis, since online banking statements are usually laid out in 1-3 months frame. I do a personal cash flow excel sheet yearly (or half yearly, depending on my mood) and review what are the unnecessary expenses.
3. I have a rough mental monthly budget on regular fixed spending, example: daily meals, transport, insurance. Then I just take note of any infrequent, extra spending that month, example: books, clothes, gadgets, travel. Groceries are all accounted for using one credit card.
4. I am not at risk of negative saving. I only invest opportunistically, not keen on regular investment plans.
5. Data security reasons - I am not sure if the data would be use by the app developer for other purposes or sold to third party data collectors.
***
Budgeting is a practice of discipline and habit but I would prefer to do it more flexibly and less stress-fully. If you think you have ZERO discipline in doing point 2, 3 and 4, then it might be useful to invest some effort and dollars on a budgeting app. But again, we would need quite a bit of discipline here to make full use of the app.
1. I don't like to do frequent data input.
It can get quite irritating at times if I forget to key in any income or expense and the figures don't add up. Also it's a headache to be counting 'every cent in the wallet'.
2. I consolidate spending / savings on 3 monthly basis, since online banking statements are usually laid out in 1-3 months frame. I do a personal cash flow excel sheet yearly (or half yearly, depending on my mood) and review what are the unnecessary expenses.
3. I have a rough mental monthly budget on regular fixed spending, example: daily meals, transport, insurance. Then I just take note of any infrequent, extra spending that month, example: books, clothes, gadgets, travel. Groceries are all accounted for using one credit card.
4. I am not at risk of negative saving. I only invest opportunistically, not keen on regular investment plans.
5. Data security reasons - I am not sure if the data would be use by the app developer for other purposes or sold to third party data collectors.
***
Budgeting is a practice of discipline and habit but I would prefer to do it more flexibly and less stress-fully. If you think you have ZERO discipline in doing point 2, 3 and 4, then it might be useful to invest some effort and dollars on a budgeting app. But again, we would need quite a bit of discipline here to make full use of the app.