Over the years I have tried many different ways to manage my finances. My Mom was a book keeper by profession and she taught me from an early age to be able to use a cash book. Mom would always have a big multicolumn cash book that she used to manage the money that she had and she always, always, balanced to the cent. I have been using Mom’s method for many years in a spreadsheet, but my daughter got me inspired a couple of weeks ago to look at financial applications that are out there, and there are very few that manage money the way that I like to manage money and those that are there are more expensive that I want to pay.
I like to use the envelope method of money management. Remember in the olden days when you were paid in cash and when you got home you divided the money that you had and put it in envelopes. Anyone reading this is probably too young to remember this sort of thing. 🙂 So using this method you knew exactly how much money you had for house keep (groceries), how much for gas etc. and how much you had to spend. It was the amount in the envelope. I love this method because you are using your money. You are not living on credit. I LOVE the feeling of not living on credit. So the new application that I’m writing is my version of money management by using envelopes. When I am further on with the development I’ll post some screen shots here.
All the best … Tim.