7 Reasons Why You Need a Budgeting App (& Which One to Pick)

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Managing personal finance is vital to maintain a decent and happy lifestyle. It allows you to take a steady approach to manage your income and spending. This is one of the most successful ways to ensure financial stability in the future. A budget is what helps you with this challenge.

Many people want to know how to budget. Some prefer traditional methods: making notes of income and expenditures. However, this takes a lot of time. A person has to perform calculations on his own and then analyze the data. With the rise of technologies and mobile apps, you can delegate this job to smart devices.

Why Do You Need a Money Budgeting App?

A budgeting app for iPhone or for Android offers is your reliable assistant in managing personal finance. It can serve as a digital notebook where you write down everything about your income and how you use it. Some good budgeting apps offer even more. Here is the list of benefits you can reap.

1-Real-Time Budget Updates 

There is no need to wait for the whole day to learn your budgeting statistics. Since all of us are inseparable from personal gadgets, a personal budgeting app is also always with us. You can know the state of your finance, for example, once you pay for legal advice in the law office of Yuriy Moshes.

2-No Late Payments

Your reliable application acts like a financial manager who is always here to have your back. You don’t need to use a calendar to receive notifications about the time when any payment is due. You can share the data with the app once, and it will notify you every month.

3-Automatic Calculations and Updates

How much time does it take to calculate all your expenditures? Probably a lot! Only imagine, you must not forget every single cup of coffee bought. The app makes all the calculations for you. 

4-On-the-Go Updates

Even a simple budgeting app is always with you. Therefore, you will never forget even the smallest purchase. You can record it as soon as it’s done. No need to collect receipts or make notes to update the budget in the evening. Some of the apps can be connected to your bank account, therefore, show and analyze your spending habits in full. 

5-Investment Management

Do you want to invest a part of your income? The app can help with that. It can determine the share for investment. Moreover, Robo advisers will find the best strategy that will be able to meet your financial goals. It’s much cheaper than a financial consultant.

6-Records Your Spending Habits

It was already mentioned that the app provides analytics. But what does it mean in reality? Basically, you have a chance to know what you spend your salary on. Determine your spending habits and think about how to optimize them. It’ll help to detect unnecessary small expenditures that sometimes are hidden from your mind. But they may turn into hundreds of dollars wasted on nothing. Catch them with the app!

7-Simplified Budgeting 

Last but not least – budgeting has never been easier. You don’t need to think about calculations. All is done for you. Moreover, it’s highly convenient to have an updated budget whenever you need it. So, if you want to save some money for any special occasion or start planning your kids’ future, budgeting apps can become your trusty companion in terms of money and time-saving. 

The Best Budgeting Apps

Once you know why you need a financial tech-support, it’s time to choose the best budgeting app. Today there are many options on the market. You can find budgeting apps free of charge or ones with a pre-paid subscription. Some of them allow sharing data with friends, a spouse, or relatives. Here is the list of top apps to manage your personal finance.

Mint – One of the Best Options for Anyone

Mint nowadays takes its place among the most well-known budgeting apps. Mint boasts an array of features that help to track money from banks, brokerages, credit card issuers, lenders, and other financial institutions. The app automatically categorizes your transactions. You can track spending by category, have a look at the overall cash flow, and get notifications once you exceed the budget.

YNAB – Features Zero-Based Budgeting System

In this app, you have to plan how to spend every earned dollar. That’s how zero-based budgeting works. YNAB isn’t a free app. That’s why you will have to pay a monthly or yearly fee to use an extensive number of features. It’s among the best student budgeting apps since they can use it for free for 12 months.

PocketGuard – Minimizes the Risk of Overspending

The name speaks for itself. The PocketGuard app is a true protector of your pocket (or a wallet). It connects with all financial accounts and tracks expenditures compared to the set budget. PocketGuard even monitors your deposits into a savings account. The app is simple to navigate; therefore, you won’t waste much time setting it up.

Goodbudget – A Budgeting App for Couples

Why is it an ideal option for couples? The GoodBudget app allows for sharing the budgeting process. It has a well-known envelope budgeting strategy at its core to help you manage finance. You can have up to ten envelopes for free. Just add some money from your income to an envelope to set up a budget for a particular category.

Personal Capital – Pocket Investment Advisor

Personal Capital app emphasizes your investments. It offers Robo and human advisor consultation. Moreover, the app provides a free analysis of investment fees and other details. Apart from that, you can use a free money tracking dashboard. Although the features for budgeting aren’t as extensive as they may be, they are enough for primitive budgeting.

The list of budgeting apps is not excessive. There are many more options out there. Which app from the list did you like most of all? Which one do you currently use?

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