Sunday, April 3, 2011

Introduction to "Nickel Tracker", an Envelope Budgeting System App

What Is It?
Looking for a quick, easy and practical way to achieve an envelope budgeting system using your Android mobile device?  Then welcome to the Nickel Tracker App.
This app is excellent for the modern budget-conscious person who wants to create and stick to a budget simply using the device that you carry with you everywhere you go. If you have not been able to stick to a budget in the past, if you've never tried a budget, or if you are looking for an easier way to track your expenses, this solution is for you. No lost receipts, messy paperwork or envelopes of cash bogging you down. Instead, everything you need to track your spending is right at your fingertips.

How Does It Work?
Nickel Tracker allows you to enter all of your daily, weekly and monthly expenses right into your cell phone throughout the day as you make purchases.  You can enter your own specific categories to be tracked and then add your weekly and monthly limits for each category.  When you reach your weekly or monthly limit in a category it turns RED, indicating your "envelope" is empty, which is a signal to stop spending in that category. The App requires you to use the honor system, but does have several advantages. Instead of withdrawing, carrying, and storing envelopes full of cash, this system allows you to use the credit card or debit card of your choice where you can continue to earn miles or points.  You can also email a summary of each month's activities. The email is in a format that can be easily imported into Excel or Google Docs and archived.  This lets you track your spending progress month-by-month and share your results if someone has set a budget for you.

Here are some links extolling the benefits of an envelope budgeting system:
Dave Ramsey

Where Do I Get It?

Get the Nickel Tracker App in the Android App Store  It's FREE!