Are budgeting apps like RocketMoney actually useful? - Or is it all fluff bullshit that I can do on a notepad?

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Monkey Pink

Monkey Pink

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May 3, 2021
I keep seeing ads for these types of applications and they pretty much look like a fancier version of a spreadsheet. I would enjoy having the convenience of having my numbers all rounded up and added for me automatically, but I don't want to bother with anything that costs money itself to use, like a subscription-based app.

Does anyone here use any kind of budgeting app that they enjoy? Or are they usually useless and awful experiences?
 
Having used both Excel spreadsheets and budgeting apps over the years, I'd take a budgeting app any day of the week.

In the long run, a budgeting app is a huge time saver. The ability to automatically input bank feeds, generate reports, automatically categorize transactions etc saves me at least 30 minutes a week over what I use to spend on budgeting with a spreadsheet. Apps also give the ability to easily run scenarios, such as what happens in the event of a promotion, firing, inflation etc. Really useful for forward planning.

I'm an especially big fan of YNAB. Not only does it work as a budgeting tool, it also acts as something of a coach to help get into better financial habits. I used YNAB for years and only moved on once it went to a monthly subscription model and felt like I'd learned enough to go it alone. It's not cheap, but it's worth it if you're hopeless at budgeting.

These days I use Pocketsmith. I have the paid version as I like the bank feeds, but there's a free version that's worthwhile if you have relatively simple budgeting requirements and don't mind manually importing transactions from CSV/QFX files.

That being said, if you don't trust budgeting apps and/or you're a poorfag, a spreadsheet is better than no budgeting tool at all.
 
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I use notifications on my phone to unsubscribe to everything before the free trial is up. It's not hard and rocketmoney created an industry that doesn't need to exist.
 
A genuine desire to track or reign in your spending habits is the primary component needed for good budgeting. Other useful lifehacks include the 80/20 rule and learning to pay yourself first.
 
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Understanding that the only money you’re allowed to spend is the money you have after paying all your bills and living expenses is what separates niggercattle from sentient life.

Look back in your bank statements for the past few months, tally up all the expenses that you literally cannot live without (utilities, food, gas, shelter), subtract it from your monthly income with an additional buffer for savings (Should go directly into a Roth IRA. Save as much as you possibly can without sacrificing your quality of life enough to make you resentful of the budget.)

Realize that what’s left over is your *true* spending money. Put it in your checking account and spend it on whatever you want. You’ve already done the math to justify it. Following these tips, you will have better financial security than most people out there.
 
Secret Messages said:
Understanding that the only money you’re allowed to spend is the money you have after paying all your bills and living expenses is what separates niggercattle from sentient life.

Look back in your bank statements for the past few months, tally up all the expenses that you literally cannot live without (utilities, food, gas, shelter), subtract it from your monthly income with an additional buffer for savings (Should go directly into a Roth IRA. Save as much as you possibly can without sacrificing your quality of life enough to make you resentful of the budget.)

Realize that what’s left over is your *true* spending money. Put it in your checking account and spend it on whatever you want. You’ve already done the math to justify it. Following these tips, you will have better financial security than most people out there.
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Can you explain how a Roth IRA works/what it is? Hard for me to find a source that isn't trying to sell me something
 
Glowie Hunter Art Bell said:
Can you explain how a Roth IRA works/what it is? Hard for me to find a source that isn't trying to sell me something
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it’s a retirement account, basically. When you retire you get to pull out all the money you invested without paying capital gains tax, no strings attached. The catch is that if you want to take that money out early, you’ll be paying a penalty, 10% AND you have to pay the tax. There’s a maximum you can put in each year, right now that’s $6500.

If you want to save and invest it’s better than just buying stocks at a brokerage because capital gains tax is a bitch, and if you want to make any actual profit off the stock market you shouldn’t be planning on touching that money anytime soon anyways.
 
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