I often have people ask me, “Which tool should I use for my monthly budgeting?” I always answer: “The one that you WILL use on a regular basis!” It’s really a matter of personal preference.
Some people like old fashioned pen (or pencil) and paper. Many of my financial coaching clients use a spreadsheet. Others prefer to use online or mobile banking websites that have built-in budget functions. I personally use my bank’s mobile budget because it automatically updates my transactions and alerts me when I am close to the limit on my budget categories.