@Galway - as my mother used to say, "if you have nothing useful to say, STFU"
More seriously, your posts aren't helping anyone, you're just turning *yet another thread* in to an argument (not that you particularly have a habit of doing that, it just seems to be becoming a painfully frequent occurrence on EG these days)
If you don't want/need an app to keep track of your expenses, good for you. Telling others you don't need the help they do very rarely helps them though. At best you come across cocky, at worst you outright offend people.
Back on topic: as @pcstru quite rightly says, banks seem incapable of providing a real time balance. I can't count the number of time I've incurred a £25 fee plus £6 daily fee because when I checked my balance, it appeared to be in credit but actually I'd already spent some money that wasn't showing yet. To make matters worse, I use a text alert system with Lloyds to warn me when my account is below £x. Incredibly, they fail to text me when I'm overdrawn. In fact, if I don't get a text alert, I assume I'm overdrawn!
So keeping track myself allows me to see where I really stand. I don't do every little transaction to the penny, but if I spend £20 on Steam, it goes in. £5 on eBay, in it goes. £15 on a pub lunch, we'll track that too. Then, when I get a text saying "OMG, you have to see this band!", a quick check of my tracking allows me to see whether I can really afford it this month.
We've not all got enough disposable income to not worry about it!
Im thinking when you would use it. Would you use it to justify lunch at KFC or is this to nail down all your major ingoing / outgoings?
What if you needed a new pair of shoes, do you have to consult your app to see what you need to do without?
Really struggling to understand how this would help you but can think of many in how this is hindering you.
If you cant swim do you install an app to stop you from going near deep water or do you learn how to swim?
If I had a problem with money (which I dont), where is the logic of buying an expensive app?
"I've used a google spreadsheet in the past to update on my phone but sometimes you just want something you can enter quickly and not have to faff around with."
It's about keeping track.
For example, When LeBoyfriend and I get paid we pay £XYZ each into the joint account giving us a total household budget of £ABCD. From this, we pay all the household bills - mortgage, insurance, utilities, phone, internet, council tax, etc. We also have a food budget of £EFG. Whenever we do a shop I update our spreadsheet so I know how much of our food budget we have left, which bills have and have not been paid etc. This helps us decide whether or not we can afford a takeaway etc.
The same goes for my Current account. I try to keep my DDs going out at the same time but these days it's mostly impossible to get everything out on the same day so When I've paid my £XYZ into the joint account I have £ABC left in my account, of which £DEF has already been earmarked for personal Direct debits - Car insurance, mobile phone, Cat insurance (yes, my Cat is insured - much cheaper than the bills), WoW subscription, Car loan payment, credit card payments, Cat vaccination DD scheme at local vet, etc etc. BUT, it can be hard to track how much of £ABC is MINE vs how much is a DD waiting to go out.
This is what I'd use the app for.
It's not about not being able to manage money (and I won't be drawn into the fiscal responsibility argument again), it's about whether or not you can mentally keep all the incomings and outgoings (more outgoings than incomings usually) organised. It's hard to keep track of it all when so many are in different places - you have bank accounts, credit cards, mortgages, utilities etc. You keep phone numbers in a contacts list on your smartphone because it's difficult to remember each and every phone number. This is the same thing but with money. I think wanting to keep track of your finances is the mark of a responsible person whether you have disposable income or not.
As I like to say - it's better to have it and not use it than not have it and need it.
Last edited by AMLightfoot; 2nd July 2014 at 02:33 PM.
One thing I'm finding extremely irritating with most of the apps I've tried is that they only show net figures over the specified time frame, rather than a rolling balance. I just can't see the logic in that, especially as most of them don't let you set a manual time frame (which I could work with)
And what does TNAB app do with all this accurate spending data? hmmm
Depends on the data and what you need it for?
> Be Viking
> While I'm out raiding I decide to buy a barrel of the finest elderberry mead. The priest who hasn't been blood-eagled or sold as a slave offers it to my if I spare his life, worth approximately £50.
> Do I have that much? Whip out my smartphone and check my drinks budget.
> It's halfway through the month so my drinks budget is only down to the £30 that I planned to spend. (This was before my son got dragged off by wolves last week and I drank until I saw Žorr...) So my priorities have shifted in the past week.
> I needed to stay within my budget, because my sea-steed's captain is kind of a jerk and I think he might try to throw me overboard and I needed a backup way of getting home. Because of this, I allocated an extra £40 for an emergency passage that I could use.
> Luckily I killed the captain while everybody was out collecting gold crosses, so that's no longer required in my rainy day fund along with my "in case of sudden visit to Valhalla" horde of treasure.
> With the stored data I can save time and either micromanage it slightly more by reallocating the saved money from the passage...
Or I could just axe him in the face and take it anyway.