Budget Buddy is still one of my favourite apps, that I still use on a weekly basis. It was originally created out of the need to keep track of my expenses because I wanted to save for a holiday. It originally started out as a spread sheet in excel, which really wasn't the best medium to use, because you needed a PC in order to use it. I had seen apps out there on the appstore which were finance applications but most of them were a bit too complex for what I wanted to use them for. I just wanted a simple application that would take my income sources and minus all of my daily life expenses to give me an indication of how much I was saving (sometimes loosing) each day, week, month or year. My spread sheet did a really good job of this for years and it made sense to create an IOS version app of it and give it away to the world for free. So I did. That's when Budget Buddy was created.
I love this app. Although it is very simple, it is really a good tool to quickly highlight your financial status by getting an idea of where your money is coming from and where it is going. It wasn't designed to be a fully fledged finance application. Although it does have the foundations to become one, what we really wanted to do was to create was a tool where you could enter in your income and expense items very quickly and see what the results would be on your finance situation, including a very basic visual pie chart, nothing too fancy of course.
We also included the concept of a scenario in the app. This is a bit of functionality that allows you to enter in income and expense items for a particular scenario and see the impact of that. Most common usage of this functionality is
- Create a scenario, knowing all of your fixed income and fixed expense items. This will give you the status quo of what you need to earn in order to pay for all of your expenses.
- Create another scenario, including any miscellaneous expenses (things that can potentially occur e.g. car breaking down, a holiday) and see what impact that has on your savings ability.
There are no rules to creating scenarios. Just as long as they make sense to you.
Thousands of people around the world have used this app and we have had some really good feedback from it. It is really a tool in your finance kit to quickly get a grasp on your finances and get an idea of your potential savings capabilities, without having to put in every dollar you spend like the traditional finance applications floating around.
If you haven't tried it out, you can always give it a go. Its free and currently only available on the app store. Look for Budget Buddy