Budgeting could be said to be the process of creating a plan for how money should be spent. It is also important because it ensures that you always have enough money for the things you need and the things that are important to you and would also keep you out of debt or help you work your way out of debt if you are currently in debt.
Below are the top best applications for budgeting:
1. Mint: It is a free application available on the App Store and Google Play Store that syncs many kinds of accounts, such as checking and savings, credit cards, loans, investments, and bills. The Mint app permits users to track expenses and place them in budget categories. This application can also set limits for these categories, helping users pay down debt, save more money, and track goals.
2. YNAB(You Need A Budget) : Rather than tracking past transactions, this app is intended to help users plan ahead for financial decisions. Interestingly, it allows users to divide their income into various categories, such as expenses, goals, and savings. However, it comes at a fee. You either pay $14.99 per month or $98.99 per year as a user, depending on your pocket.
3. Goodbudget: Goodbudget is a budgeting app that helps create and adhere to a budget. It has a free version with ads, or as a user, you can upgrade to an ad-free plan for $7 per month or $60 per year, and can be accessed from the app on your phone or the web. However, the free version allows one account, two devices, and limited envelopes, while its paid version allows unlimited envelopes and accounts. This application helps with money management, so you know exactly where your funds are and how they are performing.
4. Personal Capital: This application is free to use and works with several different types of accounts, including your normal banking accounts, investments, stocks, and retirement funds. The application is available for both Android and iOS users, providing a spending snapshot by listing recent transactions by category, which can be customized and also see the percentage of total monthly spending each category represents.
5. PocketGuard: This application is available on the Google and Apple play stores. Its basic package comes at no cost. However, the PocketGuard Plus comes at $7.99 per month, $34.99 per year, or $79.99 for a one-time purchase. Interestingly, it also takes into account a user’s estimated income, upcoming expenses, and savings goals. The “In My Pocket” feature uses an algorithm to show how much you have available for everyday spending.
6. Trim: This budgeting app analyzes your bills and spending habits to show you where you can save money in your budget. It has an amazing feature called the bill negotiation feature, which analyzes your internet, phone, cable, and wireless bills and determines whether you can get the same service with the company for a lower price.
7. Honeydue: this application is more suitable for a couple, where both individuals can view each other’s financial picture in one app, sync bank accounts, credit cards, loans, and investments. This application automatically categorizes expenses, but as a user, you are also able to create custom categories, such as setting up monthly limits on each of these categories. One amazing feature about this budgeting application is that it sends reminders for upcoming bills and lets you chat and send emojis.
Maintaining a budget is not always the easiest, but with the right budget app, you will be able to track spending habits and focus on the essential basics, like shelter, food, water, and utilities, instead of spending on luxuries.