Are you the type that spends money the more you have it? These 10 best budgeting apps will help you plan your month. So you don’t need to be scared that you’ll run out of cash before the month runs out.
These tools will provide you with the nudge to take responsibility for your finances and give you control over your spending habit.
Ready to control your cash flow? First, let me tell you what budgeting is and why it is important.
What is Budgeting?
The process of planning how you’ll spend your money is termed budgeting.
When you make this plan, you determine, prior to making any purchase, if you have enough money to acquire what you want or not.
By knowing this, you’ll prioritize what to put your money on, based on their importance.
And this is important because it always helps you ensure that you have money to spend on things that really matter to you.
Why you should set a Budget;
Beyond that, budgeting can enable you to highlight the importance of your money.
That way, if there are some stakeholders, for instance, spouses or business partners, in your money map, you can communicate your financial flow with them so they keep their expectations in check.
You can also plan out emergency costs with your budgets because unexpected situations may arise.
Keeping a budget warns you ahead of potential problems in your finances, that way, you see when you’d likely be on the “red” so you begin to cut cost or intensify earning more.
While you can also do your budgeting on a pen and paper, the stress of manually recording your transactions every day will discourage your effectiveness. What this transcends into is that you’ll carry the note everywhere you go and keep your paper records on hand.
Painfully, losing the records would be a disaster that you don’t want to imagine.
On the other hand, budgeting apps will save you time through automation, it takes care of the maths work.
And you can update your finances anywhere without going around with receipts. The psychological push presented in the budgeting apps will put you in check wherever you are.
Now let’s check out the 10 best budgeting apps to help you plan your month.
10 Best Budgeting Apps
To do the budgeting magic right on your smartphone, here are apps.
Mint is the most useful budgeting tools that automatically categorizes your transactions from the cards you’ve linked to it and tracks them against the budget that you’ve created based on your needs.
It constantly puts you to check when you exceed the set limit of your budget, it tracks your cash flow and looks through your spending by category. With this app, you get how your finances are faring each month.
2. Count About
This app is simple and has a great user interface. It brings ease for you if you’re less tech-inclined. Count About synchronizes the data from your bank transactions, and updates with your personalized spending information.
It eliminates manual entry of your finances, allows you to approve transactions, and gives you the capability to schedule and track your ongoing payments.
YNAB, as being identified by users, You Need A Budget, is a budgeting app that allows you to build your budget prioritizing every cent of your income.
It pushes you to account for and put use to your money by assigning it to categories such as savings, living costs, debts, or investment.
Though for advanced users who want to track their investments, net worth, and cash flow. This app provides a dashboard that visualizes your income based on your incoming and outgoing cash.
Aside from tracking your spending now, it accommodates your future money flow by tracking your investments, asset allocations, and analyzes the expense of your mutual funds.
Many people say this app is good for couples, the reason is that it puts ease in sharing budget plans. That way, couples can plan their budget together – when one person adds an expense, the other gets to be in the know.
This app lets you add details of your account, spending, and break down expenses into envelopes.
That said, saying that Goodbudget is good for couples doesn’t mean that it’s bad for solo users, using it alone is cool too.
Albert does the math.
This app thoroughly analyzes your income, expenditures, budget, and financial health in a manner never being done before, it pointedly tells you the amount you can comfortably save for the month and automatically saves it for you.
The saving is done two to three times weekly from a range of $5 to $30 per transfer. Besides, you get a small reward from your savings.
7. Money Patrol
Money Patrol believes that tracking your spending should be about making informed decisions, so it does it to set up a budget for you and organize your finances.
This app uses data to manage your finances, provides an overview of your spending habits, monitors your upcoming bills, and recurring charges.
This app connects unlimited financial accounts and places them into buckets. These buckets are called budget envelopes and they track your regular spending.
The budgeting is set in real-time so you’re prompted to buy that latte or not.
Mvelopes eases your cash style budgeting process.
9. Pocket Smith
This app runs through predictive analysis. It is a brilliant app that forecasts your finances. It helps you create strategies for your savings and investments, and informs you of the effects of an imagined scenario.
Pocket Smith provides you with a budget calendar that presents your monthly expenses at glance. It also lets you assign a day to carry out a purchase.
Do you have multiple sources of income, this app will track your earnings from each source and link up all your financial activities.
10. Clarity Money
If you’re a chronic subscriber like me. Netflix, check. Apple, check. Gym Membership, check. This app is good for you.
With this app, you’ll link to all your financial accounts like checking, credits, savings, loans, and investments. Once done, Clarity Money will create a pie chart that shows your account and indicates if you’ve exceeded your budget.
The fun part is that it identifies your recurring expenses, tracks your increases and reductions, then cancels unwanted accounts telling on your finances.
Your Finances Planned for the Month
This list should definitely get you started on planning your finances starting from this month.
You can deny the urge of wanting to spend on things we want. However, this might affect the spending on things we need if we are not careful enough.
Over to you – Try out any of the listed apps, and share in the comment section, how you feel in your first use.