Are you wondering if all the new budgeting apps are easier than budgeting on Excel or with pen and paper? They might be, if you consider the ease of transferring information from month to month within a couple of taps.
One amazing thing about using an app to budget is that you can take it everywhere with you. Don’t remember how much you allotted for lunch with a friend? It’s easy to pull out your app and check while you have the menu in your hand. Have spare time while waiting for someone? Tap over to your app and fill the amounts of grocery receipts that might have otherwise been left forgotten.
It’s a way to manage your finances wherever you are, and if you find a favorite app, you could quickly become obsessive over tracking your money just like you could with a game app or social media app. If you’re struggling with bills or falling short on meeting financial goals, becoming addicted to a money app could be a good thing. In this post, you’ll find three of the best apps to keep track of your budget.
Intuit’s Mint is a comprehensive way to keep track of all finances, and it’s 100% free because ads support it. It keeps track of income and spending and has sections dedicated to financial goals. It’s easy to use, and it does much more than budgeting.
You can track and pay bills with Mint, get a free credit score rating, and even track investments. It has an alert system too. That might be just the thing if you tend to forget about checking your finances. And Mint’s ability to pull information from all your different bank accounts and credit cards is a useful time-saving strategy.
It’s hard to beat how much Mint offers and the price (free), but one might argue it is difficult to create a wealth-building habit because everything is so automated. On the other hand, it could work well if you auto-transfer money into your savings account and let it build on its own.
You Need a Budget
You Need a Budget, also known as YNAB, is a favorite among personal finance experts. The reason is that it gives you total control and access to your numbers.
It’s not only for budgeting. The company has hundreds of videos, podcasts, and tutorials on money, making it a full opportunity to learn about personal finance.
It offers reporting, debt paydown, and goal tracking too. YNAB is a great app if you are a hands-on person who wants less automation and more control.
Another excellent feature is that it supports other currencies if you don’t live in the U.S., and you can import non-U.S. bank files into your account too.
One drawback to YNAB is that it costs $50 annually, but maybe you end up saving that much and more by having control over your money.
Capital One’s Level Money is perfect for people who regularly check their bank account for info on how much cash they have on hand.
Checking your bank balance and spending can be dangerous because you might forget about necessary upcoming expenses. It’s the kind of practice that can leave you buried in overdraft fees. Using Level Money is better than checking your bank account balance because it shows you what is spendable from the cash you have.
This is the app for you if you want to simplify your life and know the exact numbers on how much money you have to spend. It connects to your bank and credit card accounts, like the other apps, and it makes balance and bill predictions.
There’s not a lot of frills with this app, but it’s free and useful for college students, singles, and other people that have small, frequent expenses like going out to eat. It will give you a quick view of what you can spend. You’ll probably need something more comprehensive if you have a family or investments.
With all the useful budgeting apps on the market, you’re bound to find one that syncs with you. It’s just a matter of experimenting and finding the best one for your financial goals, spending, and money habits.
While some apps give you control over every number, others are more of a “set-it-and-forget-it” app. Ultimately, you’ll want to choose the best app for your personality type and money habits, so that you can be successful at budgeting and financial planning.
Do you use an app for budgeting? Which budgeting apps have you tried?