Managing your finance can be stressful at times. However, they are also equally important and contribute to your overall financial success. Tracking your monthly expenditures, savings and investments can lead to a healthy money management system. There are several technological solutions in modern times to make life simpler. Moreover, you can get real-time information easily and enjoy the benefits of automatic calculation and updates. With the best budget app, you can handle your finances in a much more efficient way.
There are various types of budgeting apps currently in the market. Each one has its own specialty. However, selecting a budget app depends on a set of important factors. The best budget app will be easy to use and always cater to your requirements.
Things to look for while choosing a budget app
- It must be generating simple financial reports that are easily understood by everyone. Furthermore, the app should be flexible enough to let the user change the time-frame according to their comfort.
- Another important factor is the adaptability. Your expenses and income not necessarily be the same every month. Therefore, the budget software must be adapted to work with fluctuating expenses.
- The best budget app will always provide proper information security. The data that is provided must be protected by end to end encryption. Therefore, it is advised to read the privacy policy to understand you’re your information will be accessed by the budgeting software before making a decision.
Take a step closer to healthy finances with 5 best budget applications of 2020
Mint
Offering a variety of important functions such as automatic synchronization of financial information, tracking credit score, figuring out errors, displaying payment history etc., Mint has been one of the most popular and widely-used budgeting applications for both Android and iOS users. Most importantly, it is quite easy to use.
Features:
- Mint helps you to set financial goals for a better future. To name a few, they have -buy a car, take a trip, buy a home, pay off credit card debt and so on. You can also create customized goals. Thus, you can save accordingly to reach them easily.
- The budget application provides a bunch of categories for you to create a budget addressing all of your requirements. Therefore, it is quite helpful for tracking your expenses and savings in a more efficient manner.
- Mint will alert you every time you go over budget so as to help you save and achieve the goals quicker. Overall, this will also give you a clearer picture of your cash flow.
You can download it from Google Play Store OR Apple Store
PocketGuard
Need assistance to refrain from spending too much? PocketGuard has come up with a set of simple solutions that can help you with this. Easy to set up, this is the best budget app if you want to reduce your everyday expense.
Features:
- Link your credit cards, checking accounts, savings accounts, loan and investment details with PocketGuard with a simple procedure.
- PocketGuard will help you to set up a personalized budget, assessing your income, bills, loans and goals.
- Efficient spending gets much easier with PocketGuard. The money that is remaining in your pocket after paying the monthly bills needs to be spent smartly. In addition to this, it is better to set a certain amount aside as savings.
- PocketGuard will assess the numbers and give you important tips to bring about an improvement in your financial situation. Some of them are suggestions of shifting to high-interest bank accounts, negotiating lower bills etc.
- With the help of an encrypted token system, PocketGuard ensures proper security of your financial data. Certainly, the login credentials and bank details are not stored in the servers. Moreover, the application cannot make any changes to your account without the user’s permission.
You can download it from Google Play Store OR Apple Store
YNAB (You Need a Budget)
Perfect for both Android and iOS devices, YNAB has a convenient and unique approach towards a healthy budgeting system. This software does not follow any of the traditional budgeting systems. With the new and simple budget solutions put forward by YNAB, money management has become quite stress-free.
Features:
- This highly proactive system assigns value to every dollar in your account. Not only this, but it helps you to take total control of your financial health.
- YNAP is the best budget app if you are managing your finances with your partner. It provides easy access to real-time information so that you can share the financial details easily.
- The personal support provided by YNAB shows how important your financial success is. Check out the live online free workshops weekly to get help from the experts.
- Instead of imposing restrictions on a flawless budget management system, YNAB helps you to track your goals. This will help you to spend logically on regular intervals to fulfill your objectives.
You can download it from Google Play Store OR Apple Store
Mvelopes
Mvelopes is the best budget app in the market for cash budgeting. It works with the simple strategy of putting real money in paper envelopes for several categories of expenditures. Therefore, when the amount in any of the envelopes becomes zero, it is fair to conclude that you have reached the limit for that category.
Features:
- It is a personal finance software that can be synced with your accounts. Above all, this app features an advanced budgeting system that can create and edit budgets easily.
- Mevlopes categorizes your transactions automatically. Not only this, but it also allows you to customize the categories and envelopes.
- It helps you to run reports to keep an eye on the cash flow, budget and envelopes. In addition to that, the user can also export these reports in PDF and CSV format to upload them in Excel and maintain a proper record.
You can download it from Google Play Store OR Apple Store
Simple
Responsible spending and smart saving- that is all this budget software is about. Simple, as the name suggests, is the ultimate solution to clarify your financial situation. The several built-in features of this app will surely help you to manage your finances in a stress-free manner.
Features:
- Say goodbye to complex and messy budgeting systems. This software works like an all-in-one bank account that helps you take charge of your finances.
- The Safe-to-Spend feature of Simple is quite useful. Not only does it help to track your budgeting plans, but it also makes a way to make up if the amount dips to zero due to over-spending. Borrow from your biggest goal and pay yourself back later. This is one of the most convenient features of Simple.
- The automatic saving feature leads to an effortless saving system. That is to say, your money is taken from the account in small increments to add to the Goals. Above all, Simple encourages you to save for the things you love and help to achieve those within time.
You can download it from Google Play Store OR Apple Store
No one likes to go broke at the end of every month and wait for the paycheck to get back on track. With the simple, yet highly efficient solutions of the 5 best budgeting apps, get a better hold of your financial situation. An easy plan that conducts expenses, savings and cash flow can lead to prosperous financial health in the near future. To sum it up, minimal chances of manual error and a systematic budget system- the best budget app works on these principles to help the users.