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Ask HN: How do you manage your personal finances?
31 points by wanobi on July 11, 2023 | hide | past | favorite | 46 comments
I just graduated and I feel like managing and keeping track of my finances can be quite challenging. Most of the time, I wonder where my money has gone even though I "know" where I spend my money most of the time.

What kind of apps do you use to assist in managing your finances?

On another note, how do you even "learn" managing finances properly (i.e., spendings, banks, investments, etc). Using Excel does not work for me. I'm thinking of focusing my time on beancount. Feels pretty simple enough to use.




I've recommended YNAB to everyone who has asked me what I do for tracking my finances. I've been using it for 5 years now. I balked at the idea of paying for it but at the end of the free trial I was hooked, it just helped so much. All but one person I recommended to ended up integrating it in to their lives as well

The idea of surprise charges is completely unknown to me. It takes a little setup initially, but it gets you into checking your finances briefly every day which makes sure you are briefly checking whether you are going over your budget. You wake up in the morning with your transactions from the previous day and it does a fantastic job of matching them to your categories in your budget.

Unlike other systems you can't budget money that you don't have, so you have to break up your budgeting on a schedule of when you get your paychecks. You get into the habit of budgeting for your debts, bills, and things you are saving up for and you get to see how much you have left over for everything else in your life. It tracks average spending per category as well.

It's fantastic for tracking spending and debt but it's meant for your daily finances. It's not great at tracking stocks, 401ks, etc. But it's not meant for that and doesn't try to be


Is there any self hosted alternative to this? I am not comfortable at all with giving all my financial data to YNAB.


You could use something like Ledger (https://ledger-cli.org/)


Two congratulations are in order, first for your graduation, and second for your awareness, early in life, that you can take control of your finances instead of letting your finances control you.

Invest in learning how to use Quickbooks.

Quickbooks is the industry standard for bookkeeping and accounting - the exact topics your OP references. Mapping (your vocabulary) to Quickbooks terms, you can budget by category (manage your finances), import and categorize your transactions daily (keep track of your finances), and run reports to see actuals vs. budgets (where your money has gone vs. where you planned for it to go). Also, every so often (monthly), you reconcile your categories against your financial accounts (banks, investments, loans, etc.) to make sure everything is in-sync. Quickbooks also has other advanced features to keep track of more complicated bits like depreciating assets, interest-bearing accounts, etc.

Your return-on-investment for learning Quickbooks will be many times higher than any other tool. You can grow with the tool as your financial complexity grows, something tools like YNAB can't do; easily handover your financials to an accountant for filing come tax season; transfer the skills you've learned through personal bookkeeping over into running the books for a side business.

To get started, I'd suggest taking a class that teaches how to use Quickbooks for personal finances, or hiring a bookkeeper to setup your books and teach you how to run them to meet your goals.


Stopped using apps, and started using an excel spreadsheet. It isn't easiest thing to do, but the effort and granularity has really helped me to stay on top of things. Once a month I will log in and update the sheet. I use this template: https://docs.google.com/spreadsheets/d/1kWHnihgmOHy6ZQ9K2oGW...


We do "envelope budgeting" but taking advantage of a bank (Starling in the UK) that makes this cash free.

Starling lets you divide your account into spaces and you can have virtual debit cards associated with a space, or pay bills by direct debit straight from a space. At the beginning of the month the monthly budget for each space is put into that space and most spending comes directly from its space using a virtual card (in Google Wallet for physical purchases or with the appropriate card info for online purchases) or via direct debit. A few transactions are on the main card and are categorised later by transferring from the right space in the app.

Some budgets we expect to pretty much fully use each month, like groceries or bills. Others like the car budget we aim for rollover to cover occasional big expenses like a service. We also have an emergency fund to cover unanticipated bigger expenses.

I've tried various methods and software in the past and this has worked best. Tracking everything in an app or using ledger / beancount is too much work for too little benefit in my experience. It also hasn't worked well for me for budgeting as it tells you after the fact where your money went but doesn't by itself help / force you to stick to a budget the way the envelope method does.


I don't. I tried YNAB for a long time, but it just got too stressful.

