The Best Free Online Budget Tracking Tool

Get Out of Debt Blog – Month 5

Free Online Budget TrackingIf you haven’t been following my quest to get out of a half million dollars in debt, I suggest you begin with My Journey to Payoff half a million in debt or check the Get out of Debt Blog master page.

I’m playing catch-up letting you all know of my progress.  For that I apologize.  I spent quite a bit of time entering my income and expenses for the past year with a new free budgeting tool I found called MoneyTrackin.  I submitted it to be added as a new opportunity here at MoneyStance.com because I think many others would benefit from it as well.  In conjunction with the net worth portion of the contributor rewards spreadsheet, MoneyTrackin is much more granular, produces great reports, and creates detailed graphs that I hope will convey the reality of my wife’s spending habits to help steer her toward my getting out of debt effort.

Regarding Last Month’s Rental Property Rant

My rental property woes continue with the property producing roughly $1,200 less each month due to a vacancy and a pending eviction.  I’m considering hiring a property management company to reduce the ever increasing stress dealing with it has caused.  I’ve wanted to sell the building for well over a year, but the market is not allowing me to do so without losing tens of thousands.  So I thought the best solution would be to pay someone 6% of the rents and just take it over.  I know that probably goes against getting out of debt, but I think I can make up the difference on less tenant turn over, quicker re-rentals, and insurance deductions for having a professional management company involved.   
 

Get out of Debt Goal Reminders

Get out of debt goalsGoal 1: Achieve a Net Worth of $0 by paying down debt and increasing savings and investments.

Goal 2: Have $0, and I mean ZERO debt and liabilities.

Goal 3: Increase my net worth to $500,000.  Basically, turn half a million in debt to half a million in assets…a daunting task to say the least.

Get out of Debt Status – Month 5

Financial Status for the end of September 2009:

  DEBT EQUITY Asset Value
Property $272,663 $300,000 $27,337
  Remarks: This is our home plus our rental property.  I took the value of the properties from Zillow to determine equity and subtracted the remaining balances on the mortgages to figure the Asset Value. 
Equity-Line $39,300 $0 -$39,300
  Remarks: Took this line on our primary residence to fund the down payment on an investment property.
Credit-Cards $2,056 $0 -$2,056
  Remarks: Not much progress, but some..
School-Loans $153,415 $0 -$153,415
  Remarks: Yup, it's a lot.  Between the both of us there are 13 years of schooling with no parental help. We'll probably tackle these last as the interest rates are very nice.
Vehicles $31,800 $27,000 -$4,800
  Remarks: I took the trade in values for both vehicles from Kelley Blue Book to determine equity and subtracted the remaining balances on the loans to figure the Asset Value. 
401Ks $0 $49,194 $49,194
IRAs $0 $7,364 $7,364
Investments $0 $7,000 $7,000
  Remarks: This is a gamble on an IPO that still hasn't panned out.
Savings   $11,123 $11,132
529   $2,146  
  Remarks: I can't let my kids have the same burden as my wife and I with school loans.  Our goal is to pay for at least half of their college education...which is not included as assets.
Totals $499,234 $403,827 NetWorth: -$95,407
Monthly Changes $4,027 $4,523 NetGain: $8,550

My Get out of Debt Monthly Budget

I’ve tracked our income and expenses for the month of September 2009. 

  Income This Month Over/Under
Salaries and rental income $18,179 $17,728 -$450
  Remarks: Our income has dropped due to apartment vacancies and a pending eviction of a tenant. 
Other      
Total: $17,728    
    
  Deductions    
Taxes $3,841  $3,841  -
401K $1,240  $1,240  -
  Remarks: We could put this toward debt, but I need to match company contributions and the investment market is just so under valued at the moment.  I hope I'm making the right choice.
Life-Ins $48  $48  -
Health-Ins $465  $465  -
Dental-Ins $30  $30  -
529 $100  $100  -
Total: $5,724
Remaining Income: $12,004
  Long Term Debt    
Mortgages $2,737  $1,200  -$1,537
  Remarks: Double payment on one mortgage in a different month.  This will balance out with an overpay of $1,537 later.
Equity-Line $200 (min)  $200  -
Vehicles $821  $521  -300
  Remarks: Double payment on one vehicle in a different month.  This will balance out with an overpay of $300 later.  These types of things are kind of a normal occurrence each month.  The trend should be obvious over the months.
School-Loans $1,286  $1,286  -
Total: $3,207 Remaining Income: $8,797
 
