What Is a Budget App?
A budget app is a financial and money management tool designed to help people budget, track, and manage their finances. With a budget app, you can create budgets, monitor expenses, and set financial goals. Budget apps offer features for budgeting, tracking, forecasting, paying bills, and more.
In recent years, budget apps have become increasingly popular and widely available. They offer consumers the ability to monitor their finances and easily track how much they are spending. Here are just some of the ways a budget app can help you manage your finances:
Create Budgets:
A budget app will help you create and maintain budgets. It’ll help you identify your spending categories and understand where your money is going. You can also set spending limits and keep track of your progress.
Track Expenses:
With a budget app, you can track all of your expenses, including cash and credit card payments. By tracking your spending, you’ll be able to identify trends and take corrective action if needed.
Forecast Cash Flow:
A budget app will help you plan for the future by forecasting your cash flow. This will help you know when to transfer money from one account to another, when to pay bills, and when to anticipate inflows and outflows.
Manage Debt:
If you have debt, a budget app can help you manage and reduce it. You can set reminders for payments, track progress, and take a more active role in paying down that debt.
Receive Financial Advices:
Most budget apps come with helpful financial advice, which can help you make smarter decisions with your money. You’ll receive tips on how to manage your finances, how to save money, and how to plan for the future.
Integrate with Banks:
Budget apps work with your connected bank accounts, and they pull in live data so that you can view all of your expenses in one place. You no longer have to manually enter your expenses into a spreadsheet or document every purchase.
Save Money:
A budget app will help you identify areas where you are overspending, improving your financial fitness and savings. This can help you reach your financial goals faster.
5 of the Best Budget Apps
To help you navigate the myriad of budget apps available, here are the top 5 budget apps for tracking your money in 2021. Each of these apps offers something slightly different, but all have features to help you keep up with your finances and save money in 2021.
- Mint:
Mint is a free budget app that’s available for both iOS and Android. It pulls in account data from thousands of financial institutions, including credit cards, banks, and investment accounts. You can track and categorize expenses, set goals and budgets, and receive helpful notifications to stay on top of your financial health.
- YNAB (You Need a Budget):
YNAB is an award-winning budget app that provides a unique system to help manage your money. Its four key philosophies are “give every dollar a job,” “embrace your true expenses,” “roll with the punches,” and “age your money.” It helps you make conscious spending decisions, follow best practices for budgeting, and stay out of debt. It’s available for iOS, Android, and web.
- PocketGuard:
PocketGuard is a budget app to help people save money and stay on top of their finances. It evaluates your expenses to create a budget, provides a personalized spending plan to meet your goals, and automatically categorizes transactions or you can categorize them yourself. It’s available for Android and iOS.
- Spending Tracker:
Spending Tracker is a budget app that helps you keep an eye on your finances. It categorizes and secures your transactions in the cloud, shows simple visuals to identify how and where you are spending your money, and sets budget limits to help you save money. It’s available for both iOS and Android.
- Goodbudget:
Goodbudget is a budget app designed to help you track your spending, budget for upcoming expenses, and save more money. It helps you track expenses and income, set goals and limits for various budget categories, and enter transactions quickly and easily. It’s available for iOS and Android.
Budget apps are a great way to stay on top of your finances, create and maintain a budget, and save more money. With budget apps, you can easily track your expenses, set goals, and manage debt. And with the apps outlined above, you can easily find the best budget app for your needs.