I have been thinking, if I were to create a budget tracker, my hot take would be to make an imperfect one, aimed at people who don't need to budget "to survive" and so can make a mistake, overspend and then reign it in next month.

This software would just track the major source of discretionary spend: your credit card, and auto allocate to buckets using AI mostly, and maybe email you an alert if overspending (like the battery alerts from Ring!).

Any non credit-card account tends to be used for essentials like bills, mortgage and so on. Since I am not going to not pay those, it doesn't matter.

The idea is to say "can spend $10,000/m on credit card" or whatever, and go from there.

MVP: download credit card CSV, run some local python code to auto allocate and fire off email if there is an issue (there was an API to email thing posted on HN a while back).


i like this idea. I would use something like this but it would need to present me with a way to sort into two buckets: personal spend and LLC spend. I would instantly stop paying quickbooks the $15/mo for that app.

I feel there are many use cases for an app that can just regularly pull financial transactions, perform a function on them and spit out an email on a regular basis or on some kind of a trigger.

I wrote a SaaS tool for letting me know when a stock sale would trigger a wash sale event for tax purposes. I host it at https://washsaleadvisor.com. It uses plaid to pull the trade transactions from most bank APIs and sends me a daily email with useful info. The last feature I added was refactoring the wash sale functionality into WASM functions and then put a code editor in the dashboard. Anyone who signs up could theoretically turn "wash sale advisor" into basically any operation that iterates through transactions and renders an email and sends via sendgrid.


I started with https://ledger-cli.org. Later built a GUI https://github.com/ananthakumaran/paisa on top of it


This looks fantastic ananth. I use beancount for tracking my finances, is there anyway to use this GUI on top of the beancount files ?


Currently it supports ledger and hledger natively. If your file is compatible with any of the two, it would work.

There is a clear separation between the cmd line tool and paisa. It should be relatively straightforward to add support for more. I will look into it later.


The personalfinance subreddit is quite good in terms of learning and getting questions answered.

I use beancount, it is a great fit for a specific type of user who can put up with double entry and who wants to run sql-ish queries on their transactions and who doesn't need a GUI. It probably won't work if you are not all those things but if you are it is great.

Conceptually, I would suggest looking into books that do a basic job of explaining accounting- balance sheet, income statement, cash flow. While it is a much bigger space than the world of personal finance, personal finance itself has gotten very complex, with lots of seemingly indistinguishable places/apps to put money. The indistinguishable becomes just crisply defined if one has the basics of accounting.


Disclaimer: I used to work here.

I'm from India and I use Fold¹ for this. They make money tracking easier using the account aggregator framework², which is provided by an RBI³ regulated entity. They are currently in invite-only for both iOS (beta) and Android (alpha).

They are very feature-rich and implement those with utmost care to design, UX and engineering. The team is small and everyone is committed to the goal of making finance easier and seen. All amazing people!

Highly recommended for people in India.

1: https://fold.money

2. https://sahamati.org.in/what-is-account-aggregator/

3: Reserve Bank of India


I used to use YNAB which was very helpful in learning and getting comfortable with budgets.

I now use monarch money[0] which has a much broader focus and offers better investment tracking, forecasting etc. They have a cash flow view which is particularly insightful.

A lot of the finance related subreddits are helpful (like personalfinance, bogleheads etc) for advice, planning, ideas etc. Also a fan of The Money Guy on YouTube[1].

[0]https://www.monarchmoney.com

[1]https://www.youtube.com/@MoneyGuyShow


What about Excel wasn't working for you? The one time I had to sit and figure this out for $130K of wedding expenses, I downloaded CC/debit CSVs from my banking site, loaded them into Excel, and categorized them there in a semi-automated way. Overall felt pretty efficient and accurate, only snag being a few cash payments I had to note down manually.

Other than that, I don't do anything more than watching my "total assets" value move up and down. If I ever need to retroactively assess things, I can do it in Excel again.


I think excel is great for seldom use. But, it gets annoying (for me at least) to use for something that I need to edit everyday.

Also, don’t like MS Office (feels like bloat) and Google Sheets ( slow for me at times). I do use excel though for something that I don’t need to edit that often.


