Review: iXpenseIt for the iPod Touch

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You have two options with this software. You can set it up to track expenses or you can set up actual budgets.

When setting up budgets, you have the option to create as many as you want. This is especially useful if you are having a budget for a special occasion such as a wedding or vacation.

To create a budget simply input your amount of money and the time period. From there, any expense you enter for that time period will deplete your available balance. One useful aspect of this software is you can create recurring expenses such as rent, utilities, etc, on a monthly basis so you don’t have to continually re-enter them.

When entering an expense, you can add notes to the expense. You can use the database of vendors that comes with the software or add your own. It gives you the option to distinguish the payment type such as debit, automatic, checking, etc.

Another positive aspect of this software is that once you use it for awhile, you can generate graphical representations of your spending so you can view where your money is going. This is particularly useful if you are looking to cut out spending. You can find out how much you spend on dining out, snacks, etc. The most efficient way to use this is to set up specialized categories when you enter your expense that is unique to your situation. The software comes with a database of generic categories such as “Auto” “Food”, etc.

The search function will provide you with a total of all expenses during a time period based on category. If you want to know how much you spend on credit cards in the month of October, you can enter that in and it will provide you with the total you spent. Click on the total and it will list out each expense record for viewing.

iXpenseIt is a very thorough budgeting and expense tracker. It is especially good for those who want tight control over the finances and to see what their spending habits are. A hidden perk to this software also is because you enter each expense, theoretically, you could do away with your check register. I would highly recommend this program to anybody looking for a personal finance software.

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