About Money Stir Tools
Money Stir Tools was born out of a desire to do a few things:
- Create something that I would find useful
- Launch a product that has the potential to generate income
I didn’t want to create something that I had to manipulate people to spend money on. You work hard for your money, and I wanted to create a product I am proud of and that adds value to your life.
What exactly are you selling?
First off, you can sign up free and get access to a budget report without spending any money. Once you enter your budget, you get access to the Budget Report.
You enter your budget manually. There are four general categories you can organize each budget item into: Spending, Savings, Sinking Funds, and Debt. This tool does not connect to your financial accounts in any capacity. You enter all the information in the tool manually and is meant to help you plan your budget.
When you enter your budget, you have full control over what happens to those funds after the goal amount or goal date is hit (if that is set). Want to re-direct funds after you pay off your car loans into a savings category? No problem!
The free Budget Report will give you interactive graphs that look like this:
You can also see how much your category amounts will accumulate over time. This is helpful to see when funds are redirected from one budget category to another (either from hitting the goal amount or date).
To help support the free membership, a few ads are displayed on these pages. But outside of that, this area is 100% free.
Money Stir Tools Premium Membership
The premium membership unlocks additional reports and functionality. This will provide you with more insight into the future of your finances.
By entering your debt (like credit cards, car loans, student loans, etc.), you can see an estimate pay off date and a rough guess in when you will become debt free.
The savings report allows you to see estimated account balances for your savings accounts over time, including your 401k. You can adjust the time horizon and see how much interest you would earn.
The Mortgage Analyzer allows you to see your estimated mortgage balance and estimated home equity. Want to pay off your mortgage early? You define how much and when to start making extra principal payments to see when your mortgage will get paid off vs the default schedule.
Other Premium Features
In addition to the above reports, signing up for a Premium Membership allows you to:
- Add unlimited budgets
- Export your budget categories
- No ads are displayed on the Money Stir Tools site
Is this meant to replace YNAB, Mint, etc.?
Budgeting software is great for managing your current spending and to see what you’ve done in the past. But I felt they were lacking in helping figure out how your budget can affect your future.
Money Stir Tools is meant to give you an idea of how your financial choices today can affect your financial future. The questions I wanted help answering:
- About when will my credit cards be paid off?
- What is my current savings rate percentage?
- If I contribute $XX every month, about how much “should” I have in the next 5-10 years?
- How much interest would I save if I decided to pay off my mortgage early?
- If we want to purchase a different vehicle in a few years, how much would we need to start saving?
- About how large should my 401k be after 10-20 years?
These are the types of questions this tool is trying to help you figure out. Can you 100% know the future? No, but we can project based on the info we have now and re-adjust as time goes on.
But I don’t maintain a personal budget. Will these tools be helpful?
How much granular detail you maintain in your budget is 100% up to you. You could use it to enter theoretical numbers to see how things might look if you set aside a certain amount of money every month. Or you could enter several general categories to cover most of your bills and then figure out what you might want to do with the rest of the money.
It’s up to you in how much data you want to extract, and how accurate you want to be in projecting your possible financial future.
The more information you have about your spending and saving, the easier it is to make informed financial decisions.