Yeah, Excel is only for once a week or month. If you need to be tighter than that, there's probably a way to make your bank display CC charges since the start of the week. I wouldn't want to bother scanning receipts into an app or anything like that.


I use an app I've developed recently: https://guitos.app

It was initially meant to replace a spreadsheet I created based on the budgeting advice given on the r/personalfinance subreddits. It can

help you figure out where your money went, plan your budget ahead of time and analyze past expenditures.

source code @ https://github.com/rare-magma/guitos


Here's my European personal finance software on Apple Macs and iPads journey.

I used to use MoneyWiz but it couldn't handle both American, Irish, and Swedish bank or investment accounts. So I outgrew it quickly.

Then I did it manually in Excel, and Later Moneydance that is really a great product. That said it didn't really work for me due to my undiagnosed ADHD brain. There is some automation in Monedance but I never got forex exchange rates or Stocks to work like I wanted automatically. I know you can get it working but for some reason I never got it to. THey later got some automation for a 2 euro subscription fee, but it cant handle my Irish or Swedish banks only American banks.

If you are in to privacy then Moneydance is the software for you, they are really big on not wanting your data which is refreshing. It really is a great software, Im just not Neurotypical enough to use it though. https://moneydance.com/

Now I am using Banktivity that handles all European and American banks, with automatic updates. https://www.banktivity.com/

I love it. It just handles stuff for me, and my ADHD brain feels in control of economy again...


I use Beancount; learned about it at https://plaintextaccounting.org/.


I don't really, but I do have the habit of 'as soon as I get paid (like as soon as I think about it on payday), make a payment on X loan, put Y amount into the joint account, and put Z money into stocks/ETFs'.

Joint account is only used for bills, and barring some terrible emergency I don't plan to cash out my investments.

I also have an autosave set up on my bank account that each paycheck it shifts $400 into my savings.

Whatever is left, I just pretend that's my paycheck and work with that for the next couple of weeks. Sometimes I stretch myself a bit too thin, and then I dip into my savings account to get me by until the next paycheck, but I try not to make a habit of it (it's not our primary savings, that gets taken out of the joint account, I mainly use my personal savings account as a buffer now).

And in addition to that I have a 401k that gets taken out of my paycheck right away as well.

I'll get to see the numbers go up each paycheck, and then I don't really have to think about it outside of that. Investing and paying my loan and shifting money over takes about 20 minutes of my time, then I'm done for two weeks.

I'm definitely not as efficient with the rest of the money as I'd like (we eat out too often and get too many toys), but at least I'm still saving/investing a respectable amount each paycheck anyway.

I didn't really start having this habit until my 30s, though, and never worked at a place that gave out RSUs, so I'm way behind a lot of people on this site that are younger than me, I'm sure.


On your latter question https://www.reddit.com/r/personalfinance/wiki/young_adult/ is pretty good.

I've never been great at tracking spending - what worked for me was just being strict about separating "spending money" from "savings money". I'd get paid $X into a savings account every month, my rent $Y would be drawn from that, and I'd transfer a $Z "monthly allowance" into a separate checking account. Credit card and everything else would come out of the checking account. I know I'm spending $Z every month. I know each month I'm accumulating $X - $Y - $Z in savings. I can adjust $Z however I like, make emergency transfers from savings to checking if I have to, and the transaction history for the savings account is easy to understand.

There are lots of ways to do it and it's important to find something that works for you. I know people who have big mortgages, with an expected windfall when they retire and trade their huge house for a smaller one, because they know it's the only way they'll save enough!


I use moneydance and log all transactions. I can report on anything, my data file is perpetual, and there’s no monthly fee.

I used to use YNAB and tried Mint, but I don’t want to pay a monthly fee. YNAB is cheap ($5/month) but it was just a spreadsheet with categories and I expect I’ll need this info forever so $60/year x 50 years adds up.

I have 13 years of data and it’s useful for taxes, business disputes, planning, long term budgeting, and backup/restore.


What are your needs? you mentioned that you need something daily, why?

What do you want to achieve? balance at the end of each month, or "can I afford another latte today"?

