Budgeting, spending wisely and saving have become a lot easier in today’s digital world. The understanding between developers and people’s need for personal finance consciousness has spurred the development of many mobile applications, which aid people to save more and spend wisely.
There is a plethora of personal finance apps today, each, an improvement over the previous, bearing some unique features that make it stand out from the rest. However, one can say that each of these apps has what they do, say, best.
What I have shared with you in this post are the top 5 budgeting apps, that will not only help you manage how you spend your money, but will also alert you when you are overspending and let you assign each dollar to a useful endeavour.
Mint is supposedly the best budgeting app; maybe because it is one of the oldest in the market. It is owned by Intuit, the same company which owns Quickbooks, Proconnect, and Turbotax.
Mint offers a list of different features ranging from bill payment tracking, budgeting goal tracking, budget alerts, categorized bank transactions, and investment tracking. You can also get your free credit score on it.
Following your linked credit and debit cards, Mint automatically categorizes your transactions and track them against your budget, which you had already set to your taste.
What’s unique about Mint?
Mint is referred to as an All-In-One budgeting app. But then, the most useful features of this app are the budgeting tools.
Maybe the reason you are down with so much debt on your credit cards is that you spend more than you actually earn; you live from paycheck-to-paycheck. If it bothers to draw a battle line and control the way you spend, I suggest the YNAB app is what you need.
This personal budgeting app deprives you of the luxury of budgeting over the amount of money you have. It simply cuts you from accruing debts.
You Need A Budget has a built-in accountability partner which keeps you on your toes, never to spend more than you have. And when you find yourself stuck in a budget deficit, the app will help you with other things you can do to balance your budget.
Although YNAB is not free, as you will have to pay a monthly fee of $11.99 or annual service fee of $84, it can really help you save. With an online instructor in the Question and Answer section, you will learn more about budgeting basics.
What’s unique about YNAB?
YNAB makes you more responsible and disciplined in terms of creating your budgets. You can never plan above what you actually have.
Wally is a product of a small team based in the United States. This app helps you budget your income properly, by letting you compare your income to your expenses.
It gives you a periodic insight into where your money goes. Wally also enables you to set and achieve your budget goals. You can get a snapshot of your remaining budgets and your transaction receipts, for record and discipline purposes.
Wally is absolutely free and it is available on the iPhone. On Android, this app is available as Wally+.
What is unique about Wally?
Wally is a great personal financing app that offers you the best tool for budgeting. One unique feature of this app is that it can be used on every currency around the world. So, no matter where you are, you can use Wally on your local currencies.
Have you ever thought of having your bank account incorporated into a budgeting tool? Do you think it’ll cut-off some inconveniences?
I think Simple said yes to the last question above and developed their banking cum personal budgeting app.
What this means is that you will have your bank account and budgeting tool on the same platform. This makes it easier for Simple to track your income and spendings.
With tons of tools available to you, you can set your goals and get motivated to achieve them. On Simple, you can also test for what is safe for you to buy and save for your recurring bills like power, water, data, and so on.
What is unique about Simple?
Simple is different from the rest of the personal budgeting apps because it incorporates a real bank account into the system. So users can easily manage their money directly from their bank accounts.
One of the tips given by Robert Kiyosaki in his book “Rich Dad Poor Dad” is the principle of letting your money work for you. So as you’re cutting out frivolities in your budgets, it is wise you invest your excesses. But how can you do that?
With Personal Capital, you will link all your accounts to see your net worth, create your budget, plan for retirement and, invest for your future. Although the budgeting feature is not as robust as the others listed above. With much emphasis laid on investment, you will know it’s worth it to think about investing and most importantly, investing wisely: following facts and not emotions.
What is unique about Personal Capital?
Personal Capital unlike other budgeting apps gives your investment advice and provides you investment opportunities; you actually work with them.
Personal financing and budget management have transcended from mere paperwork to what is more obtainable in this age. Mobile devices rock!
Undoubtedly, the majority of people are used to their mobile phones than anything else. So if you must keep track of your budgets, plan and monitor your expenditure, discipline your spending behaviour and, invest, getting one of these personal budgeting apps would really help.