How To Choose A Budgeting App
Choosing a budgeting app can seem like a small decision when compared to other personal finance decisions. But the right budgeting app can make a large difference in your personal financial life.
When selecting a budgeting app, be sure to consider what your needs and goals are first. The right budgeting app can provide you helpful insights and data into your expenses and savings. But before that happens, identifying what your financial goals are first can help you curtail your search for the right budgeting app for you.
Outside of your goals, here are a few features to consider before you commit yourself to a budgeting app:
Best For Simple Budgeters
When you’re looking for ways to “pocket” your cash, that’s what PocketGuard is for. It builds a budget based on your spending habits and lets you know when you’ve saved — or pocketed — the leftover money.
You can set goals, like lowering your bills or adding more money to your savings and investment accounts. You can also browse through other financial products to see if there are ways to save on your mortgage payments, insurance, or other loans.
The visuals are helpful, like the pie charts that let you easily interpret your data at a glance. You can see your income, upcoming bills, and how much money still needs to go toward your goals. It’s like YNAB but doesn’t have the same rich user experience. If you want a similar app but the price tag isn’t in your budget, PocketGuard is a solid backup.
How Do Budgeting Apps Work
Budgeting apps simplify the way we approach our finances. They provide us with total transparency over our income and expenditures, and nudge us to keep on track with our savings goals.
Each budgeting app specializes in a particular area which sets it apart from the competition. Consequently, some options may focus on one or several of the following:
Creating a holistic money management system
Setting up alarm notifications to alert us when we are overspending
Creating a plan to help us pay off any outstanding debts
Meticulously tracking all of our bills
Providing a succinct dashboard to give us a solid, real-time overview of our finances
Focusing on the amount of spare money we have each month
Giving every penny a job and aiming to have no money in our account at the end of the month
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What To Bear In Mind With Budgeting Apps
Just remember, all the budgeting apps in the world arent going to make you better at balancing your bank accounts if you dont use them properly. After all, its not the app itself that saves your money and curbs spending: its you.
Some budgeting apps rely on users to have the discipline to methodically enter their spending and payments. Even apps that are connected to your financial accounts cant force you to dig yourself out of debt or stop you from overspending. In the end, no matter what budgeting apps you use, you must be an active participant in their usage and have the willpower and genuine desire to change the way you manage your money.
Google Drive Budget Spreadsheets
How it works: Google Drive is a file storage service where users can create, upload and share files. Get 15GB of storage for free or upgrade if that’s not enough. The Sheets app for Drive includes pre-made templates, such as an annual budget and monthly budget.
What we like: You can bring your budget with you by logging in to your Google Drive account from your smartphone, tablet or computer. You can also share access to a household budget with other members of your family.
Where to get it: Sign in at google.com/sheets, then browse the template gallery.
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Wallet: Personal Finance Budget And Expense Tracker
Having managed your spending plan is getting tough nowadays, isnt it? Lets give thanks to Wallet, the Personal Finance, Budget and Expense Tracker, as it gathers all your needs together. Here, you will have different currency support as well as geo-mapping. Moreover, the functions involve a shopping list, debt management, standing orders, PIN security, and much more. There are templates for recording data, or you can even design yourself.
- Your bank updates are synced safely and sorted with your budget plan in this efficient budget app for Android.
- The tools help you to meet your target with the saving and spending balance.
- Bill tracker is another function of this app that will assist you by remembering payment dates.
- The expense report is easily described through many clean graphs.
- You can share your account with trusted people and import data among different platforms.
Best For Intricate And Super
Many personal finance budgeting apps allow you to link bank accounts so the app can track where your money is going. You Need a Budget does this but also gives users the option to manually add transactions to avoid linking bank accounts. This is helpful for those who don’t want to let third-party apps have access to their financial accounts — or those who prefer manual logging.
But if you do want to connect your savings account and checking account, you can. YNAB connects not only with major banks, but local credit unions and institutions as well. You can also add a credit card and then immediately set a financial goal for it, like paying off your balance over time or creating a budget to include your entire balance.
After linking all your accounts you want to be monitored, you’ll give every dollar currently in your accounts an assignment. Rule No. 1 of YNAB is “give every dollar a job.” This means that you shouldn’t have any leftover money by the time everything is assigned to a spending category.
The greatest difference between YNAB and many other budgeting apps is you only budget the money you have YNAB doesn’t allow “forecasting,” or creating budgets for future incoming dollars.
