AdaptuDOTcom

Adaptu.com: Be Accountable For Your Budget

Posted by on November 3, 2011 in Empower Yourself

.................................................................................................................

As primitive as it sounds, up until this month I’ve always managed my budget on a piece of paper. I have never used fancy spreadsheets or any sort of online personal finance software. I thought I had my finances under control. I knew where my money was supposed to go every month, and when I checked back, I could see fairly clearly I was putting it there. There were months here and there where I was off, but for the most part I was fine.

A few weeks ago I decided to consult Adaptu.com, an online budget management software, and realized that some of my spending habits were tip-toeing out of control. I’ve learned an important lesson: Financial accountability is paramount to financial independence.

Budgeting Before Adaptu.com

Lately, I’ve started to get little nagging feelings when I think about money. Why was I always coming up short? I realized I was letting myself slide on more things than usual. I was making excuses for the litte things I was buying, making too many “It’s only,” purchases, telling myself my budget was just changing with my life. In truth, your budget will always be changing. It has to be dynamic. But is was that all that was happening? I wasn’t sure.

I’m deathly afraid of havingan “ignorance is bliss” way of thinking when it comes to my money, however. The best advice I ever got was to prioritize. Was I spending my money on things that were priorities? I needed a clear way to track my planned spending — a way to quickly and easily hold myself more accountable.

Adaptu.com’s Advantage

I gathered my courage and entered all my information into Adaptu to see where I really stood with my finances. To say my spending habits were shocking is probably an understatement. My little slip ups were all visible and it looked bad to me. I had never seen my spending in a graphical form. No wonder I was never getting where I wanted to go as quickly as I had planned. Sure, I was headed in the right direction, but once you’ve got that right, it’s all about speed.

I know, in principle, how to manage money, and I even write about it; why wasn’t I taking my own advice? Secretly, I think I was just letting myself off the hook. I justified my purchases in many ways. After looking at the graphs, I realized those kind of excuses led me to consistently go over budget at least $200-$300 a month, if not more.

I now realize what I was missing and what I’ve been avoiding: accountability. Since I didn’t actually see the numbers every single month — or looking at them over longer periods of time — I didn’t have to be accountable for them.

Going forward, I’m committed to tracking my expenses every month and holding myself accountable to my budget. Setting up alerts in Adaptu has been very helpful for me to stay on track. Though annoying at first, these alerts help keep my mind on task, reminding me of my own accountability. While it can be difficult to get used to, holding yourself accountable for your finances is a necessary part of personal financial success.

Do you use an online budgeting software or service? Which one, and what’s your experience been like? Tell us about it in the comments below.

Jenny Kerr is a PerkStreet customer and midwestern gal who loves yoga, her Blackberry, makeup and Apple TV. She’s a personal finance blogger at TheJennyPincher, where she shares financial tips for single ladies. Jenny is a former banker and currently works as a consultant during the day. She’s also taught budgeting in a classroom setting.

Photo: Adaptu.com

banner
  • Joel

    it’s like mint.com, I might have to try it.

  • Chris

    i agree with everything you say above.
    I have no problem with the advice and opinions given on the perkstreet blog.

    however, i find it strange that all of these personal finance columnists “just” got their act together recently. This author, for instance, just started actually sticking to a budget, though her bio says she teaches budgeting.  i’m not sure how that is possible.

    I like hearing about the new internet services out there to help save and manage money, but I’d also be interested in hearing from people who have actually been “at it” for a while.

  • http://Twitter.com/KylePs80 Kyle Psaty

    Chris, 
    I’ll let Jenny explain her history with budgeting, which certainly qualifies her to write here. Make no mistake, she’s a true pro at this stuff, and she is an excellent budgeter. Her point in this article, I think, is that you can be good at planning your spending but you still need to remember to hold yourself accountable for making sure your budget checks out at the end of the month — for making sure you did what you planned. Adaptu is helping her do that more efficiently and more reliably.

    I also wanted to let you know we have a new Customer Columnist, Clint Davis, whose first post will be going up today. He is a financial coach, and he and his wife make their living helping people with their finances. They’re going to be answering your specific questions as an already-successful budgeter, so if you have specific things you’d like more info on, you can simply ask them in the comments — or really anyone on our Customer Columnist team. They’re all committed to helping you and our other readers, because they believe in PerkStreet and share our vision for delivering a better financial life. Thanks much for the feedback. 

