I shared our budget last week and this week I’m looking for help with our budget. We’re trying to figure which tools and institutions we should use to manage the budget.
First, the tools. We were using a Google Spreadsheet but it take a lot of work to make it as flexible and user friendly as I’d like. The two options we’re thinking about are Mint.com or good old fashion Quicken.
I use Quicken occasionally when I’m working abroad. My NGO’s field offices run all their financial management through Quicken. Momager uses it a bit for Dadtractor’s business. I like it OK, but it just doesn’t do it for me.
A few people have recommended Mint.com and I’ll admit, I’m interested. I like that it’s user friendly. I like that I can set goals. I like that there are a lot of graphic for us visual learners. I’m kind of sold but I want to hear from real people that they like it. And does anyone use the iphone App for it? That would be the big seller for us.
Second, the institutions. Right now, our savings goes into the savings account associated with our checking. It pays crappy interest but the nice thing is that the savings is accessible when we need it. I have a personal high interest savings account online with bank that doesn’t have a lot of branches on West Coast. I had the account in England and converted it to a US dollar account when I moved home. It pay 3.2% or something like that. I don’t usually have to tap into that account so it’s no biggie that it take 2 days to access the money.
I’ve been thinking that we need to open a second savings account. What I’d propose is that money that goes toward a rainy day, travel and property tax go into the high interest account and the rest and any monthly surpluses go into the savings we currently have. Ideally, I’d love it if I could have one savings account and then sub-divide that account into different categories without having to open 5 separate accounts. I don’t think that exists, does it?
So here’s the questions for everyone, do you like Mint.com or Quicken and why? What are the best features. Also, any one have a suggestion on our savings account(s) options.