The thought of budgeting usually evokes feelings of dread and deprivation in many people. That is why only 33 percent of American adults keep household budgets. This is quite unfortunate because there are many options that can make budgeting easier. We have rounded up the top five best mobile applications that will make your budgeting simpler and more effective.
Mint is a popular app used by thousands of Americans to plan their personal finance. It connects to all your financial accounts and tracks them in real-time without the need for further human input. You can easily add all the properties and cars you own and calculate your net worth. Its simple interface shows you the bigger picture of your daily transactions, trends and financial goals. The app can even analyze your habits and offer recommendations on how you can correct the bad ones to improve your financial status. It is completely free and available for both Android and iOS devices.
The PocketGuard budgeting app connects directly to your bank accounts. It assesses your current transactions and breaks them down so that you see them in simple terms. You can know the amount you have in the pocket, how much you spend and your total income. The app also analyzes your daily and monthly spending to identify recurring expenses that you need to plan for. On the home screen, you will get simple charts that outline where you spend your money and a tab that shows how much you are spending in each category.
PocketGuard is an essential tool that can allow you to cut back on unnecessary expenses and optimize your purchases. It works on both Android devices and iPhone. You can also get a web version.
You Need A Budget
You Need a Budget helps you come up with a financial plan you can follow. Its functionality is based on four rules to help you get your finances in order. The four rules include give every dollar a job, know your true expenses, roll with the punch and get used to living with your monthly income. You can easily allocate money for bills, debt payments and saving goals. You can also move funds from one category if an unexpected expense arises. If you overspend, the app will highlight the affected categories in red so that you correct them. It has a free trial period that lasts for 34 days. After that, you have to pay either $50 for a whole year or $5 for a month. It can work on your Android device, iPhone or computer.
There are a lot of financial obligations you have to honor every time. You need an app like Good Budget that can transform all these obligations into a digital envelope. For instance, if you want to apply for loans available online, the app must show you the possible effects of monthly repayments on your overall budget. It must also outline where the money for repayments will come from. Good Budget allows you to perform all these tasks easily. The app can also help you learn how to save for big purchases such as buying a car or house. It is available on Android and iOS devices. You have to pay $15 for three months or $24 for six months to enjoy all the features available.
Every Dollar is based on the envelope method where you divide a budget into different categories and allocate a fixed amount of money for each division. The main categories the app uses include giving savings, housing, transportation, lifestyle, food, insurance, debt and tax. You can also add more categories based on your needs and preferences. You can allocate money to the planned fields in each category. The app also gives you an overview of your financial habits. You can use it to save for an emergency fund, pay off debts, save for three to six months of expenses, pay off the mortgage and build wealth.