All those working and earning any sum of money must have faced that at the end of the month, there is nothing left and you have to wait for your salary to get credited. This is almost the case for every salaried person out there. It’s pretty simple and easy to find a solution to the problem. All you need to do is start budgeting, and you will find a dramatic change in your expenses and savings. It’s a process to create a plan for the money that you have. When you create a project, it will help you in determining the expenses based on their priority. Those who don’t have enough funds will be able to set aside the money where it’s needed the most. As we are moving towards a digital world, budgeting has never been this easy. Now, all you need to do is download an app that can do it for you. We will discuss a few options here for you that will connect to your account using a secure tunnel. It will then categorize all the expenses and will monitor the spendings. However, these apps will end up being much more functional than just that. Let’s dive in now without any further adieu.
You Need A Budget (YNAB)
The budgeting app has instantly gained the top position, all thanks to its developer’s reputation and experience in budgeting and the philosophy that it uses. According to the company, anyone who enrols for its budgeting plans will end up saving up to $600 in a couple of months. The amount will quickly reach up to $6,000 annually. The app comes with a free trial of 34 days, and once that’s over, users will have to pay $84/annum to access all its features. For students, it will be free for up to 12 months.
We have included YNAB on the first spot as it’s the most feature-rich and secure platform when it comes to syncing your financial account. The only con that it has is that it’s a paid app. However, Mint is the app that is capable of delivering almost the same feature-set completely free. Mint boasts of having over 25 million active users, and the app will also provide users with reminders for bill payments. Being a free app to the end user, the app comes with ads, and few reviews pointed out the expense categorization has a lot of scope for improvement.
The app focuses on wealth building and there are various tools that you will get integrated with the app just for that purpose. There will be various investment methods that are provided to the users in the app and once you have synced your financial account, it will also provide you with a retirement planner along with tracking the net worth. It also includes a comprehensive planner for students. However, if you are one of those people who are strictly looking out for a budgeting app, in particular, Personal Capital is not for you. Though it offers better investment tools than the competition, there are very few budgeting features onboard.
It is one of the apps that are considered in the top 5 when it comes to adding your purchases and expenses. The app works on zero-based budgeting that basically translates to equal expenses like that of income. If you are using the EveryDollar’s free version, you will need to enter the amount each time when you spend something, however, the Ramsey+ users (earlier known as EveryDollar Plus), they will get to connect the bank account. The subscription will cost you around $129.99/annum.