Thankfully, budgeting apps are making personal financial planning more manageable. These allow you to automatically synchronize account information, check your balances, and set budgets anywhere. Here are three apps to help you start budgeting straight from your smartphone.
Mint
Mint is one of the most popular apps for personal finances. It is available for iOS or Android and offers an easy-to-use dashboard to help you get a complete picture of your finances. Once you link all your financial accounts, you can check account status and track all your transactions in a single feed.
For budgeting, Mint allows you to track how much you are spending per month versus a goal you set for yourself. The app also attempts to categorize expenses to see if you are over-spending in a given area.
On top of this, Mint is free! You get access to everything at no cost. The app uses an ad-based revenue model, and while these can be annoying, it means even a free user gets the full suite of tools.
That being said, Mint isn’t perfect. People who want a more hands-on approach to managing their accounts or who need more direction might find this app lacks the features they want.
Goodbudget
Are you looking for a full-contact budgeting tool? Goodbudget uses an “envelope” budgeting system, which means you set budgets for different types of expenses. This allows you to get a detailed picture of how to reduce spending.
Goodbudget uses a “freemium” model, where the core features are free, and the premium features are a few dollars per month. This means there are no ads, which makes Goodbudget an excellent choice for those seeking an ad-free experience.
One major downside of Goodbudget: it does not offer automatic syncing with your financial accounts, which means there is a lot of manual input. That does give you complete control over how the information is managed, but it is a lot more work.
YNAB (You Need A Budget)
Mint and Goodbudget are made for helping you follow your budget, but what if you are struggling to set your budget to begin with? YNAB is designed to change your spending behavior by helping you think about your money differently. It focuses on building your budgets actively, setting financial goals, and making every dollar count.
Try it out free for a month and see if their approach makes sense for you. The monthly cost is a bit higher than some similar apps, but it will likely save you money in the long run.
The Perfect Financial App for You
Ultimately, there is no perfect budgeting app for everyone. You have your financial concerns and preferences. You may have to try a couple of apps before finding one that works for you. That may sound like a lot of work, but taking control of your finances is well worth the effort.
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