Over the years, many people have been looking for ways to manage their money to avoid impulse buying and overspending. Technology has now introduced new ways to make this possible through the best budgeting apps, creating a better and stress-free way of managing your money.
A 2023 survey by Statista revealed that 67% of individuals using budgeting apps reported improved financial management and better control over their expenses. Also, According to a study by the National Endowment for Financial Education, users of digital budgeting tools are 75% more likely to achieve their savings goals compared to those relying on manual methods.
Let’s take a look at the 8 best budgeting apps you can use for money management and why you should get one now.
Why you Should get the Best Budgeting Apps
Getting the best budgeting apps has a lot of benefits, irrespective of how much you earn. Here are some of the benefits of getting these apps and why you should get one:
Financial control
The best budgeting apps help you track your income and expenses. So you can see where your money is coming from and how you can spend it. It will prevent you from making mistakes in your spending and prevent regrets later on.
It also helps in one’s decision-making, allowing you to make wise decisions in the way you want to spend your money, thereby giving you stronger control over your finances and your monetary items.
Time efficiency
Using the manual method of tracking your expenses can be time-consuming and tiring, and one can be prone to errors. Budgeting apps will simply sync with your bank accounts, credit cards, ATM cards, etc. They will provide you with the records of your transactions or give you an overview of how much has been going out and how much has been coming in without you having to stress your brains with calculations.
Alerts and notifications
The best budgeting apps send notifications when you make a transaction, for pending bills, overspending, insufficient funds, or balance notifications, so that it will notify you on time so that you can prepare yourself for how you want to share your funds. It also helps to stay within your budget, thereby avoiding debts.
Financial goal setting
The best budgeting apps often come with features that allow you to set goals for your finances. It could be that you want to save for a vacation, buy a new house, save for retirement, or pay off pending debts.
It instills motivation and concentration and makes people want to go on and work harder.
List of best Budgeting Apps for Money Management
- YNAB (You need a budget)
- Mint
- Pocket guard
- Good budget
- Every dollar
- Personal capital
- Honey Due
- Mvelopes
1. Ynab (you need a budget)
Ynab (you need a budget) is one of the best budgeting apps out there, and It focuses on giving a dollar for every job. It encourages proactive budgeting, and it helps users manage their spending.
Ynab also helps plan how you want to pay your debts and allows users to set goals with their budget. It has a 34-day free trial before you start paying $14.99 per month. This app is good for people who want to set goals with their finances and create a good spending budget.
2. Mint
Mint is a budgeting app that tracks your finances, categorizes your spending, and offers free credit score monitoring. It allows you to create your budget, track your bills, track your investments, and warn you if you are spending unusually.
Mint is totally free! Which means no money is needed for a startup. Mint is one of the best budgeting apps for individuals who want an all-in-one financial tool.
3. Pocket guard
The pocket guard helps by showing you your balance after spending on bills, debts, or goals.
The pocket guard provides you with simple goals to set, and it also helps you to customize your budget. It has a free version, and it also has an upgrade in which you pay $4.99 per month. This app usually works for people who want a simple and accessible overview of their spending.
4. Good budget
Good budget is based on the envelope budgeting system. It allows you to allocate your money to different spending categories. It gives room for budget tracking and goal setting and also allows a shared budget for the household.
Good Budget also has a free version, which can be upgraded to the Plus version, which costs $8.00 per month. This is the best budgeting app for families and couples.
5. Every dollar
Every dollar was created by David Ramsey. This app encourages users to allocate every dollar they earn. It helps in goal setting, budgeting, and debt tracking. If you get a premium account, you can sync it with your bank account. Its premium account runs at $80.00 per year.
This app is good for people who want a simple overview of their spending.
6. Personal capital
Personal capital is more than a budgeting app. It’s a financial planning tool that tracks your investment plans, net worth, and retirement plans. They are the best budgeting apps for financial advisory. It is also free. It is good for people who want their investments and budget plans all in one place.
7. Honey due
Honey is the best budgeting app for couples. It helps partners manage their finances together by tracking shared expenses, bills, and budgets. It prevents miscommunication and doubt when it comes to the sharing of finances.
Honey helps couples share their budgets, and it also helps to remind them of pending bills. It helps them categorize their transactions and create a joint account. It is absolutely free. So if you have a partner and you are having trouble sharing your finances, then it is the best budgeting app for you.
8. Mvelopes
Mvelopes budgeting app mainly follows the envelope budgeting system. It helps users allocate funds to different categories. Mvelopes help with real-time budget tracking, and they have tools for managing debt. They run at $6.00 per month. This app is good for people who want a traditional envelope method in a digital form.
Conclusion
If you are trying to manage your account, pay off debts, or make future plans with your money; then you should try these above-mentioned budgeting apps. If you are interested in apps that will give you loans and payback time.
Leave a Reply