What do you think of when you hear the word “budget?” Many people tune out when they hear this topic come up to avoid their fears and mistakes. Fortunately, budgeting is not a bad thing. Creating a budget may sound overwhelming and stressful, but it can actually help relieve financial stress and put you in control of your own finances. Because today’s society is so inclined with handheld computers such as phones and tablets, here are five budgeting apps to that can help you take control of your life.
Mvelopes is a great option for those looking to gain financial control and see where their money is going. The app uses the digital envelope budgeting method of saving. The app allows you to track all of your financial spending through connected accounts, create a budget, and save money. The app also allows you to see where hidden and small fees are going from your account to help you keep track of your money. All you have to do is sign up then follow the steps to add the accounts, define your income, and create a budget, then you’re ready to begin your life financially stress-free!
Qapital is a popular budgeting app because it allows you to bring your own rules to the game. This FDIC app allows you to begin saving minutes after linking your accounts. Within the app, you are able to input your financial goals, and set up rules to ensure you’re taking steps towards savings. For example, you can set up your account to round up to the dollar amount or add a dollar amount into your savings account after every time a transaction goes through. You can easily withdrawal from your account at any time.
Mint is the digital financial advisor, you’ve always wanted. Mint allows you to create budgets, check your credit score, track your spending transactions, categorization, and even investment tracking. The best thing about mint is that it’s all under one app, so it is easy to keep track of your finances, without having to switch accounts. You can compare your screens and see it all at once. The app also allows you to see your overall financial lifestyle while creating goals for the future, such as savings accounts and paying off debt.
You Need A Budget
You Need A Budget (YNAB) is perfect for those looking for a more hands-on budgeting approach. Unlike Mint, YNAB requires you to begin with the money you currently have in your account and work with it, manually entering in your transactions at the end of this day. Although it may sound like a lot more work, it allows you to pay more attention to where every dollar of your money is going. YNAB philosophy leans more towards focusing on monthly goals. The app believes that the more you enter things manually, the more you’ll understand your spending dollars, therefore you must manually enter in financial goals (unlike MINT’s future and automation outlook).
The Daily Budget app is perfect for those looking to create a daily budget. The app tracks your typical daily spending activities such as coffee, gas, food, etc. The app will give you a breakdown of how much you can spend per day. If you spend less than your budget, it will adjust the account to add it to the next day and follow. If you go over your budget, it’ll take money out from the next days. The app is great if you’re looking to track where your money goes on a daily basis.