Okay, here’s my blog post:
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So, you want to track spending for free? Good for you! Taking control of your finances doesn’t have to involve expensive software or complicated spreadsheets. Let’s get into some methods that’ll help you see where your money is *actually* going.
Mint vs. Monarch Money: The King (and Potential Heir) of Free Budgeting Apps
For years, Mint was THE go-to free budgeting app. I used it myself for a solid two years. Simple, clean interface, connected to almost every bank, credit card, and investment account imaginable. It was genuinely great. Emphasis on *was*.
Look, Mint hasn’t been significantly updated in ages. Its glory days are in the past. Intuit (who owns Mint) seems to be pushing people towards Credit Karma (also owned by Intuit), which is… fine, but not a dedicated budgeting tool. It’s more about your credit score and offers. The core features of Mint are still there (connecting accounts, seeing spending categories), but it feels neglected.
Enter Monarch Money. I know, I know, it’s *not* free. It costs $9.99/month or $89.99/year. However! They offer a free trial (usually 7 days, sometimes longer with a referral). And honestly? It’s a peek into what Mint *could* be if Intuit actually cared. The interface is gorgeous, the transaction categorization is more accurate out of the box, and it has features like collaborative budgeting with a partner. Plus, they’ve been actively poaching Mint users, so the import process is streamlined.
Here’s the thing: even if you don’t stick with Monarch Money long-term, I’d *highly* recommend signing up for the free trial. Use it to get a clean export of your Mint data (if you’re a long-time Mint user), see how a modern budgeting app works, and maybe even get inspired to improve your own spreadsheet game (more on that later). If you’re serious about budgeting and tired of Mint’s stagnation, Monarch Money is absolutely worth considering the expense of.
Verdict: Mint is still “free,” but showing its age. Monarch Money’s free trial is invaluable, even if you don’t subscribe. I personally bit the bullet and paid for Monarch after the trial. My sanity is worth the $90.
Goodbudget: The Envelope System, Digitized (Mostly)
Goodbudget takes a different approach. Instead of automatically tracking every transaction, it’s based on the envelope system. You allocate money to different “envelopes” (categories) at the beginning of the month, and then manually record your spending against those envelopes. This is great if you want *more* control and awareness of where your money is going. It forces you to think before you spend.
Now, there’s a free version of Goodbudget, and it’s fairly generous. It allows for 10 regular envelopes and 10 goal envelopes (for saving towards specific things). You can also sync your budget across two devices, which is handy if you and your partner are budgeting together. The paid version unlocks unlimited envelopes and more devices, but for most people, the free version is sufficient.
Honestly, the biggest downside is the manual entry. It takes discipline. If you’re used to Mint automatically importing everything, Goodbudget will feel like a chore. But that’s also the point! It makes you more mindful of your spending. I’d recommend trying it for a month if you struggle with impulse buys or overspending in certain categories.
Verdict: Goodbudget is excellent if you want a hands-on approach. It’s not for everyone, but the free version is robust enough to give it a good try. If you hate entering every single coffee purchase, steer clear.
The Spreadsheet Method: Old School, But Still Powerful
Don’t underestimate the power of a well-crafted spreadsheet! It might seem daunting, but once you get the hang of it, you can customize it to track *exactly* what you want. No ads, no privacy concerns (assuming you don’t upload it to a public cloud!), and complete control. Plus, spreadsheet software is often included with your computer, or available for free online (Google Sheets, LibreOffice Calc).
I’ve tried several methods to track spending for free using spreadsheets. My current setup involves:
- A sheet for income (salary, side hustle money, etc.)
- A sheet for expenses, categorized by type (housing, food, transportation, entertainment, etc.)
- A sheet that summarizes my monthly cash flow (income minus expenses). This sheet also has yearly projections, which is useful for long-term planning.
The key is to keep it simple! Don’t try to track every single penny at first. Start with broad categories and then gradually add more detail as you get comfortable. I also recommend automating as much as possible. For example, I have formulas that automatically calculate the total spending in each category, so I don’t have to do it manually.
One trick I use is to download transaction data from my bank and credit card companies in CSV format. Most banks offer this. Then, I can import that data into my spreadsheet and quickly categorize the transactions. It’s still manual, but much faster than entering everything from scratch.
Now, obviously, this requires some spreadsheet skills. If you’re a complete beginner, there are tons of free tutorials online. Just search for “budgeting spreadsheet tutorial” on YouTube. There are even pre-made templates you can download and customize, which can save you a lot of time.
Verdict: Spreadsheets are the most customizable and privacy-conscious option. But they require effort and some technical skills. It’s worth learning if you want complete control over your finances.
The “Mental Budget” (And Why It Usually Fails)
Okay, let’s be real. Some people claim they can successfully budget just by “keeping track in their head.” They have a mental budget, and they stick to it. If you’re one of those people, congratulations! You’re a financial wizard. I am not. And I suspect most other people aren’t either.
Look, the human brain is terrible at accurately tracking numbers. We underestimate small expenses, overestimate our willpower, and conveniently “forget” about that impulse purchase we made last week. Relying solely on a mental budget is a recipe for overspending and financial stress.
Now, I’m not saying it’s *impossible*. If you have a very simple lifestyle, consistent income, and incredible discipline, you *might* be able to pull it off. But for most of us, it’s simply not realistic. You need a system, whether it’s an app, a spreadsheet, or even just a notebook and pen. Something that provides a clear, objective record of your spending.
Honestly, I think the “mental budget” is often just an excuse for not wanting to put in the effort to actually track your finances. It’s like saying you can lose weight just by “eating healthier,” without actually tracking your calories or exercise. It might work for a while, but eventually, you’ll probably fall off track.
Verdict: Don’t rely on a mental budget. It’s not a reliable way to track spending for free. You need a real system.
Choosing What’s Right For You (And the Minimalist Option)
So, which method should you choose? It depends on your personality, your financial situation, and your level of technical skills. If you want something automated and easy to use, Mint (or Monarch Money if you’re willing to pay) is a good option. If you want more control and a hands-on approach, Goodbudget or a spreadsheet might be better. And if you’re trying to get a handle on how to track spending for free, even a pen and paper can be a great start. The key is to find something that you’ll actually stick with.
Personally, I think a hybrid approach works best. I use Monarch Money to automatically track most of my transactions. I then use a spreadsheet to analyze my spending in more detail and project future cash flow. I also use Goodbudget for specific categories where I want to be extra mindful of my spending (like eating out).
Finally, here’s a minimalist option: Simply use your bank’s or credit card’s built-in reporting tools. Most banks now offer some basic charts and graphs that show you where your money is going. It’s not as comprehensive as a dedicated budgeting app, but it’s better than nothing. And it’s already there, waiting for you to use it.
The takeaway: Experiment with different methods and find what works for you. Don’t be afraid to mix and match. The most important thing is to start tracking your spending *somehow*. You’ll be surprised at what you discover!