Are you trying to create a budget to help control your finances? Budgeting can be tricky, especially if you’re new to it. That’s why it’s good to have a little extra help! There are tons of apps out there to help you manage your budget, but which ones are the most useful? Here are some of the best budgeting apps to help you with your money. Between money tracking, preparing for future expenses, debt repayment, and everything in between, there’s an option for you.
Why use budgeting apps?
Budgeting apps can be used for a variety of purposes. You don’t necessarily need to be in debt or struggling financially to use a budgeting app. These apps can certainly help you manage debt and spending, but they can also help you stay on the right track with your savings and help you feel more in control of your money. Perhaps you want to budget for a future expense like a vacation or a new home or car, or maybe you want to work towards increasing your savings, or yes, deal with debt. In any case, there’s a budgeting app for you. Budgeting apps typically work by letting you know where you’re spending and how it affects your bank account. The best budgeting apps make it easy to see what happens to your money.
Mint
Mint is commonly known as one of the best budgeting apps out there. You can connect all your accounts to Mint to easily track them all in one place. You can also connect any subscriptions you have, and Mint will tell you if the costs ever go up and when bills are due. Of course, you can customize your own budget, and Mint categorizes your expenses for you. It will also tell you when you’re approaching the point of overspending based on your budget. Plus, you have access to your credit score, so you know where your credit stands. Mint is easy to use and highly customizable, making it a good option for all budgeters.
Cost: Free
You Need a Budget (YNAB)
YNAB advertises itself as different because it shows users how to get ahead with their money for life, not just stay afloat. Their website states they prioritize spending smart as opposed to spending less. New users on the app can save around $600 within their first two months, and over $6,000 in the first year. Access to real-time information makes it easy to share financial information with a partner, examine charts to track your progress and set personalized goals. Plus, YNAB encrypts their data to keep your financial information secure.
Cost: Free trial for 34 days, then $14.99/month or $98.99/year
PocketGuard
PocketGuard takes into account your essential expenses before thinking about your “spendable” money, meaning money you’ll have left after buying groceries and paying your bills. This app creates a chart which shows how much money in each “category” you’re spending, such as dining out, shopping and housing expenses. This way, it’s easy to see if and where you’re overspending. You can link all your accounts to this app and set up a schedule that helps you pay off your debts easily. Just like with YNAB, PocketGuard also encrypts their data for extra security for users’ peace of mind.
Cost: Free with options to upgrade
Spending Tracker
Spending Tracker is a user-friendly app to help you, quite simply, track your spending. You can set personalized budgets and look at your progress over time to see how you’re performing. You can also create spending and income categories to sort where your money goes and check to see where you spend the most money. Plus, Spending Tracker has handy little charts for you to examine to measure your progress.
Cost: Free with in-app purchases for upgrades
GoodBudget
Finally, we have GoodBudget, one of the best budgeting apps out there. GoodBudget is based on the envelope system. This system divides monthly money into categories such as groceries, bills, mortgage payments, and extras. You put a certain amount of money into each envelope, and during the month you only spend money from the envelopes for those categories. Once the envelope is empty, you stop spending, because you’ve budgeted ahead of time.
With GoodBudget, the cash envelope method becomes a 21st century app by creating digital envelopes to spend out of. Instead of just tracking your spending, you plan your spending ahead of time. This app also allows you to sync up with your partner to share spending information, save for future expenses, etc.
Cost: Free or paid ($7/month or $60/year)
These are some of the best budgeting apps that can help you keep your finances on track and achieve whatever goals you have. As we get closer to the end of 2021, you can start thinking about budgeting in 2022 and how you can start the year off on the right foot.
Budgeting apps can make your money life much simpler, but if you’re looking for guidance on how to refinance your mortgage or buy a home, you should also get in touch with a mortgage professional. If you’re hoping to secure a better mortgage rate or purchase a home, feel free to reach out to me.