  Expenses    
Insurance $415  $637  +$222
Medical $30  $5  -$25
Day Care $450  $385  -$65
Kids School $200  $13  -$187
  Remarks: To cover various school functions and the yearly tuition cost.
Gas $500  $413  -$87
Clothing $75  $344 +$269
  Remarks: With fast growing kids and two working professinoals, I thought it time to add clothing into the budget.
Food + $1,100  $869  -$231
  Remarks: The + means anything you would buy at a retailer, such as a shovel, toilet paper, lawn bags, clothing, etc.  My wife does this sort of shopping and I go crazy figuring out why these necessities are so expensive.  This is a huge difference from the $1,700 last month and my wife can't tell me why.  Could I ask everyone to comment and let me know how much you spend on groceries et all and your family size.  I still need some average bearing.  
Electricity $450  $230  -$220
Oil $800  $12  -$788
Water&Sewer $255  $228  -$27
  Remarks: We paid the quarterly charge last month so this should even out over the year. 
Trash $20  $32  +12
Internet/Tele $80  $86  +$6
Cells $90  $88  -$2
Cable $130  $276  +$146
Memberships $10  $10 -
  Remarks: Health Club memberships and the like.
COH $400  $420  +$20
  Remarks: COH is Cash on Hand that is spent every month on lunches at work, fast food on the go, tolls, quick marts, small apartment fixes, and the like.
Credit Card $275 (min) All of our extra income goes toward
this.  Therefore, the paydown is
tracked above in the Debt status table
Newspaper $10  $0  -$10
Gifts $100  $0  +$100
Dinning Out $200  $171  -$29
Entertainment $200  $5  -$195
  Remarks: Entertainment is for movies, day trips, games, and other luxuries. Obviously, these aren’t needed, but for now we’ll keep it at a modest amount. 
Incidentals  
  $957 Various Apartment Fixes and Eviction Costs
$347 Vehicle repairs
$488 New Cell Phones for Work (A write off +$200 in rebates)
Total: $6,016 Remaining Income: $2,781


Under a half million dollars in debt...HOORAYOverall this hasn’t been too bad a month.  Reaching the milestone of being less than half a million dollars in debt is quite an achievement for us.  HOORAY!

I’ve added memberships, medial costs, and school fees to the budget after examining the incidentals of the past year.  I also noticed a trend that sometimes bills are paid twice in one month and then skipped the following.  This throws off the monthly over/under, but after analyzing the expenses over the entire year, it looks to even out close to the monthly budget I have set. I guess this is how you are supposed to do it, but if anyone has a better idea please let me know.

My Get out of Debt Progress for October 1st

Get out of Debt Progress

My Get out of Debt Conclusion for the end of September

MoneyTrackin Reviews

I’m a big fan of the free MoneyTrackin budgeting tool and I think everyone like me should try it.  I’ve been able to point out expenses that are trends throughout the year and estimate what the annual cost will be to formulate a monthly savings for it.

I’m quite pleased with this month’s progress in comparison to most others, but I’m sure many of you are still shaking your heads in frustration.  I’ve practically given up on the Dave Ramsey way of doing business because it has only made my wife and I fight all the more.  I’m just going to do my best where I can and pick my battles rather than asking her if there are diamond earrings in the groceries bags.

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 < Getting Out of Debt August 2009     Getting Out of Debt October 2009 >

 

Moneytrackin is decent, but a


Moneytrackin is decent, but a little hard to understand how to use... I still prefer Mint or BudgetSimple.

 Wow amazing tool, thanks for


 Wow amazing tool, thanks for the share, i havent used Mint or Budget simple but this looks great.

excellent tool


Fom this elaborated discussion, it is clear that the moneytrackin tool is excellent for finance planning. But it is tough for common people to understand.

If we could all carefully


If we could all carefully track our finances then we wouldn't have to struggle with debt so badly, things would become milder in so many ways. That's why I find this online budget tracking tool as being a functional concept. You just scanned your finances here, and provided us a real example of debt relief, that's something a lot of people don't find the courage to do. They simply leave things follow their "unnatural" track hoping that everything will be fine. Maybe everything will be fine but a little effort could make the differences between fine and better.

Unfortunately, I think that


Unfortunately, I think that debt is a common problem in our society. With the economy tanking, debt has been worse. We live in a generation of buy now and pay later. It seems like you are working hard to pay off debt. I haven't heard of MoneyTrackin. I will be sure to check that out. I have heard of companies like Credit Card Relief Now that works with people in debt.

Interesting, Honest & Educational


Firstly, I'd like to compliment the honesty within the blog post - most people in the UK don't want to talk or even think about their debt problem. The fact you're so open about your experience will help a lot of people deal with their debt in the same way. In Scotland there are a number of debt solutions like a Glasgow Trust Deed, however people need to ask for the help first.

There are a number of money management tools I've tried in the past. If you type Money Manager into Google there are a list of many money manager tools. I've never used the one you wrote about however the fact it enables you to provide results as accurate and detailed as this proves it's a useful tool. One of the benefits of a tool like this must be the ability to see your progress and feel improvement is being made.

On a separate note your school fee's are huge!! In the UK it would be a maximum of £30,000 each.

This is my first time on your website and i'm bookmarking, very interesting and quiet unique!

Family Food


Monthly we spend $600-$700 on food. I buy sale stuff and stuff that  can be kept or frozen in a freezer in the

basemet for emergencies and hard times. Like a sale at Stop and Shop-buy one oven stuffer get one free-so I

bought the last 6 chickens for the future. We are a family of 4.

 

RDC

My favorite budget planning tool


 I've been using InEx Finance for a while now and I simply love this online budget tracking tool. It has smooth design and some really nice features, that are efficient and easy-to-use. 

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