I found a way to keep what I’m spending a little bit more organized and efficient (where I don’t have to spend a lot of time digging through receipts, credit card and bank statements). The only thing I don’t like about reconciling my budget is that it can be time consuming and I’m wanting to cut some that time in half.
This app is called Thrifty.
I have tried several other apps and I wasn’t as satisfied so far as I am with this app.
Here’s what this app can do:
- It will record your income, taxes, and expenses (based off of what you type in).
- It will add up your total income and expenses for each month.
- It lets you categorize your income and expenses (so you can have totals for each specific income and expense you have).
- This app will analyze what money is coming in and out each month. It will give you a savings percentage and charts at the end of each month.
Below are pictures of the app on my account.
What are the benefits to using this app?
- It helps determine where your money is going each month and gives you totals on each category.
- Categories created on this app are simple.
- The app tells you how much you are saving each month.
- It has a big button with a plus sign on it (that is visible) where you can add income and expenses easily.
- You can use the totals created at the end of each month to compare to your budget when reconciling your budget.
- It’s free. You don’t have to pay anything at all to use it.
- You can use it on your computer, tablet, or phone.
What are the pitfalls to using this app?
- It won’t link to your bank accounts (like Mint does).
- You have to remember to record each income and expense as it comes in (especially the expenses that get automatically drafted out of your bank account each month).
- This app doesn’t add room for specific categories (if you need a specific category). You will have to record the specifics on a memo. For example, I had to record my cell phone bill under utilities and put on memo that it was for a cell phone.
- This isn’t available to download through an app store. You will have to use your internet browser on your computer, phone, or tablet to access this app.
What is my overall view on this app?
To me, the pros outweigh the cons.
I like being in control of how my money is recorded. The issue I have with apps such as Mint is that I have no control over where my money is recorded to and it doesn’t consider if some purchases I make are for the long term or not. Let’s say I had to bought a $500 washing machine because the one I have currently is torn up. On Mint, it would automatically record it as an expense (and would show that I am losing a chunk full of money that month if only $300 had come in so far). On Thrifty, I wouldn’t have to put that in that app because it is not something I would be paying for every month. I consider expenses as items I pay for every month (e.g. Car Insurance, Water, Electricity). I don’t consider expenses as items I pay for one time and use for a long period of time. I put whatever I save each month towards those long term purchases (if I need them). For yearly taxes, I create an account I put money into each month to cover those taxes.
I also like that all of the expenses and income are added up and totaled for you. I don’t have to dig through several receipts and bank and credit card statements at the end of the month to find out what I spent on each expense each month. I can just record the total on my budget spreadsheet.
I like the savings percentages they calculate on there because it helps me determine if I am staying on track financially each month or not.
I don’t recommend using this app if you don’t want to record each transaction each month; if you need very specific expense categories; or if you need an app from app store to use this app.
To me, those issues don’t bother me at all. This app has helped me save a lot of time and money.
What if you are interested in trying this app out?
- Go to https://www.keepthrifty.com/
- Click on Tools at the top part of the website. (Click Tour if you are more interested in learning about this app before signing up).
- Click on Join Thrifty Free
- Give them your time zone, name, email, and a password (Don’t lose your email and password information. You will need that to login next time).
- Record your income and expenses.
If you have any questions about this app, please let me or Chris Durheim- creator of this app-(email@example.com) know. He also has a personal finance blog that has interesting posts on it (www.keepthrifty.com).
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Thank You and Have A Great Weekend