Budgeting is on one of those things most of us like to think we do but spend little time actually implementing it. If we do put a budget together we look at it after the fact and realize that we didn’t stick to it. For those serious about making budgeting a reality might use an envelope system of budgeting where their check is cashed and cash put in envelopes that represent their budget categories. Once the envelope is empty, you don’t spend any money in that category until the next check comes in. It is a physical way of keeping you from spending money you don’t have. The problem with that system in today’s world is the fact that everything is digital and it is difficult to keep on top of all of it. That is where MoneyWell 2.0 comes in. With MoneyWell’s event based budgeting system, built into the money management program, is the ability to set up buckets (the equivalent to envelopes) for each budget category and set up the amount each bucket has available to spend. From there you can monitor your money, just like you could with envelopes.
In this tutorial I cover the changes from version 1.7 of MoneyWell to it’s 2.0 version. I also cover the basics of using this software to set up a budget using an event based system which makes it far more flexible than the old version and saves a lot of time manually calculating what goes into each bucket category. I like the new system and think you will as well.
