When you embark on the journey of budgeting you will discover very quickly where all that loose change has been going.
But to start, it’s important that you have a bank account set up with a reputable and helpful bank that will provide the means in being able to classify your transactions.
One such bank I use to help my wife, and I classify our transactions easily is Macquarie Bank.
With our joint account we are able to do the following:
- Classify our transactions to a comprehensive list (although it would be nice if “fines” were added as a category… not that anyone I know has received any… :ahem:)
- Ability to add additional notes about the transaction (especially if the transaction has multiple categories it could have gone to)
- Ability to flag it as something to be used for tax time (taxable deductions)
- Ability to upload photos of your receipts.
- Ability to check the spending against that category over time
- Ability to check the spending at the merchant over time
- All within a neat iPhone app too!
And no doubt there are others, but all this functionality is free and easily accessible.
So the first thing we need to do before we start to budget is to know what we currently spend.
What bank do you recommend that helps to track and categorise your transactions?