- Budgeting apps help you save by tracking your spending and highlighting where you could spend less.
- Apps such as Mint and Honeydue are free for users, while some apps, such as PocketGuard, require payment for advanced versions.
- Some app remind you to pay your bills, while others, like PocketGuard, help you automatically save.
- In 2018, 17% of Americans were using at least one budgeting apps.
How Would Budgeting Apps Help Me?
Budgeting apps help you save, which makes managing your finances slightly easier. It can make life less expensive in areas you didn’t even know you were splurging. For example using an app could help you find ways to save money at the grocery store.
Budgeting apps are linked to your credit and/or debit cards to track what you spend every day. From that point, the apps categorize spending into ‘takeout,’ ‘clothing,’ ‘travel,’ ‘subscriptions,’ and more. They present your spending to you, allowing you to understand where you are overspending and show you where to cut back.
Some apps, such as Honeydue help you set up direct payments to a savings account from your current accounts This makes saving automatic, removing your need to constantly remember to move and save money yourself.
I Don’t Think It Will Help. Convince Me Otherwise
The proof is in the pudding! In the US, over a fifth of Americans utilise budgeting apps.
Even if you think it might not help you, it might point out things about your spending you haven’t even noticed yourself. Many spend more money in areas like travel and takeout than they give them some credit for, and budgeting out to show you where you’re splurging and where to save. Many of them are free, such as Mint comma which means there is nothing to lose by trying them out.
Using an budgeting app could help you keep your finances on track and help you from falling into bad credit.
Which Apps Are Out There?
When it comes to choosing a good budgeting app, you are spoilt for choice. Learn about a few of them here, and then browse the app store to get a feel for them:
Mint – Easy to navigate and get used to. Creates a customized budget, tracks your spending on subscription services, tracks credit cards and even helps you pay monthly bills through setting personalized reminders and alerts. This means you are likely to avoid credit damage and the need to borrow money. Available to Android and iOS users, Mint is free and ready to help you save!
Honeydue – Perfect for couples or families! Helps those who live together communicate and manage their finances together. Honeydue have built a revolutionary in-app chat, so you can separate financial and personal conversations, keeping the peace. Honeydue even offer their own Honeydue bank accounts, which don’t come with any fees, but do come with a free debit card.
PocketGuard – One of the easiest to use budgeting tools on the market. With a free edition, and advanced options which you can pay for, this apps designers had all kinds of budgeters in mind. Their personalized pie charts make saving palatable and help you understand your situation. PocketGuard helps you automatically save, and is a great starting point for those trying to change their financial habits.
Apps That Cost Money
YouNeedABudget – They offer a free trial before you have to subscribe, allowing you to test the waters before jumping in. With wonderful customer support and a 34 days free trial available, YNAB is a great option!
Stash – paid but affordable. Versions can cost you $1, $3, or $9 per month depending on which package you choose to purchase. With Stash, you have access to a debit card that allows you to earn stocks when you use it. Stash has no overdraft fees or minimum balances, and is a great and accessible option.