Money Saving Duo

Discovering how to live a glorious life on less

budgeting

5 Ways to Spring Clean Your Finances

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Spring isn’t just for dusting off shelves and organizing closets—it’s the perfect time to tidy up your financial life, too! Just like your home, your budget, spending habits, and savings strategies can accumulate a bit of clutter over time. At Money Saving Duo, we believe that a little intentional effort can go a long way in helping you save more and stress less.

Please note: This post may contain affiliate links that when clicked, may result in us being financially compensated for directing you there.

5 Ways to Spring Clean Your Finances InfoGraphic

Here are five smart ways to spring clean your finances and set yourself up for a successful year ahead:

1. Review and Refresh Your Budget
Think of your budget like a junk drawer—it needs a good clean-out now and then. Start by comparing your current expenses to what you budgeted at the beginning of the year. Are there any subscriptions you no longer use? Has your grocery bill crept up? Adjust your spending categories to reflect your current lifestyle and goals. Consider using a budgeting tool like YNAB or Monarch (which is the one we currently use), or a simple spreadsheet to track things more clearly.

Related: Why We Chose Monarch Money When Our Favorite Money App Decided to Come to An End

2. Unsubscribe and Unfollow
Marketing emails and social media ads can be a real temptation when you’re trying to save. Use this season to hit “unsubscribe” on promotional emails from retailers you don’t shop at regularly and unfollow influencers or brands that prompt impulse purchases. Out of sight, out of cart!

3. Automate Your Savings
Make saving a no-brainer by automating it. If you haven’t already, set up a direct transfer from your checking to your savings account—either with every paycheck or once a month. Even small amounts add up over time. You can also check if your bank offers “round-up” savings features that put your spare change to work.

Want your savings to go even further? Consider a higher yield savings account. We use Wealthfront for ours and currently get a 4% APY. Sign up through our referral link below and you’ll also get a 0.50% APY boost for up to 3 months.

4. Clean Up Your Credit
Take a few minutes to check your credit report at AnnualCreditReport.com, which allows you to get free reports from each of the three major bureaus. Look for any errors or suspicious activity. If your score could use a boost, consider setting reminders to pay bills on time or paying down high-interest debt more aggressively.

5. Reevaluate Your Goals
Just like your home evolves with the seasons, so should your financial goals. Are you saving for a summer vacation, a new car, or building an emergency fund? Update your goals to match your current priorities. Use visual reminders like a savings tracker or goal thermometer to stay motivated!

Spring is all about new beginnings—and your finances deserve a fresh start, too. Tidy up, tune in, and take control of your money this season. Your future self will thank you!

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Why We Chose Monarch Money When Our Favorite Money App Decided to Come to An End

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Change is the only constant in life, and financial management apps are no exception. Recently, we found ourselves in the midst of a significant change as Mint, our trusted companion in budgeting and financial planning for years, announced its shutdown. Faced with the need to find a suitable alternative, we carefully evaluated our options and ultimately decided to make the switch to Monarch Money. Curious why we made the switch? We’re going to delve into the reasons behind our choice, highlighting the pros and cons of Monarch Money as we bid farewell to Mint.

What We Love About Monarch Money

  1. User-Friendly Interface: Monarch Money boasts a clean and intuitive user interface that makes managing finances a breeze. The dashboard is well-organized, providing a comprehensive overview of your financial landscape without overwhelming you with unnecessary details.
  2. Trusted Leadership: Monarch Money was started by a former Mint Executive! We feel like it has the same heart and soul we loved about Mint.
  3. Advanced Security Measures: Security is a top priority when it comes to handling sensitive financial information. Monarch Money impressed us with its robust security features, including end-to-end encryption, two-factor authentication, and other advanced measures that ensure our data remains secure.
  4. Customizable Budgeting Tools: Monarch Money understands that everyone’s financial journey is unique. The app offers highly customizable budgeting tools, allowing users to tailor their budgets to their specific needs and financial goals. This level of flexibility was a significant factor in our decision-making process.
  5. Cryptocurrency Integration: As the financial landscape evolves, so do our needs. Monarch Money goes beyond traditional financial tracking by seamlessly integrating cryptocurrency accounts. This forward-thinking approach aligns with the growing interest in digital assets, providing a more holistic view of our financial portfolio.
  6. Automated Expense Tracking: Monarch Money’s automated expense tracking feature streamlines the process of categorizing and analyzing expenditures. This not only saves time but also enhances accuracy in budget tracking, a crucial aspect of effective financial management.

The Challenges With Monarch Money

  1. Learning Curve: While Monarch Money’s interface is user-friendly, some users might experience a slight learning curve during the transition. The navigation and features may take some time to get accustomed to, but we picked them up pretty quick moving from Mint.
  2. Limited Historical Data Import: One drawback we encountered during the switch was losing some of our history from Mint. However, there is an amazing import feature the moves your info directly from Mint. Great feature of Monarch!
  3. Subscription Cost: Monarch Money operates on a subscription-based model, and while the cost is reasonable for the features offered, it may be a potential deterrent for users who are accustomed to free financial management apps like Mint.