For the first a spreadsheet can work great, preferably with some system to arrange your budget, but that's not about tooling but simply being disciplined. For the second I don't think anything will last- writing every expense is not scalable.


Actually, maybe you are right. Based on what I've read in this thread, I feel like my approach to finance management is a bit wrong. I probably need something that I can do bi-weekly or monthly.

The initial thought I have for something that I can use often is because I easily forget what I spent money on a single day since I often use cash. I'll have to re-think my approach on this...


Actually using cash has its benefits, you subtract fixed expenses from you monthly income (rent, estimated utilities etc) and take the rest in cash, maybe weekly. This way you have a really good sense of how much you have at any given point.


People recommend lots of complex things. Maybe if that works for your personality.

I just put everything on my credit card that I can. From my bill every month I know my expenses. Then I just pay it off. If I get really curious I can export the statement transactions and break it down more. I also get rewards.

Idk simple and caveman like? Maybe. it works for me though


For anyone who likes spreadsheets but wishes the boring data input bits were a little more automated, check out: https://www.tillerhq.com

Imagine a Google sheet where 1 tab pulls in all your transactions from each of your banks / credit cards / investment accounts and the other tabs are... Whatever you can imagine.

I am a huge fan, after I graduated from mint.com I've never looked back after finding Tiller.

You can customize to your hearts content (it's Google Sheets, after all), plus they have handy template sheets to get started with.

I personally have sheets to track my monthly spending (by category), my networth, my checking account balance vs sum of all credit card bills, my progress on credit card signup bonus minimum spend challenges are more.


I use Copilot (https://copilot.money) easily the best in the game. Great UX, native app on IOS and Mac and can connect from mmy credit cards to my stocks (e.g. robinhood) and even crypto


I tried this recently after years of using YNAB. The UX is truly great, but it really doesn’t function as a budgeting app in the way that YNAB does. It’s closer to Mint and I ended up canceling after a week of the trial. A shame because it is very cool looking.


I use Lunchmoney (https://lunchmoney.app/) and have enjoyed it for the past year. It takes a rules based approach to transaction management and features your usual budget and net worth tracking. It also has a pretty good API you can use to further integrate transactions with other systems (I’ve done some work to forward some transactions to a Notion Database).

If you want a referral link: https://lunchmoney.app/?refer=3xlamc3c


I use Monarch. I pay a monthly fee for it, but it has zero ads, tracks all the accounts I care about, and gives me a simple interface for the "envelope method" on web and mobile. I've used Mint, YNAB, and several other tools. This is my favorite that I've found so far.

Link: https://www.monarchmoney.com/ Referral link: https://www.monarchmoney.com/referral/chszg37bgv


I rolled my own solution[1] out of existing stuff that is mostly automated, does auto-categorization of transactions, has dashboards and sharing, and does not require sharing login credentials with third parties.

However, financial institutions in the USA are making it harder to pull transactions via an API without involving third parties. So I’ll soon need to resort to scraping via selenium to automatically fetch transaction data.

1: https://sagar.se/blog/where-is-the-money/


I focus mostly on increasing my productivity, rather than focusing on finances.

A key thing to understand is - finance is the consequence, rather than the source. The practical sequence is productivity -> performance -> wealth.

And as a habit, I tend to be quite frugal, and always ensure I spend way less than I earn.

And whatever "spends" I do, 80% of them are of investment type:

1. Building businesses

2. Building teams

3. Acquiring new skills

4. Helping others

5. Serving customer better

6. New projects

As long as I remain highly productive, remain frugal, and keep investing time/energy/efforts into useful things, there haven't been any big financial troubles.


I've been uaing Gnucash for about 7 years now. My process is periodically import csv from my bank into Gnucash and categorise.

I find having a bit of UI is better than some of the plain text systems (ledger, et al).

I think one of the biggest challenges is creating a chart of accounts as that is the structure for how things are recorded.

I'm an accountant, and I still feel that it is hard to understand what it means when looking at ones finances. But having it recorded at least allows you to make a start.


YNAB (ynab.com). It's a kinda-pricey SaaS subscription (which the uber-nerds hate), syncs with banks/credit cards[1], and is a good solution on the web and mobile. I'd like to see it get enhanced with improvements faster, but it's still a good product.

