An Appful of Dollars

As I've mentioned previously, I am trying to be more conscious of my finances,and have enlisted my iPhone to assist me with this goal. I started out by creating a simple list of monthly expenses and by (finally) setting up an online banking account. Now, I am trying to become a little more sophisticated in my efforts.

I have started using Saver and AceBudget, a couple of apps which allow a user to input all expenses and see where the money is being spent each month.

Ace also allows the user to preset a budget for an expense category and input sources of income. It also gives greater flexibility in terms of categorizing expenses. I think it will take me some time to figure out a realistic and appropriate budget for each category of spending.

In contrast, Saver is a bit more user-friendly, and has a nicer interface. However, it does not perform as many functions as Ace.

  Still, the benefits of a nice and simple interface should not be understated, and the clarity it provides may, in the long run, outweigh the benefits of having a more intricate setup.










On Kim's recommendation, I've also started using Mint. It allows a user to hook up multiple accounts (checking, credit card, loans, insurance) so he or she can get a complete picture of their budget. It even sends periodic emails to explain expenditures and provide recommendations.

So, it is now relatively easy for me to keep tabs on my credit card expenses (which update automatically) as well as the status of my car loan and dental care loan (for some fillings I had replaced).


For the time being, I plan to use my simple list/tally, the Ace/Saver budgeting apps, and Mint in tandem, though I expect that I'll stop using Ace or Saver once I figure out which one I like more.

Although I appreciate the convenience and accuracy of Mint, I like having to actually input my expenses, both because it sometimes takes a while for charges to process, and because I am more likely to stay on top of my expenses if I record them myself. A big part of this exercise is about cutting down on unnecessary expenses, and I am hoping that I will be less inclined to buy something if I have to go through the hassle of writing it down.

On a positive note, my strategies do seem to be working, as my spending is going down. I just hope I can keep at it!