If you feel like you have overspent your money, you will most likely find a budgeting app very useful for you. It helps you track your expenses and categorize them to know where the money goes and not spend it on unnecessary things.
You must manage your finances properly so that even when you face an emergency, you don’t have to worry about not having any extra money at your disposal. Using a budgeting app helps you be financially stable by developing a habit of tracking your spending.
If you are a beginner and you feel overwhelmed by the long list of budgeting apps available, we have got you covered with this list:
Top 5 Budgeting Apps for Android & iOS Devices
Personal Capital does not only work to track your budget, but it is also an investment tool. A desktop version provides users with a multiplatform option for financial management. In addition, it provides a holistic overview of a customer’s overall financial situation, from daily spending to performance tracking.
Personal Capital focuses primarily on investments, providing free and automated analysis of the investment fees, asset classes, and other important investment details. Besides that, the app offers a few saving tools that can be used to help start a retirement fund, emergency fund, and debt repayment.
This app can track your expenses each month and monitor your spending by category. Some features also allow you to focus on your short-term and long-term financial goals, making it easier to manage your finances.
Mint is one of the famous budgeting apps that is free to use and user-friendly, especially for a beginner. It is available on both iOS and Android so you can download it on your cellphone. This app stands out because you can sync your bank account with the app, so all your financial activity will automatically appear.
Apart from that, you can customize your goal and all your expenses will be categorized accordingly. In addition, it offers alerts for bills and fees. This means that when there is an upcoming payment, you will be notified by the app, so you won’t have any outstanding bills.
Mint has a strong security feature, so you don’t have to worry about having your data compromised. It employs multi-factor authentication, as well as multi-layered hardware and software encryption to help guarantee the security of the data entered by customers.
PocketGuard makes budgeting easy by simplifying your expenses. In other words, it displays you the simplest number from how much money you have and how much is left. In addition, it provides data in a pie chart, which makes it easier for you to track which expenses take up most of your budget.
You can sync your bank accounts, credit cards, loans, and track bills with the app. This way, it will set aside the funds for your bills and any goals so you can identify how much money you have left to spend for yourself. However, keep in mind that some features are only available for the paid version. You can subscribe to the paid plan for $7.99 per month or $79.99 annually.
You Need a Budget (YNAB)
YNAB is tailored to help users plan their future finances instead of tracking their past expenses. This app abides by the zero-based budgeting system, which requires you to create a budget for every dollar you earn. When you receive your salary, you inform the app where the money will go so you will learn to become more active with budgeting.
Not only does it provide some extensive features such as goal tracking and reports on your finances, but it also offers some resources for you to understand the app fully. For instance, they provide video courses, live workshops, and some reading materials. Like any other app, YNAB allows you to sync your savings accounts, credit cards, or loans. In addition, the app also works on any gadgets and desktops such as HP laptop, which makes it highly accessible.
GoodBudget is the best option for couples or families who want to track or share their expenses. This app employs an envelope budgeting system where you allocate a portion of your monthly income for a different purpose into an envelope. These envelopes are then labelled differently according to their categories, such as groceries, rent, or bills.
However, this app doesn’t allow you to connect to your bank account. What you can do is manually insert your account balances, cash amounts, and debts into the app and then put money into each envelope according to how much you need to.
The free version of this app is not much different from the paid ones. You can access the app with an account using two devices and with a limited envelope through the free version. However, when you subscribe to the paid version, you have access to unlimited accounts and envelopes as well as five devices.