Budget software comparison -- what would you like to know?

[zetta]

I'm currently reviewing several different budgeting software packages, and thought I'd share my thoughts on each as I look into them. As I go through this exercise, is there any feature or usability issue that you'd like to know about?

Here are a few of the general areas I have thought to touch on:
* cost -- $$ amount, subscription or one-time purchase
* general paradigm -- envelope or traditional, general style
* transaction input -- usability of manual input
* transaction input -- ease of download from my bank and credit card
* catagories -- flexibility and customizability
* budget -- ease of setup, monitoring, modifying
* usage flow -- impressions after actually using it to track a budget
* account tracking -- how easy is it to cross-check against your bank and cc balance?
* debt reduction -- any features that help with cc payoff
* reports -- quality of charts and graphs, flexibility
* net worth (if any)
* investment tracking (if any)
* other special features

I realize this is a pretty ambitious comparison, especially since I've already identified 9 potential packages to review. I don't promise to get to them all! I would really like to hear if there are specific things you'd like me to check out while I go through this.

I was thinking as I finished reviewing each package I'd post my review in my blog, post a link here to let people know to check it out, and possibly submit it as an article.

[jmerinka7]

Dear Zetta,
Do you have some results? I am very interesting about budget programs.
Thanks,
jmerinka7

[zetta]

I'm in the process of writing up reviews for YouNeedABudget and Mvelopes. It's going a lot slower than I'd expected -- I keep getting distracted by other things. I currently use Mvelopes and have considered switching to YNAB. Here's a list I've compiled if you want to poke around in the meantime:

Mvelopes:
www.mvelopes.com

YouNeedABudget:
www.youneedabudget.com

My Spending Plan:
www.myspendingplan.com

Crown Money Map:
https://www.moneymapsoftwaresupport.com/default.asp

Home Budget:
http://softperfection.com/hb

Budget:
http://www.snowmintcs.com/products/budgetwin/index.php

Home Budget 4.0 from Tucows shareware:
www.tucows.com/preview/198092

[jmerinka7]

I find some on this forum:

Personal Budget & Household Budget - Linking Your Income and Lifestyle

Budget Stretcher Personal Money Management Solutions and FREE Budget Forms and Budget Worksheets

[The Budget Man]

The top three reasons for budget failures are ...

1. People give up on their budget.

2. People give up on their budget.

3. People give up on their budget.

A well known budgeting program has a 90% failure rate within the first month! Yet people still buy this well known program, hoping that it will work for them.

When the program fails them they feel that they have failed. Their finances are now in an even worse state than before.

Unfortunately many budgeting systems are just too complex and require too much effort to catch up once you get behind.


Many computer based budgeting systems are nothing more than cut down accounting programs. Anyone who has experienced the frustration of trying to find why their budget was out a few cents several months ago will know what I'm talking about.

Here's some good news.

Your budgeting Program does not need to be an accounting program. Accounting programs are used to present historical information for taxation purposes. Budgeting is looking forward to see that you have enough money to enjoy your lifestyle for the next week, month or year.

What you want is a rolling budget that automatically updates itself based on what has happened. You also need to be able to reset the bank balance without it being a drama.

So here are a series of questions that need to be answered before you buy a budgeting program....

1. Is this program simple enough that I'll keep using it even when I don't have much time?

2. Can I add new expenses and let the program recalculate my budget immediately?

3. Is this a budgeting program or an accounting program?

4. Do I have to treat a small expense like a newspaper in the same way I treat the insurance? (Day-To-Day expenses need a totally different approach to Bills, if a program treats them in the same way you can almost guarantee that the effort required to keep up to date will result in you giving up on your budget.)

The good news is that there are budgeting programs that allow you to budget in a way that suits your situation.

[Broken Arrow]

Interesting. Well, I already have a system that I am very happy with, but I would still be interested in any information anyone would like to share on this.

[Hypersion]

I’ve tried a number of different accounting softwares but I never liked any of them.

I just used an excel templates and modified it to my own needs.