It doesn’t just end with tracking your money YNAB wants to make sure you understand the importance of financial management. They offer free daily workshops on budgeting, debt, credit card debt, building savings, and more, along with a rich library of educational resources.
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Best For Just Budgeting: Wally
- Price: Free version available or paid Gold version for $24.99 per year
- Bank Sync: Yes
We chose Wally because of its streamlined budgeting features and support in most foreign countries.
Budgeting features are easy to use
Graphics to showcase your finances
Additional features can add up
Limited personal finance tools beyond budgeting
Wally isnt the easiest app to navigate compared to some others on this list, but it works well for one thing: budgeting. This app helps you track your income and expenses while offering you a snapshot of your remaining budget to help you avoid overspending.
More popular with Millennials, this app has free and paid versions. You can also individually purchase features from the paid version. One major benefit of Wally is its built-in support for virtually all foreign currencies, which makes it a better option for those who live outside of the United States.
Can You Use Bank Apps For Budgeting
Each of the “big four” banks , as well as some smaller banks and financial institutions, provide their own budgeting software or calculators. These typically require an active bank account to use. For example, a St.George customer can’t access Commonwealth’s Netbank budgeting tools.
Depending on the app, official banking apps can be useful for budgeting, and can even lump transactions into categories. However, you usually can’t manually edit any of this data, so you’re stuck with what label your bank files certain expenses under, which might not be accurate.
One benefit of banking apps is up-to-date automatic transaction records that don’t make you give your online bank details to a third party.
Budgeting apps tend to have far more features than banking apps, and are better if you’re serious about budgeting. But if you just want a broad overview of where your money is going, then you might get by with what your bank provides. Check your banking app for extra features, or do a web search to see if there are any free online tools you could be using.
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Gimi Pocket Money Manager
Gimi is a pocket money app and chores manager. It was created for families to teach kids about money and personal financial management. Its a good way to teach them in a fun and safe place where there is a little risk of messing up. On the Apple App Store, the app has 58 ratings which average out to be 3.9 stars out of 5. On Google Play, the app has 2 thousand ratings which average to a little under 4 stars out of 5.
What Are Budgeting Apps
A budgeting app is a software application that you may access from your computer, tablet, or mobile device to track your personal finances. This may include tracking your income, expenses, savings, debt payoff, investing, or a combination to improve your financial health. Budgeting apps are different from accounting software, which is typically for a businesss income and expenses.
Budgeting apps may sync with your financial accounts to offer an overview of your situation as changes happen. The most common use of budgeting apps is to track spending through a synced checking account. Many people arent aware of how much money they spend every month, making changes more difficult. A budgeting app may organize spending history into categories to identify trends, making users aware of their habits over time.
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What Budgeting Apps Can Help You Achieve
Image source: Shutterstock
Whether you hope to get out of debt, save for a specific goal, or just want to feel in control of your finances, theres a budgeting app to help you succeed. The best ones can do a variety of tasks, including:
- Help you budget for household expenses. Some apps can tap into all your accounts to map out your entire financial universe and then, based on how much money you have and your past spending behaviors, help you design personalized budgets.
- Prevent overspending. These apps hone in on what money you have and then show you precisely what youre spending it on, so you never have to ask yourself where did all my cash go?
- Get out of debt. These apps carefully monitor how much you owe and suggest manageable repayment plans based on your income, spending and savings needs.
- Grow savings. These apps work silently in the background by putting tiny, affordable amounts of money into a saving or investment account. The gradual accumulation helps build up a nest egg without noticeably disrupting your lifestyle.
Upon Receiving Income It Is Necessary To Bring It In The Program And To Distribute It Among Categories Which Each User Adjusts Manually:
Best budget apps android. By james peckham , james rogerson published 25 days ago. Available both on android and ios, you need a budget is famous as one of the best apps for budgeting and saving. Pocketguard users rate this app as the best budget tool to create custom budget and track purchases.
This allows you to add, watch, and visualize your transactions. Regardless of if youre in a relationship, engaged, married, or raising a kid this app is a great way to handle your fins movement. Here is a list of the best budgeting apps available on google play store for android devices.
Now, i am going to write details about best budgeting and finance apps for android. Expense manager & budget trucker Best budgeting apps for android 1.
This app aims to help you track finances efficiently. It also provides detailed reports about your expenses. We rank the best cheap phones on the market.
