Do you make a resolution year after year to get your finances under control? If so, how’s it going? If you’re like most, you probably have nothing to write home about. It’s never too late to get back on track. The first thing you’ll need to do is build a budget. This used to be a very complex task; however, it’s now a breeze thanks to budgeting and planning apps. By downloading the ideal budget app for your needs, you can formulate a plan to pay off debt, save money, and budget for future expenses.
Using a budget app can turn your iPhone or Android into a personal money management machine. Additionally, these apps are so sophisticated they can even act like a personal financial advisor by helping you find wasteful spending and identifying ways to save money. By automating many functions that you used to have to do manually, building and maintaining a budget has never been easier. These budget apps can also be a very effective learning tool for many who have no experience in managing money.
Each app has different features and benefits to help you, so be sure to check a few out before choosing one. Once you start using a budgeting app, you may find, over time, that you outgrow it and need something a little more sophisticated. This is healthy and means you’re increasing your knowledge and skills in managing your money.
There are many apps on the market, with new ones springing up every day. It’s important to spend time evaluating any app you’re considering to ensure you don’t endure the painstaking task of setting it up more than once. Different apps focus on different things, so take the time to prioritize what you need in an app.
Here are some of the best apps available; let’s take a closer look at what they have to offer.
Credit Karma
Credit Karma is a well-known budgeting app that has been around for a long time. It’s very easy to use and can sync to your bank account to gather the details necessary to help you create a personalized budget. Mint was created by Intuit, the same company that created QuickBooks and TurboTax, so you can feel confident by operating on the same secure platform utilized by banks. Not only can you plug in your banking information, but you can also tie Credit Karma to your credit card accounts, brokerage accounts, and other lending and financial institutions.
Credit Karma is very helpful in managing your finances in a number of ways. Not only is budget building seamless and easy, but Credit Karma also helps guide your day-to-day spending. It automatically categorizes your expenditures, alerts you to unusual spending and helps reduce fees you may incur. By alerting you when you go over budget, keeping you abreast of your credit score, and tracking your spending by category, Credit Karma can always give you a great snapshot of your financial picture. Credit Karma also includes a bill paying function that helps you stay on track and avoid any missed payments that could hurt your credit score.
Cost: Free
Premium Version: No premium version available
Apple App Store Reviews: 4.8 stars with 6,000,000+ ratings
Google Play Store Reviews: 4.7 stars with 75,000+ ratings
PocketGuard
PocketGuard is an app that focuses on helping you manage your spending. It also links to all your financial accounts and provides excellent visibility into your total financial picture. The app is one of the easiest to set up and does an excellent job of tracking your income, savings, and bills throughout the month. It also analyzes your bills and looks for ways you could potentially save and find better deals on monthly expenses such as your phone bill, cable services, and Internet service.
The app is especially good at helping you manage your cash flow by projecting expenditures in the near future and accounting for your expected income. The interface is very simple to use and offers easy-to-use charts and graphs to provide a snapshot of where you stand financially. PocketGuard offers apps for iPhone and Android devices, as well as a desktop version. You can even access the app from your Apple Watch.
Cost: $74.99/year or $12.99/month
Apple App Store Reviews: 4.6 stars with 7,000+ ratings
Google Play Store Reviews: 4.0 stars with 2,000+ ratings
You Need a Budget (YNAB)
You Need a Budget is a hip and culturally current app that has developed a big following among young professionals. Utilizing money management tools that are different from traditional budgeting tools, You Need a Budget takes a different approach to managing your finances. Instead of focusing on the more common methods of categorizing your money and expenditures, the app focuses on four simple rules.
In essence, each dollar of your income is given a task, such as bill paying, saving, or investing. By accounting for every dollar each month, it helps you cut down on overspending. Keeping it simple helps you avoid the stress and pain of building a full-blown budget. In addition, the app helps you plan for unexpected or infrequent expenses. It helps you get ahead so you’re not living paycheck to paycheck while also teaching you to be resilient if unexpected overage occurs.
You Need a Budget also offers free online classes to teach you about money management, as well as a free introductory period so you can try it out. It also provides goal-tracking tools to meet your savings goals and any other goals you have for paying off your debt. You Need a Budget has apps that work on your desktop, Android, or iPhone.
Cost: 34-day free trial, then $109/year or $14.99/month
Apple App Store Reviews: 4.8 stars with 52,000+ ratings
Google Play Store Reviews: 4.7 stars with 19,000+ ratings
Goodbudget
Goodbudget uses a traditional envelope approach to budgeting but on a digital platform. It’s very good for couples looking to manage their finances together. The app provides complete visibility across all platforms and devices in real time so both parties can see where their money is and where it’s going. It also has some specialty features that help couples learn to save for big-ticket items such as cars and vacations. While this is an excellent app for couples, it’s equally as useful for single consumers.
With each paycheck, consumers add money to their envelopes as needed to pay bills, reach certain goals, and save money. Once the money is allocated, it’s easy to see how much discretionary income is left over. By doing this, consumers are able to keep from overspending. The basic app is free and allows up to 10 envelopes. The pro version is more robust and allows for more envelopes, account history, and provides other financial tools.
Cost: Free
Premium Version: $80/year or $10/month
Apple App Store Reviews: 4.6 stars with 12,000+ ratings
Google Play Store Reviews: 4.0 stars with 19,000+ ratings
PNC Virtual Wallet
PNC is a financial services company that offers personal banking services including checking and savings accounts, mortgage and auto loans, credit cards and more.
PNC Virtual Wallet is offered through PNC Bank, so you will first need to open an account with them to use the service. You can view upcoming paydays and payments and the amount of money that’s available to spend. Stay on track by categorizing your spending and budget within each category. PNC offers a Mobile banking app that includes a virtual wallet.
Cost:
- Virtual Wallet: $7 monthly service charge, or $0 with $500 in direct deposits to your Spend or a combined balance between
checking accounts
- Virtual Wallet with Performance Spend: $15 monthly service charge, or $0 with $2,000+
in direct deposits to your Spend or a combined balance between checking accounts
- Virtual Wallet with Performance Select: $25 monthly service charge, or $0 with $5,000+ in direct deposits to your Spend or a combined balance between checking accounts
Please see the official PNC Virtual Wallet page for full terms and conditions.
EveryDollar
EveryDollar is a digital budgeting app that can help you gain better control over your money. The app has been around longer as compared to other similar apps. Because of its longevity, the app’s developers have been able to improve it into a very robust tool that has many features for all levels of budgeting expertise.
Cost: Free
Premium Version: No premium version available
Apple App Store Reviews: 4.7 stars with 64,000+ ratings
Google Play Store Reviews: 3.6 stars with 11,000+ ratings
Choose What’s Right for You
Regardless of which budget app you choose, you’ve made a smart decision. Managing your finances is the key to eventual financial success and satisfaction. Budgeting helps you to make the most of every dollar and make the best decisions with your everyday spending.
Keeping track of your money can help you avoid debt, or even help you pay it off. If you don’t currently have a savings or emergency fund to fall back on, utilizing a budgeting app can help you get started. With everything that’s available to you to help manage your money, there’s no reason not to take advantage of them. Try one or more of these great money management solutions and get on your way to reaching your financial goals.
