How to Track Your Budget Online
As technology improves, your excuses for not having a budget dwindle. No longer can you claim that you don't have the time to write down your purchases or you forgot to keep a receipt for your groceries. Online tools have created a world that allows you to ignore the receipt, forget the pen and paper, and focus on your day-to-day activities, confident that you'll be able to maintain your budget without worry.
Other People Are Reading
Instructions
-
-
1
Write down what you want to achieve with a budget. According to the National Endowment for Financial Education, the first step to any financial plan is to write down your goals so you're more likely to follow through with your overall financial plan. Budgeting for no reason sounds difficult and pointless. Budgets to help you achieve your goals sounds more exciting and fun.
-
2
Check your bank for online tools. Many popular banks offer online tools to track your expenses directly through their websites. If your bank has budgeting tools available, log on to your online banking system and investigate the depth of the budget tracking tools to see if these can help you track your money online.
-
-
3
Review free online budget sites. Check out sites such as Mint.com, Geezeo.com, and Wasabe.com, which have free tools to help you track your financial picture. Study the interfaces to see which seems easiest to use. Click on the introduction tools to find Web videos and written explanations of how the sites work. Decide which is best for your financial tracking and sign up.
-
4
Input your information into the site. Whether you use your bank's site or one of the many free sites available, you'll need to input your other accounts, such as your credit card, mortgage, auto loans, and investment accounts into the site. Check for accuracy over the first few weeks -- sometimes a site miscategorizes some expenses and will require correction. Change any inconsistencies so that you're able to see the true picture of your expenses.
-
5
Schedule time to review your budget. Tracking your money online isn't useful if you never use it. Use your site's online alerts to notify you whenever your checking account runs low or you go over a prearranged target level of spending in any area, such as dining out. Schedule a meeting weekly to review this information with any family members whom the budget affects. Everyone needs to be on the same page about spending for your budget to be effective.
-
1
