The best financial advice I've received is the importance of setting a budget and understanding what/why/how you spend money. To do this, I use HomeBudget, a financial management tool that can be used on a phone, tablet, or desktop. It is great for keeping detailed track of personal finances, as well as for setting budgets and goals over different time periods (weekly, monthly, per pay period, etc). For each expense category that you create, there is an option to have sub-categories as well. For instance, I have ‘Food & Drink’ as a main category and then separate that into sub-categories like ‘Dining Out,’ ‘Groceries,’ ‘Coffee,’ etc. There is also a feature that allows you to store photos of receipts with each expense entry. Reoccurring expenses like rent, cell phone bill, etc can be automatically applied each month. The HomeBudget app also allows the user to easily see trends of expenses and income, and how it compares to the set budget.
Easily the biggest reason why I love HomeBudget is because of the "Family Sync" feature, which allows multiple users to update one budget and have all the changes sync instantly. There are three people in my household, so it is very helpful to have everyone adding their own information, instead of having all the receipts pile up for one person to enter. It also makes it easier to track who is spending what, and give us a more accurate look at our household expenses.
HomeBudget is not a free tool; each user in the "Family Sync" needs to purchase a separate subscription to the app, which is $4.99 per phone or tablet in the iOS store. Additionally, the Desktop version is $19.99, which is pretty pricey given that it's just a bigger version of the app; however, it is easier to analyze the spending trends on the desktop, compared to a phone screen. Overall, I think it is a good investment that will help you and your household manage financial matters!