Ynab the ynab app is the lifesaver for you if you are looking towards making a meaningful sense of your financial structure. Its designed to be simple, easy to use, and straightforward. Sync all your bank accounts in one place and get a comprehensive view of your finances in this family budget app.
Best for cash style budgeting: The main concept o this app is to help you and your spouse have a meaningful dialogue about your fundings. The top picks of the cheap mobiles around.
Free budgeting apps for android. The personal capital app is available for both ios and android.
Pin On Great Apps
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Best For Tracking Investments: Personal Capital
If youve managed to accumulate some investments or savings beyond an emergency fund, the Personal Capital app could be the ideal budgeting solution.
This app syncs with your bank, credit card and investment accounts so you can easily get a snapshot of your net worth. You can manage your budget, while also checking your debt payoff progress or monitoring your retirement accounts and other investments.
Personal Capital is free to use if you just want it for budgeting and tracking expenses. If you decide you want to take advantage of Personal Capitals investment advice, theres a fee for that.
Who Its Good For: People who are interested in saving and investing as well as budgeting.
Goodbudget: Budget & Finance
It is an awesome app to manage your daily home expenses and track your expenses. It is a personal financial manager which will help you in paying your bills on time. You can create your future envelopes to reach your financial goals. The smart payee and category suggestions option is very nice and will save lots of your time. Moreover, you can analyze your spending with the help of envelope reports and monitor your cash flow with income vs spending report. To meet your personal financial goals, you should definitely trust Goodbudget app.
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Should I Use An Expense Tracker App
Keeping track of your expenses is an important part of managing your overall finances. While you don’t need an app to help you record your purchases, it can certainly come in handy.
Some expense tracker apps automatically sync to your bank accounts and credit cards, which can save you time instead of you having to manually gather all your different credit card statements and such. Other apps help you categorize your spending so you can better understand your purchasing habits. Plus, some of the best expense tracker apps offer educational tools like blogs and courses to help you learn more about budgeting and your money.
What Makes For A Successful Budget
Budgeting is a process that begins with identifying your financial goals and savings priorities. When you know how much money is going out and coming in, youre better prepared to handle both the expected and unexpected financial challenges life brings.
Your budgeting habits also matter: The clearer your money mindsetand your spending and saving habitsthe better your budgeting and investing efforts can serve your goals. If you have money habits you need to improve, the right app can help.
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Free Budgeting Apps For Ios & Android
Here are some free apps you can use to save money. Apps listed in this section work for both Android and Apple devices. Most of them are entirely free, but there are some that offer premium services which will cost money.
With that said, here are the top free budgeting apps for couples, families, singles, seniors, millennials and everyone in between.
Budget App #1 You Need A Budget
Best for: Committed budgeters who want granular control of their money.
You Need a Budget is a very popular budget app with a die-hard following who lovingly call it, YNAB.
This budgeting app claims that on average, new budgeters save $600 in the first two months of using the app, and more than $6,000 in the first year. Not bad, right?
You Need a Budget is an advocate of the zero-sum budgeting strategy. The idea is to give every dollar a job. This way, youll spend every dollar intentionally and wont fritter money away on unimportant purchases.
This budget tracker allows you to connect all of your accounts to one money management dashboard. You can access this dashboard on mobile or desktop.
Its great for individuals and couples who want to set savings goals and manage a budget together.
Plus, it has a dedicated feature to help you pay down your debt. This budget tool teaches you to manage your debt effectively and how to save money mindfully. It allows you to set attainable targets to help you feel good about tackling big, scary debts.
Pricing: You Need a Budget offers a 34-day free trial. This budget app costs $11.99 per month or $84 per year.
The Best Budgeting Apps For 2022
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If you constantly find yourself wondering where your money is going, a budgeting app may be just what you need. Whether you’re looking for a budget app for iPhone or Android, there are more great options than ever. We’ve analyzed all the most popular choices and narrowed them down to this group of the best budgeting apps for January 2022.
What Can Budgeting Apps Do
Modern money managers are big on convenience. Back in the day, smart savers would typically use a spreadsheet to organise a budget. To save on time and effort, budgeting apps automate at least some of the process while handling all the calculations.
Budgeting apps can:
- import financial information from spreadsheets or directly from your bank account, though your bank might not like this
- streamline your spending and saving plans
- generate budget reports, graphs and charts.
Some can also display financial trends, forecast spending and flag expenses as tax deductions.
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