There is an interesting app for those with Android phones. It is the modernized version of your Grandma's envelope budgeting system spiffed up and modernized for the 21st century. Now, this tried-and-true system has been brought to the Android for a no-hassle way to stay on top of your finances. The fact that Americans have a negative savings rate and continually purchase more things than they can afford makes it fairly likely that the average person doesn't know what an envelope budgeting system is.

Back in the old days when people lived by ideals, such as saving and living below their means, there existed the envelope budgeting system. It is very simple. You take a few envelopes and label them with categories of where you spend your money (groceries, entertainment, rent, savings, etc.). When you have to go grocery shopping you bring your grocery envelope and only spend the money in that envelope. When you run out of money in that envelope you stop using money for that category. This system works because it is a fool-proof system of knowing where your money is going. Also, always having cash with you allows you to see how much you are spending. Spending cash helps you to spend less naturally. When you use an envelope budgeting system you can avoid having to pay outrageous overdraft fees that can eat up your income and incur fees from the bank and the store where you bought the items.

Now on to the cool part. Dayspring Technologies has brought the Easy Envelope Budget Aid to an Android near you. With this app the whole process is made easier. When you receive your income you create digital envelopes on the app then assign amounts of your income to each category. When you spend money in a certain category you can quickly record it on the app. The app gives you a constant overview of your budget. You don't have to go through the hassle of lugging around a bunch of cash or deal with the risk that is involved. The free version lets you have a basic budgeting package.

If you are looking to use an app for the Iphone, there is one called Mint that is free and will let you do family budgets, study your spending patterns and help you to monitor your money.

Remember to safely recycle your older phones so that you can help others out as well as the environment. There are charities that can benefit from this gesture.

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