Budget is simple to create, but it can be easy to break, you don’t need to be like others who don’t have a plan and striving with their financial management when they are budgeting apps that can help you with the process.
Keeping track of your finances can be hard, having a budgeting app that protects you from all these headaches is the best.
The apps we have in the market right now are many to solve your budgeting issues we have some apps you stick to if you want to know about the best budgeting apps and what is budgeting.
- 1 What Is a Budget
- 2 Why Must You Do Budget?
- 3 Tips You Need When Using a Budgeting Apps
- 4 The 5 Best Budgeting Apps You Need
What Is a Budget
In a simple term, a budget helps you calculate your income and expenses over a given period. With budgeting, you can track everything about your money, from your short, medium, and long-term finances decision. All can be traced with a budget.
For better clarification, when you have a plan of how you want to spend some part of your money for the whole week without exceeding the plan, you have done something called a budget, you can do a budget of a day, a week, a month or, you could have a quarterly or yearly budget. The tracking is what matters, you can make it as long as you want.
Why Must You Do Budget?
What you are trying to achieve is to make sure your money is allocated to covers all your basic needs, and leave a chance to expand your financial future growth and success, that is the purpose of a budget; it is just a financial roadmap that guides to avoid trouble on the way.
The Benefits of Using a Budget
It helps you accumulate wealth
It can help you protect your money and manage it well
It can prevent you from debt Piling Up
It helps you spend money wisely
It can prevent you from buying multiple items
It helps you channel money to the right places without making mistakes
Tips You Need When Using a Budgeting Apps
1.You must take responsibility for Your Financial Actions
The app may promise to do everything for you but it will not do certain things as budgeting requires discipline, budgeting app will only help you track your finances and tell you everything you need to know about your spending and habits towards budgeting, you need to take responsibility for your actions, sign in to your budgeting app, check your budget plans often to make it work; having a budgeting app on your phone is not enough, you must do some task.
2. Make it a learning ground to get more experience in budgeting
You can get better at budgeting if you are devoted, apps like Personal Capital can make you a better you, if you are ready to learn, they provide an overall insight into your financial situation. When you stick with the free resources provided by these apps, you can be much better at doing your budget over time.
3.Protect Your Data Always
Your financial information can be stolen if you are not careful as hackers can hack through your financial app and still your data, make sure your phone is always secured, you need a password or multifactor authentication to prevent cybercriminals from getting your financial information.
The 5 Best Budgeting Apps You Need
Having a budgeting app on your mobile phone is good and it makes you stay on top of your budget plan, as you can track all your daily spending and have updated instantly on everything. You have the power to transform your smartphone into a useful device that helps you get well with your personal finance.
Without a delay, let me quickly check through budgeting apps that you can use to your advantage.
The best way to learn how to manage your money and stay ahead of your finances, Is through the YNAB app, a budgeting app that teaches you how to control your money.
With YNAB you can see all transactions in one place, and that is not all, they educate their users on finances by providing insights on everything users need to understand about their cash flow, and related with them how they can improve.
The YNAB maintained a flexible and convenient strategy for budgeting, and with that, you get to everything about your spending.
YNAB doesn’t come for free, you have to pay a monthly $11.99 or annually $83.99 fee to use their service but the app is free to download.
Kuda is a free banking and budgeting app that allows you to do your budgeting on the same app by splitting your money into a different category of your choice, you can track your money on the app and everything comes for free.
Kuda protects you from unnecessary spending by monitoring all your transactions and provide basic help to improve user finances. The app also has an Autosave feature that automatically deposits part of your money into a saving account whenever you make a transaction.
The Kuda app is a great choice for people who are focused on keeping a handle on their spending while automatically building savings, you can do much with this app.
Goodbudget is a new and interactive way to simplify your budget allocation. You can keep money in any category of your choice; it can be towards grocery bills, child care expenses, or any other, as a user of the app, you can keep money in a different part of your digital envelope.
Goodbudgetacts ass a modern envelope budgeting techniques app over the traditional method we know, the envelope system is a simple method that allows you to split your income into different envelopes. This app helps you meet your savings goals by keeping you from overspending on particular items.
The good thing I like about GoodBudget is that it offers up to 20 envelopes accounts for free. But If you will like to use more features and unlimited envelopes, you have to pay money either $7 monthly to $60 annually.
Personal Capital App allows you to link all your financial assets and it gives you direct access to know your true net worth, the linking may include and your bank accounts, investment accounts, and retirement funds, having everything in one dashboard.
The budgeting part of the Personal Capital gives you the tools needed to help you stay with your spending plan.
Sign up is free and you are going to have a free ticket to speak with a financial advisor if you want to open up a Personal Capital investment account. It is a good app to try for serious-minded investors and budgeters.
I love this app because it can help to discover all hidden fees that you weren’t aware of before.
Carbon offers personal finance and loan services to its users, you can access to loan anything you need and urgent money.
The good thing is that this app has the element of budgeting in its creation, as it help can help you understand your spending habits and also learn how to categorise income and expenses to have full control over your finances.
If you looking for an app that can budget with and also have access to the loan within 24hours go with Carbon.