If you feel as though your money isn’t going quite as far as it used to, you are not alone. In fact, a recent study found that 77% of Americans are currently anxious about their financial situation.
There are many benefits tied to using a budgeting app. For example, studies have shown that using visual guides (such as spending trackers) means that we’re much more likely to operate with our budget in mind. It also provides you with clear insight into where you are going wrong in terms of your spending.
Furthermore, budgeting apps can be set up to send you warnings whenever you’re close to reaching your weekly/monthly budget. This means that you are far less likely to go off track without realising it!
What are the best apps for managing your budget?
There are countless budgeting apps to choose from, which can make it difficult to determine which you should use. That’s where we come in! We have compiled a list of the best budgeting apps on your behalf so that you can find an app that works for you!
Plum App.
With over one million downloads, Plum is one of the leading budgeting apps. In addition to encouraging mindful spending (and saving), users can also begin investing through this app, which, in turn, can help to improve their financial situation quite considerably.
Available on: IOS and Android
Cost: Free, with premium packages available with prices starting from $2.99
EveryDollar.
EveryDollar is a great budgeting app for those who struggle to stay on top of their finances. This is because it is highly customisable, and you can even set specific budgets for each expense you encounter in a given month (i.e., entertainment, utilities, groceries), as opposed to a singular budget. According to their website, the average user can reduce their monthly spending by 10% when using the app.
Available on: IOS and Android
Cost: Free, with premium packages available.
HoneyDue.
HoneyDue is a great app for couples looking to budget together, as it allows you to create a shared budget for your household. Not only does it allow you to track spending, but it can also make it much easier to split bills and other household expenses. You can also use the app to set reminders for when payments need to be made!
Available on: IOS and Android
Cost: Free with ads; go add free for $4.99 per month.
Emma Money Management.
Promising to help users, “take back control of their money,” Emma is a budgeting app that allows users to carefully monitor their spending habits, so they’re more aware of the mistakes they may be making that harm their financial situation. In addition to budgeting and spending tracking services, it can also be used for commission-free investments and to improve credit scores.
Available on: IOS and Android
Cost: Free, with premium packages available from $14.00 a month
YNAB.
YNAB is a budgeting app that allows users to set up monthly or weekly budgets and track their spending more efficiently. Users can also set up a money plan or goals relating to how much money they’d like to save in the long run so that this can be factored into their budget. According to their website, the average user saves $600 over a 2-month period and $6,000 within their first year.
Available on: IOS and Android
Cost: Free 34-day trial, then $14.99 a month
Goodbudget.
Goodbudget is a great budgeting app, especially for those who struggle to set aside money for each individual expense they encounter each month and, as such, routinely overspend. With Goodbudget, users can set up several “envelopes” of cash for each monthly expenses (i.e., rent, bills, subscriptions). This allows users to reign in spending and ensure that they can afford to stay on top of their monthly bills. However, a downside of this app is that expenses must be inputted manually, whereas bank accounts can be linked to many of the apps listed above.
Available on: IOS and Android
Cost: Free
Snoop Finance.
Snoop Finance is a great budgeting app, especially if you have multiple bank accounts and want to be able to track your spending across all of them. The app also provides users with tips and tricks that they can use to better their financial situation, such as by sourcing discount codes for websites they visit frequently.
Available on: IOS and Android
Cost: Free, with a monthly premium package starting at $4.99 a month
Final Thoughts.
We all go with financial worries from time to time. However, instead of viewing this as an inevitability, it is important that you are able to make changes that allow you to better your financial situation, whether that’s through repaying debts or growing your savings account.
One way in which you can achieve this goal is through budgeting! After all, sticking to a specific budget eliminates unnecessary spending so that you have more money to play around with each month. While budgeting will always require some degree of restraint, you can make the process of budgeting a lot easier by installing a budgeting app.
After all, doing so means that you’ll be provided with a visual aid, which can hold you more accountable and encourage you to stay within budget. So, whether you’re a serial overspender or tired of living paycheck to paycheck, consider downloading a budgeting app today!
