1

Comment

Using an online budget planner or budget spreadsheet is a great way to organize your finances. Budget spreadsheets have long been in use for centuries. But now, with the help of the Internet, every consumer has easy access to powerful budget calculators and budget planning software. Budget spreadsheets incorporate both the recording, tracking and analyzing processes of budget planning while still allowing you to customize and project your income and expenses.

An online budget planner is even more sophisticated than a budget spreadsheet. Online budget planners take your data – either by having you enter it or by retrieving it directly from your bank – and crunch the numbers into reports and trends that are easy to read.

You can use either both online budget planners and budget spreadsheets or just one. The key is that you use the tools at your disposal to take greater control of your personal finances.

Online Budget Planners

An online budget planner is typically an automated website that takes your financial data, such as your balances, credit lines and transactions, and pulls it together into a convenient interface. One such sites is Mint. Mint will ask you for your bank accounts and passwords and will automatically retrieve the pertinent information and compile it into a single report. This saves hours of menial entry and labor and lets you sort transactions from several different credit cards or checking accounts.

Mint can also recommend products with better interest rates or terms that can save you money. Mint helps you by taking a look at your information and determining what will be most advantageous. As an online budget planner, Mint can also notify you if you are spending an unusual amount in a certain category. You can also set up your own limits using the online budget planner.

Budget Spreadsheets

Budget spreadsheets are a bit simpler and more free form. Most budget spreadsheets can be downloaded onto your hard drive and edited as you go. You enter your income and expenses onto the fields provided and the budget spreadsheet automatically calculates your net income (or loss) and your monthly expenses and income. You can use this to plan out your budget for an entire year. You can also project expenses using the budget spreadsheet. This lets you anticipate upcoming large purchases and save money accordingly.

Online budget planners are a bit easier to use than budget spreadsheets. But if you are concerned about data security or simply want more control over how your financial information is displayed, use a budget spreadsheet. Both tools are extremely useful for planning your financial goals and analyzing your expenses. One of the most important facets of successful personal budgeting is understanding where your money comes from and where it goes. A tool like an online budget planner or a budget spreadsheet makes this aspect of personal finance incredibly easy.