Getting your finances in order can be tough. We don’t know much about financial literacy when we’re younger, so we set ourselves up for failure later in life. This is where a budgeting app comes in handy.
Finding a balance between focusing on finances and relaxing and enjoying life can be incredibly hard. The key is remembering that reaching a small goal is an accomplishment putting you on a path to financial success.
Luckily, there are tons of great apps available that can help you keep your finances in check. Whether you’re looking for a way to track your spending or an app to help you get out of debt, you can find all sorts of great solutions for your phone.
If you’re looking for a budgeting app to help you manage your finances, this article is for you. We took the time to look at some of the most popular budgeting apps on the market and compare them to help you decide which app fits your needs. If you need to take control of your financial situation and turn it around, using one of the apps on this list is a good way to start.
Keep reading to learn more about managing your finances with a budgeting app.
What To Look For in a Budgeting App
You might think all budgeting apps are the same, but that couldn’t be further from the truth. These apps perform the same basic function of tracking your spending to help you change your habits.
Also, how each app goes about that varies quite a bit. There is no clear-cut best budgeting app. Thus, finding the perfect app will save you a lot of time and hassle in the future.
Some budgeting apps require you to manually input all your expenses. However, others will simply let you connect a bank account or debit or credit card to automatically track your spending. This automatic tracking is safe due to the strong encryption used.
However, some people may prefer the old-fashioned way where you don’t have to provide personal information. As with all apps, you’ll want to look at the price and overall quality before making a decision. Many budgeting apps are free, but some will offer a paid version with more features.
Look for an app that has a clean interface that’s easy to use but still allows you to look at all the details of your spending. If there are ads, make sure they won’t keep you from using the app regularly.
Is a Budgeting App Safe?
Some people may be under the impression that budgeting apps aren’t safe. This is because some budgeting app allows you to automatically track your spending by adding a card or bank account.
The good news is that all major budgeting apps use powerful encryption to make sure all your data is safe. Thus, you don’t have anything to worry about.
These apps use complicated encryption techniques to make sure your financial info is secure. Also, they give you control over how well your account is protected from the average con man. With some apps, you can use multi-factor authentication so only authorized people can access your account.
Some apps also allow you to set up a passcode or use your fingerprint to unlock the app, which means you don’t have to worry about thieves gaining access to your info because they have your phone.
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You Need a Budget: Something Different
There are tons of apps that simply let you track your spending to see where you need to cut back, but very few apps go to great lengths to help you become financially secure like You Need a Budget.
This app is designed to get you out of debt and back on track by only allowing you to create a budget with the money you make. This gives you a more realistic picture of what you’re spending versus what you’re making, so you aren’t living paycheck to paycheck.
A Reminder On the Go
If You Need a Budget notice you’re starting to get off track, it actually has the ability to tell you what you need to do to get back on track. One downside to You Need a Budget is that you’ll have to pay either a monthly or annual fee, but that small investment is well worth the money you can save with this great app.
Your need for a budget is available for Windows and Mac computers as well as iPhone, iPad and Android devices.
Mint: The Popular Choice
Mint is one of the most popular budgeting apps on the market, and there’s a good reason behind that: Mint was developed by Intuit, the company responsible for hugely successful software like QuickBooks and TurboTax.
The thing that makes Mint so successful is the fact that you can simply attach a card or bank account to your Mint account and track all your spending automatically. This gives you a 100% accurate report of what you spent so you can review and adjust your habits accordingly.
Mint also provides a free credit report to users and is a free service to use. Because this is such a popular budgeting app, you can use Mint with pretty much any device you own.
You can manage your spending on Mint.com using your Windows or Mac computer, and you can budget and track spending on the go using the iOS or Android app on your phone or tablet. All in all, Mint is probably the best budgeting app you’ll find if you’re simply looking for a popular, full-featured app with great support.
Acorns: Small but Mighty
A lot of people want to figure out a way to invest their money and start a stream of passive income but learning how to do that can be quite the task.
Acorns is like a lot of budgeting apps in that it automatically works to save you money, but it does it in a significantly different way than every other app.
Every time you make a purchase with a card you’ve connected to your Acorns account, Acorns will round your purchase up to the nearest dollar and use the difference to invest in low-cost exchange-traded funds.
While the actual trading process is automated, you do get some say in the ETFs you invest in by selecting your risk preference. The good thing about Acorns is that it won’t cost you a noticeable amount of money, but it has the potential to give you some pretty solid returns.
The absolute best feature of Acorns is the fact that it’s completely free to college students and comes at a very affordable price a month for everybody else.
Robinhood: Free Investing
One of the best ways to improve your financial situation is to take money that you usually spend on unnecessary things and invest it in something instead.
You don’t need to find some magical stock that skyrockets and turns you into a millionaire, but simply investing some of your money for the future is a great way to ensure you have a financially secure future.
Zero Transaction Fee
What really separates Robinhood from the dozens of other popular investing apps on the market is the fact that you don’t have to pay a transaction fee with Robinhood. There are premium services that you can pay for with Robinhood, but if you simply want to make some basic investments without having to spend a ton of money, Robinhood is about as good as it gets.
Robinhood also provides real-time information about the market to help you learn how to invest and make better investments.
Wally: Back To Basics
For some people, an app that automatically takes a portion of your money and invests it or allows you to link your cards and bank accounts for automatic tracking is nice. However, some people are simply looking for an app that allows them to track spending and stick to a budget.
If that’s all you want, Wally is the way to go. Wally is a little bit different from other budgeting apps in the sense that it allows you to track your spending by taking pictures of your receipts and automatically importing the information into the app.
The geotagging feature even allows you to know exactly when and where you spent your money if you take a picture of the receipt right when you get it. Need a camera app for that? We got you covered with our review best camera apps.
Wally is available for both iOS and Android devices, including both tablets and phones.
Get To It
Cutting back on leisurely spending and fixing your finances can be tough but using these budgeting apps can make the process a little bit easier for you. The most important step in taking control of your finances is making an effort and taking steps in the right direction.
Even saving a little bit of money each month puts you on the path to a better financial life, so the best thing you can do for yourself is start budgeting and tracking your spending right now, so you can reap the rewards later. Get in the habit of tracking your spending sooner than later and you will thank yourself for it in the long run.