If you made a resolution to get a good grip on your finances this year, it’s not going to be easy. Especially if you have zero ideas where to start, what to do and how to manage your finances effectively either manually or in excel.
Let’s go back to basics. We both know that deep down, controlled finances boils down to a good budgeting habit. However, to most people, budgeting seems to be a really difficult task, from adding all your expenses to keeping track of your income and savings.
About two months from now, you might give up budgeting and managing your finances altogether.
But don’t worry. Now, almost all things are being automated. Countless software and tools make a human’s life easier. This includes budget automation. Budgeting is now a breeze because of the budget apps that we have today.
These budget apps can turn your mobile phones into an effective personal finance manager. Whether you plan to pay off a debt, budget for future expenses or save money, a budget app can make these complex tasks easier.
These budget apps even go further to make you aware of wasteful spending. With all these features, budgeting seems easier and more cost-effective.
Here are five of the best apps available today. Each focuses on different benefits, features, and design so find the one that is best suited for you.
If you’re looking for a budget app that syncs bank accounts, credit cards, and your Paypal account, Mint may be the perfect budget app for you. With access to this information, Mint tracks how much money you are taking in and the amount of money you’re currently spending. It’s perfect for overall finance management.
Mint also tracks your fast cash loans from leading online lending companies as well as your investments, cash and ATM transactions. With this feature, you can make sure that the budget app is keeping a close look at all avenues for spending and give a more in-depth understanding of the transactions.
Mint is for you if you like to manage your financial state as a whole. But if all you’re looking for is a simple budget app that helps with basic budgeting, then this app may not exactly be the one.
If you’re looking for something that can make your budgeting a simpler process, try using Mvelopes. However, you also have the option of using the app for advance ways of budgeting.
Regardless, Mvelopes serves as a reliable personal finance software to track your home budget. It builds your awareness in areas such as your spending, funding, balances, net worth and category spending.
It’s not for you if you’re looking for a budget app to help track or manage investment accounts. It won’t give you tax reporting, online bill pay or send you alerts once you exceed your budget.
If all you’re really looking for is some simple budgeting, then Wally is the most suitable budget app.
It does an excellent job of tracking your income, expenses, and savings. It can also notify you of bills and their due dates, alongside the financial milestones you’re trying to achieve.
You Need a Budget
If you’re like any young professional, you may prefer the ‘You Need a Budget” app. The app is kept simple which in turn will take away all the stress and complexity of starting a full-blown budget.
You’ll like the YNAB app if you want an app that can teach you how to be on a budget very easily. You also have the chance to get to know the app in the 34 days of trial.
However, YNAB can’t help you with things like advanced debt reduction, college, financial planners, retirement, and investment support.
If you live in the U.S. or Canada, you might want to try the EveryDollar budget app. You’ll love the app if you don’t consider yourself finance savvy. This is because using the app is very simple.
You just need to input what you spend along with the date, and the merchant before putting the transaction to a budget category. This makes tracking and budgeting your money really easy.
Another bonus is it’s also easy to track all your finances simultaneously if you’re budgeting as a couple.
However, when using the free version of the app, you’ll need to track your spending manually. And if you like an app that can track your investments for you, EveryDollar does not provide that.
All the apps mentioned above are all great options. However, one must consider which one is more suitable for them through assessing cost, features and the purpose for use. Although some of them may cost money to use, you have to consider the amount of money they save you by helping you manage your finances well.