    -Kyle

    Kyle Psaty
    PerkStreet Financial

  • 6browns

    This is a great article. My wife and I have attended and now facilitate a Financial peace university class by Dave Ramsey. The “My Total Money Makeover” service available is Super comprehensive and easy to to use as well. Keeps track of not only your budget but savings and debt reduction plans all in one place. I totally reccomend everyone to take a look.

  • http://thejennypincher.com The Jenny Pincher

    Hi Chris,

    Thanks for the comment. I have been teaching budgeting off and on for 7 + years and can tell you the ins and outs of everything about a budget (probably more than you would want to know!). What I didn’t mention in this article was I’m still trying to get back
    on my feet after moving 3 times this year and I have been struggling with finding a format that works for me so I can track my expenses better. I wasn’t always like this, I was basically “off my budget’” for most of this year because I moved so much and my expenses were rarely the same. It was really difficult to keep it all straight.

    I could create the best budget in the world but the other major factor of a budget is the personal habits I have as it relates to my money. I got off track (I’m human too) and I recognized that so I found Adaptu as the tool to help me get back on track.

    Thanks for reading :)
    Jenny

  • Rita Elders

    We have been using YNAB (You Need a Budget) software since September. It is an account register as well as a budgeting software, so the two are linked. When a checking transaction is entered, it automatically deducts it from the appropriate budget category.  You can see how you’re doing in any given budget category on a daily basis (provided you’re caught up on your register entries.) This has revolutionized our budgeting efforts!  Another perk of this program is that it helps its users to build up a “buffer” to the point they’re spending this month’s income next month – so they’re always a month ahead. No more living paycheck to paycheck. Love it and highly recommend it!

  • http://thejennypincher.com The Jenny Pincher

    Great Rita! I have never heard of YNAB but I’m so glad you have found a solution that works!!

  • http://thejennypincher.com The Jenny Pincher

    Hi Joel
    I actually found it a lot easier to use than Mint. I had too many problems w/ trying to set up my categories in Mint. A lot of people seem to love it and I’m always glad when people find a solution that works for them!
    Jenny

  • Julie Thompson

    I am the same way Jenny. I have been promoting budgeting and have been able to teach budgeting to others for a few years now, along with couponing and just because I know how, doesn’t mean I don’t slip up. We all need a good reminder and a good method to keep us going! We have moved twice this past year and are in a new home now that we are remodeling… yes our budget has been a bit out of whack. We review it almost daily right now though! Thank you for your honesty and for being human :)

  • Karl

    Jenny, Thanks for your thoughts. I have tried so many budgeting tools and tracking systems, but other than a spreadsheet, I haven’t settled on just one yet.  Mint.com, Electric Checkbook.com, QuickbooksOnline.com are the three I have used most in the past year or two. I have tinkered with others like Mvelopes and Dave Ramsey’s Gazelle budget, but I have not found anything that I really love.  I’ve come across many tools that require a fee, but I have decided to stick with my old spreadsheet that I have kept adapting over time to suit my current needs.  I am eager to try Adaptu to see what I may learn and get out of it.  I am good at tracking expenses, but not all that great at planning and managing them. I have improved since taking Dave Ramsey’s Financial Peace class over the summer.  I now use PerkStreet as my primary checking account and I like the transaction reports you can create.  I have not seen any other bank provide similar online tools.  They allow you to see your transactions but not much else is available on their websites.  PerkStreet, on the contrary, has been the best banking site I have ever used.  You can create your own income and expense categories and easily check to see where your money goes.  However, I hope to see more advanced features in the future.  I’m a fan of customizing things so they work best for me and my needs.  For now I just adapt to what is available and remain grateful for the tools I use today.  I have to make it a point to read more here on the blog.  I have seen some great stuff and want to check out the site more often. Thank you again for your efforts to help people.  

  • http://thejennypincher.com The Jenny Pincher

    Hi Karl
    Thanks a lot for the feedback on the article! I actually have not used the transaction reports on PerkStreet yet but I’m going to have to give that a try! Thanks for letting me know about that :)