As a financial expert and someone who has struggled with managing their own finances in the past, I understand the importance of having the right tools to manage your money in a smart and efficient way. Money-saving is an art-form that requires focus, discipline and most importantly, a plan. One of the easiest and most powerful tools we have at our disposal today is budgeting apps. With this in mind, I have compiled a list of the 10 best budgeting apps for managing finances.
1. Mint
Mint stands out by being one of the most commonly used apps for money management. This app has been around for a while and is trusted by millions of users for its robust and powerful features. Mint allows you to track all your accounts – savings, checking, credit cards, – in one place. The app also sends you alerts when you get close to your budget limit or when there is unusual spending. It is perfect for both beginners and experienced users.
2. PocketGuard
PocketGuard shows you how much money you have left to spend every day, week, and month once you input your income and recurring bills. It greets you every time you open the app and shows you your “spendable” amount after counting your bills, savings goals, etc. This app also helps you create a budget by instantly categorizing transactions as either bills, withdrawals, or purchases. It highlights larger transactions, so you can quickly see where and how you spent your money. In addition, PocketGuard suggests ways that you can reduce unnecessary expenses by highlighting subscriptions you don’t use or different credit card offers with lower interest rates.
3. Empower
For those who want to keep track of their investments as well as their finances, Empower, old Personal Capital is an excellent choice. This app shows you all of your investment accounts, including retirement, savings, and taxable accounts, and can provide recommendations for improved strategy. Additionally, it shows you exactly where your money is going, what determines your net worth, and when to optimize your investment strategy.
4. Wally
Wally is a free personal finance app designed to help users track their expenses more easily. Unlike other budgeting apps that require you to input data manually, Wally provides convenience by letting you snap photos of your receipts and quickly input relevant details into the app. This app also allows you to categorize expenses and set budgets for each category, providing a more complete picture of your spending habits.
You Need a Budget is one of the most popular budgeting apps that help users break the paycheck-to-paycheck cycle in a friendly and supportive way. The app’s core philosophy is to help you stop living paycheck-to-paycheck by teaching you to live on a budget. The app also works with your bank account, credits, and transactions to match them with appropriate budget items you create.
6. Honeyfi
Honeyfi is an app designed for couples that allows you and your partner to set savings goals and budgets together. If you ever needed more transparency with your finances within your relationship, this app does that by tracking your transactions and creating custom categories. You can also create reports to share with your partner or financial advisor for a comprehensive look at spending patterns.
7. Spendee
Spendee is a beautiful and modern budgeting app that tracks all of your expenses and income in one sleek interface. It also enables you to create a set budget for each category and keep track of your financial goals seamlessly. Additionally, Spendee supports multiple currencies so that you can use it in any location.
8. GoodBudget
Goodbudget is a budgeting app designed to use the envelope budgeting method. It operates on the principle of an electronic envelope system where you put cash into various envelopes for different budget needs. This app shows the user available amounts, as well as the spent amount for each category in each envelope, helping you manage your finances more effectively.
Toshl Finance is a budgeting app that takes a unique approach in helping users gain more control over their finances. It has a playful interface that helps you track your expenses while making things more fun. The app encourages you to “fill up your piggy bank” by tracking your savings goals and rewarding your achievements.
Conclusion
When it comes to budgeting, the key is to find what works best for you. These budgeting apps are just a small selection of the many tools available that can help you take control of your finances. Find the one that works best for you, and start budgeting today. With a little bit of effort and patience, you will be well on your way to achieving your financial goals in no time.