When it comes to their finances, people often encounter two problems — not having enough money, and spending too much of the money they do have. While the solution to the issue may be simple — don’t spend what you don’t have to, and you will have more money — enforcing it in real life has been rather difficult. In this article, we’ll outline some of the best budgeting apps for iOS and Android which you can use to keep track of your finances.
With modern society stepping away from cash and into the digital forms of money, we lack the visual representation of the funds we spend. As a result, it’s all just numbers in a game of acquiring stuff, and you don’t get the sense that you are giving one thing in exchange for another. Instead, you just keep swiping the card or typing in numbers on the computer.
Fortunately, everyone has a smartphone these days, and there are plenty of apps capable of helping us budget better, and keep an eye on our expenses and remaining funds.
The Best Budgeting Apps for iOS and Android
With the smartphone era at its peak, using your phone for keeping track of how you spend your money has never been easier. All you need to do is pick one of these budgeting apps, and make sure that you remember to check it as you go. Here are some of the top budgeting apps available today.
Mint is a very old budgeting app, and it is generally considered to be the overall best. It offers multiple features that can help you keep track of your money, and manage it adequately. It supports a very long list of banks, brokerages, credit card issuers, lenders, and more.
As mentioned, it has a long list of useful features, with its budgeting tools being its crown achievement. The tools will be located right in front of you from the moment you log in.
If you link your card with Mint and then use it, the app will automatically categorize those transactions, and track them against your budget. You can, naturally, change your budget and customize the app so that it will meet your requirements.
So, if you happen to exceed your budget, Mint will start sending warnings. It will separate different transactions and categorize them, and it will analyze your expenses in order to show you where exactly your money tends to go on a monthly basis.
Next up, we have YNAB, or You Need A Budget. While most budgeting apps that you might use on your Android or iOS look and act relatively the same, this one is rather unique. With it, you can actually manage to change your spending habits and stop simply living paycheck to paycheck. In fact, it can also help you pay down debt, as well as have enough money to deal with the situation if unexpected expenses come up.
YNAB is built around a simple idea, which is to find a purpose for every dollar — every cent — that you may have in your budget. Basically, it will force you to live with your income, and it won’t tolerate acting like you have more money than you actually do.
If you happen to overspend, it will help you figure out a plan to get back on track. It does this with a built-in accountability partner that helps you stay on track.
Now, YNAB is a premium service, where you can pay a monthly or an annual fee. However, many still do so despite their struggles with their budget, and they consider it a worthy investment.
YNAB is considered an extremely effective budgeting app, so be sure to give it a go.
Of all the apps on this list, Wally is probably the easiest one to use, and it requires the least amount of your time and effort in order to help you keep track of your expenses and income. It is also completely free, and it doesn’t even feature any ads. In other words, you get to use it for free and start taking care of your spending.
So, how does it work? Well, it’s rather simple. Most people tend to get annoyed with their budgeting apps because they have to enter a daily ritual of entering the numbers regarding their expenses and see how they did for the day.
Wally doesn’t need this. Instead, you can simply take a photo of your receipts, and that will be that. The app will then fill in the info for you, and that will be that. You will be able to keep an easy track of your spending at any point.
Nearing the end of the list, we have PocketGuard, which — as the name suggests — guards your pockets against overspending. Similarly to Mint, this app can also link together all of your financial accounts and keep track of your income, as well as your spending.
Apps like these are popular, as they keep track of your transactions for you. However, PocketGuard stands out due to great ease of use, and a very simple setup.
It will also keep track of your bills, and help you track each of them individually. That way, if there is an opportunity to save money, it will point it out. It will even keep track of recurring bills from your internet provider, TV, and more.
Basically, this app doesn’t only help you budget, but it helps you reduce the amount you spend.
Mvelopes is a budgeting app available on Android and iOS, which is based on an envelope budgeting method. The only difference is that it offers a digital envelope, rather than a physical one. It will do most of the work for you, such as automatic transaction downloads from the accounts that you can link to it.
After it gathers the data, it will analyze it and categorize your spending. At the same time, it will use the information it receives to plan a budget, and also keep track of how much money you have for the rest of the month.
It is simple enough to use, and it helps you budget on the go, without you having to do anything after setup. Simply try to stick to the plan, and the rest will take care of itself.
These are some of the best budgeting apps for iOS and Android that allow you to control your finances and keep track of your spending habits and income sources. Budgeting is an important part of our lives and allows us to plan our finances for the future and limit our expenses accordingly.