With the beginning of the month I thought I would mention the budgeting resource I presently use – Envelope Budget Software by EEBA. I started using this application on my phone in August 2012 which is the same time I started doctoral school. It appealed to me since I was a person that typically used cash to handle my expenses and allocated that money in various real envelopes. Now my envelopes are virtual ones tracked by EEBA which means I do not have to constantly count the cash nor write on envelopes.
Since my income is based on my financial aid payment and monthly stipend payments, I base my budget on the amount evenly spread between the 5.5 months of the semester. (Note – I cushion in there that break of time between the new semester and actually getting my aid.) I have 9 envelopes that include groceries/eat-out, gas, car, rent/water bill, other utilities, loan payments, childcare, tithes, and miscellaneous/fun. At the beginning of the month my envelopes start at my projected budget amount and then throughout the month I enter in my expenses as they occur.
One neat aspect I like about the software is that as I enter the expense it lets me know in both image and numeric format how good or bad I am doing. If I am getting low on funds it notifies me that I need to watch my spending – -which typically happens for our grocery/eat out envelope 🙂 Another neat aspect is you can transfer money between the envelopes — so if I am running low on gas money and have barely touched my miscellaneous I can transfer it over.
Additionally, you can work with the software on either your phone or computer. (Note: If you are not a phone app person you can work with your budget purely online). Which is great if you share the budget responsibilities with another person.
Check the site out and give it a try. Comment if you have insight on any other budgeting software that you would encourage me to review.