Your Money_ The Missing Manual - J. D. Roth [26]
moneyStrands (https://money.strands.com/) lets you set up budgeting goals and create custom alerts (like "let me know when I've spent $30 on coffee this month"). And if you'd like to manage your finances in Spanish, you're in luck—there's a setting in moneyStrands that'll let you track your cash en Español. There's also an iPhone app available.
Mvelopes (www.mvelopes.com) is a web-based version of the envelope budgeting system (Envelope Budgeting) that lets you allocate your money to virtual envelopes. Mvelopes automatically connects to most banks and lets you pay your bills online. The site isn't free: Monthly fees range from $8 to $13 depending on the length of your subscription. Despite this fee, many find that Mvelopes helps them take control of their money when all else has failed, so it's definitely worth a shot if you're at your wits' end.
PearBudget (www.pearbudget.com) doesn't pretend to be a total financial-management package. It's streamlined so it just lets you do simple budgeting and expense tracking, but it does a great job of that. It costs $3 per month, but there's a 30-day free trial. (There's also a PearBudget spreadsheet you can download for free from www.pearbudget.com/spreadsheet.
Wesabe (www.wesabe.com) was the first online personal-finance program. It has a dedicated fan base; in fact, one of Wesabe's strengths is its active community: people on the site support each other, sharing tips and ideas. This program lets you track cash accounts (how much money you have in your pocket), something most other online programs don't do. Also, Wesabe is very security-conscious: If you don't want the site to automatically sync with your bank, you don't have to let it; you can upload data manually instead. And yes, there's a Wesabe iPhone app.
Thrive (www.justthrive.com) is designed to help you plan for the future. It offers budgeting tools as well as reminders about when to pay bills and how much to pay. The site also sports features to let you set and track savings goals.
Yodlee MoneyCenter (www.yodlee.com) lets you track your spending and set budget limits; view balances and transactions for banking, credit, and investment accounts; and pay bills with your checking account or credit card.
Why Budgets Fail
As you've seen, building a budget doesn't have to be a chore; you can use a variety of tricks to make the task more fun and more personal. All the same, simply creating a budget doesn't guarantee that it'll work; a lot of people try to budget, and a lot of people fail. You may encounter trouble with your budget if:
It's too complicated. Folks tend to make budgets more complicated than they need to be. Keep it simple; include only the details you need.
It doesn't reflect your values. Chapter 2 helped you figure out our financial goals. A budget is meant to help you achieve your goals, so make it personal. For example, if you want to budget for fancy coffee, add a category for that. But don't just drink the stuff out of habit.
It doesn't reflect reality. Too often budgets are based on wishful thinking—possible salary increases and ideal spending habits. These are doomed to failure. When you draft a budget, build it around your actual income and behavior. If you spend a lot of money on CDs and MP3s, then budget for music. And don't count on a raise you haven't received yet.
It seems like a chore. It's important to review your budget regularly, but don't let the system bog you down. If checking your progress feels like a chore, you won't do it. So use a pencil and paper if that works for you, or download a budget app if you're an iPhone addict. Your goal is to have a budget that works—so pick whatever method suits you.
The truth is your spending will rarely be in line with your expectations, especially if you have a detailed budget. Sometimes