A lot of financial experts recommend what is called the envelope system of budgeting. This is essentially placing a certain amount of money in an envelope for a certain item and throughout the month you only use the money in that envelope.
If you would like to try this, but don't want to mess with actual envelopes you can try the Goodbudget app. This lets you set up envelopes for your budget on your mobile device. You get 10 envelopes for free and can set up more for additional purchases. After you set up your envelopes, you can then track your purchases out of that envelope. You can sync and share your budget with other members of your household. Goodbudget also has a report feature that shows how your spending is going. Goodbudget is also accessible on their website https://goodbudget.com/
So if you are inspired to better control your finances, you might give Goodbudget a try.
- Name of App: Goodbudget
- Audience: Adult
- Platform: iOS, Android
- What the App Does and why we recommend it: This app allows the patron to do the envelop budgeting system on their mobile device.
- What platform we used to recommend the app: Android
- Cost (at time of review): Free, with additional envelopes available for additional cost.
If you are interested in participating in any of KHCPL's Money Smart Week events, visit the library's website at www.kchpl.org.