[1] This functionality always costs money or a crazy amount of ads/spyware (like mint.com), but it's always worth it unless you just pay for everything with cash.


I use buckets https://www.budgetwithbuckets.com/

I track my balances across various sources, updating once a month. I also set my outgoings.

Funnily enough I don't really use the buckets feature too much, simply the graph over time of savings, and ability to set goals / monthly costs for review is enough.


I’m a huge fan of Lunch Money. It’s made by a small team that truly understands the feature-set needed for a full personal finance app. I’ve been on it for 4 years and couldn’t imagine using anything else.

Here’s my referral code if you’re interested: https://lunchmoney.app/?refer=igqb31gn


After fiddling with apps for a bit they didn't really work for me. I have three different 'main' credit cards and just use them to separate the major categories of spending: food/groceries, personal day-to-day things, vehicle and transport. It's just easier to grok my spending when it's written out and (e)mailed to me every month.


I built my own solution on top of Airtable and then built a startup around it: fintable.io

The advantage of using a general purpose no-code tool like Airtable is that all of the UI features of a database like views, filtering, groups, automations, API etc. come built-in for those who think like data-scientist/programmer, not an accountant.


I recommend Fidelity Full View. Use their cash management account for checking. Can recommend their brokerage and tax advantaged accounts as well.

https://www.fidelity.com/spend-save/full-view/overview


I am a huge fan of the six jar money management system, and I use an app called Split(https://split.bluepill.life/index.html) which helps me to implement this strategy for managing money


Here are some general tips from someone who is 51.

Give. I give away about a tenth of my income to my church and other projects.

Save. Put some money in stocks and shares monthly (I use a fund)

If money is tight during the month use cash, not cards.

Don't check your finances too often. Establish a fixed routine and stick to it. Mine is monthly.


Host your own.

Been using Firefly for several years.

https://www.firefly-iii.org/


I meditate to reach a state of acceptance.


In the past, I have worked out monthly and annual budgets using LibreOffice Calc. I even had it do some nifty pie charts for visual aids. All I really wanted to do was nail down how much my monthly spend is, in terms of necessary bills, occasional expenses, and then see how much cash is left over per day/week/month.

Last year, I got in touch with the City's public service, where they have debt counselors and financial experts who help people get control of their finances. And I sat down for a couple unproductive sessions where I recited my budget items from memory, the guy plugged the numbers into a spreadsheet, and then I compared it to bank statements. They were unproductive because there was no possibility of information sharing between me and his office. We couldn't even match our calendars for an appointment, or transfer a simple file.

Another resource that has helped is a 2" binder full of consumer finance information, published by the US Federal Government. I think it's the CFPB: https://www.consumerfinance.gov/ and I'm sure there are online resources now to match. They can really help you with solid facts and education about basic financial literacy and getting out of debt.

I also signed up to Mint a few years ago, after a recommendation by a friend. I found Mint to be no more helpful than when I started. Also, it was spamming me with special offers, which is how they monetize the free service, of course. I canceled Mint and I also shut down my whole Intuit account. I use H&R Block's software now, for tax preparation.

So these days, in terms of managing my finances day-to-day, I use little else besides my two online banking apps. And, I'm happy to say that their limited automation features have finally come together for me. I've got a flow going where all my bills will be paid, necessary transfers and credit card payments go through, and of course, all deposits are direct and electronic. So barring something unexpected, all my bills should be paid without intervention, even if I were to be incarcerated or go to the hospital, or be incapacitated in some way.

My bank apps are still inept at categorizing things. I mean, like, if I buy a Subway Sandwich, it might get categorized as Public Transit! So I still don't rely on that stuff for figuring out how my expenses are distributed, but thankfully I don't really need to know, and my discretionary/entertainment expenses are minimal already.

I'd still really like a master budgeting app that's capable of ingesting machine-readable files from both of my banks, and visualizing stuff on a monthly/annual basis, with colors and stuff. I suppose I could whip something up with Google Sheets. I don't own any other spreadsheet application anyway.




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