In the face of Mint’s imminent shutdown, the decision to transition to Monarch Money is one we feel good about! The pros, including a user-friendly interface, advanced security, customizable budgeting tools, cryptocurrency integration, and automated expense tracking, outweighed the cons in our assessment. While there may be a slight learning curve, the overall value and innovative features offered by Monarch Money aligned with our evolving financial needs.

As we embark on this new chapter with Monarch Money, we look forward to exploring its full potential and adapting to the changes in our financial management routine. Change may be inevitable, but with the right tools, it can also be an opportunity for growth and improvement.

Want to give Monarch Money a try? Get an extended 30-day free trial if you sign up with our referral link! We think you’ll like it for the same reasons we do!

Exploring Alternatives to the Mint Budgeting App: Budgeting Apps to Continue Keeping Your Finances in Check

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In a surprising turn of events, the popular Intuit Mint budgeting app has announced its impending shutdown. For many users who have relied on Mint for years to manage their finances, this news may come as a shock. However, the world of personal finance management is vast, and there are several alternatives that offer similar features and functionalities.

Join us as we explore some noteworthy alternatives to Intuit Mint, discussing their pros and cons, to help you find the perfect fit for your financial needs.

YNAB (You Need A Budget):

  • Pros:
    • Zero-Based Budgeting: YNAB follows the zero-based budgeting philosophy, where every dollar has a specific job, leaving no room for financial ambiguity.
    • Real-time Sync: YNAB offers seamless real-time synchronization with your bank accounts, ensuring that your budget is always up to date.
    • Educational Resources: YNAB provides excellent educational resources to help users better understand and manage their finances.
  • Cons:
    • Subscription Fee: YNAB operates on a subscription-based model and some users may find the monthly or annual fee a drawback. The cost ranges between $8.99/mo if you opt for the annual fee or $14.99/mo if you go monthly.

Monarch Money

  • Pros:
    • Intuitive Design: Monarch Money boasts an intuitive and user-friendly design for a seamless budgeting experience.
    • Customizable Categories: Users can create and customize budget categories to align with their unique spending patterns.
    • Expense Tracking: Monarch Money provides robust expense tracking features to keep you informed about your spending habits.
    • Mint Leadership: If you loved Mint, Monarch was started by a former Mint leader.
  • Cons:
    • Newer Player: As a newer entrant, Monarch Money might not have the same extensive user base or history as some other options.
    • Subscription Fee. There is a monthly fee to use Monarch, although they offer a discount to those switching from Mint. And a free trial. Click here to try out Monarch for 1 month free!

PocketGuard:

  • Pros:
    • Automatic Categorization: PocketGuard automatically categorizes your transactions, making it easier to understand your spending habits.
    • In-App Bill Negotiation: This unique feature helps users find better deals on bills, potentially saving money on regular expenses.
    • Goal Tracking: PocketGuard allows you to set and track financial goals, motivating you to stay within budget.
  • Cons:
    • Limited Investment Tracking: Unlike Mint, PocketGuard has limited capabilities when it comes to tracking investments.

Empower (formally Personal Capital):

  • Pros:
    • Investment Tracking: Empower excels in investment tracking, providing a comprehensive overview of your investment portfolio.
    • Retirement Planner: The app includes a retirement planner tool that helps you visualize and plan for your financial future.
    • Net Worth Tracker: Empower offers a robust net worth tracking feature, giving you a holistic view of your financial health.
  • Cons:
    • Learning Curve: The array of features may result in a steeper learning curve for new users.

Goodbudget:

  • Pros:
    • Envelope System: Goodbudget employs the envelope system, allowing users to allocate funds to specific categories and spend accordingly.
    • Syncs Across Devices: The app syncs across multiple devices, ensuring that your budget is accessible wherever you go.
    • Debt Paydown Tools: Goodbudget provides tools to help users strategize and accelerate their debt paydown.
  • Cons:
    • Free Version Limitations: While Goodbudget offers a free version, it comes with limitations on the number of envelopes and accounts you can use.

EveryDollar

  • Pros:
    • Dave Ramsey’s Approach: EveryDollar follows Dave Ramsey’s zero-based budgeting approach, focusing on giving every dollar a specific job. The Money Saving Duo has seen huge results from those who follow Dave Ramsey.
    • User-Friendly Interface: EveryDollar features a user-friendly interface, making it easy for users to navigate and set up their budgets.
    • Financial Peace University Integration: Users familiar with Dave Ramsey’s Financial Peace University can seamlessly integrate its principles into their budgeting with EveryDollar.
  • Cons:
    • Manual Transaction Entry: EveryDollar may require users to manually input transactions, which can be time-consuming compared to apps with automatic synchronization.
    • Limited Free Version: The free version has some limitations, and the Plus version comes with a subscription fee.

As the Intuit Mint app sunsets, it’s essential to explore alternative budgeting solutions that align with your financial goals and preferences. Whether you prioritize real-time synchronization, investment tracking, or a specific budgeting philosophy, these alternatives offer a range of features to suit various needs. Take the time to evaluate your priorities and choose the budgeting app that will best support your journey toward financial well-being.