Budgeting Apps to get you off your 'Ambani Fantasy'
Created on 14 Jul 2022
Wraps up in 5 Min
Read by 4.1k people
Updated on 26 Jun 2023
Can you remember the average number of times you enter your UPI pin in a day? No, right? Thought so.
We know you know that this is a sham. You are anyway going to spend money like Ambani is your pappa and pays your credit card bill.
Keeping your expenses aligned with your income isn't as easy as it seems in today's high-paced world. Many people need help reining their spending and wish to keep their expenditures under control. The best way to overcome the extra expenses is by keeping close track of them. Budgeting apps are the best ways to help one organise their income and spend their hard-earned money wisely. As people's expenses vary according to their income, needs, and other preferences, there are different types of budgeting apps available in the market. That is why it's vital to analyse the features, pros, and cons of the best budgeting apps before making a choice.
How to choose the best apps for budgets?
With so many options available in the market, it can be overwhelming to choose the right one. Here are a few things one needs to keep in mind while choosing the best apps for budgets.
Compatibility On Different Devices
First, checking if the budgeting apps are compatible with different devices is vital. It's better to opt for a device you can easily access on Android and iOS.
Look For A Free Version or Free Trial
There are many free budgeting apps available in the market. However, a person looking to manage and track their expenses must wisely choose the app and check the features before opting for a free version.
Should Sync To Credit Card & Bank Account
The next vital thing to check in the best expense tracker app is whether or not it can sync with the user's credit card and bank account. Again, choosing the app that automatically syncs the transactions is highly preferred rather than doing the task manually. This way, users can save time and effort while focusing on their budget.
Safe & Secure
When using a financial product, it's crucial to analyse if it's safe and secure. Therefore, you should pay extra attention to the apps that provide multi-factor authentication. This way, one can get peace of mind that their finances are safe and protected from security threats.
Following the above simple tips will help choose the best expense tracking app to manage, track and save one's hard-earned money.
List of top budgeting apps available in the market
While the list below is suggestions of apps you can use to track your expenses, there is a special app suggestion that helps you plan your expenses, your investments, your future, and basically your whole life. You can find out what your spending habit is like, so that before you track your expenses, you know where to spend them. You will also be able to find out your debt burden, plan your emergency funds and so much more. The app is none other than, Recipe by Finology.
Moving on to budgeting apps, here is a list of top budgeting apps and no, they are not sponsored.
Mint - Best Overall
Mint tops the list of budgeting apps as it is free, easy to use, and one of the oldest. The main benefit of the tool is that it comes with plenty of features that will assist people in tracking and managing their money from a long list of banks, lenders, credit card issuers, brokerages, and other financial institutions. For example, as one goes over budget, the tool immediately sends an alert.
- Free to use
- Excellent mobile application
- TransUnion credit score updates for free
- Technical issues (sometimes)
- In-app ads
Unlike other budgeting apps, YNAB (You Need A Budget) follows an approach for budgeting or tracking expenses. In this type of budgeting, the user himself gives a job to his every dollar. Then, based on the income, one can track where he will spend his money. The app is specifically designed for individuals and couples working together to track and manage their budgets.
- Educational tools available
- Different budgeting method
- Free trial for 34 day
- High cost
- Requires intense learning for using
Couples looking to manage their expenses can choose Goodbudget as it is extremely easy to use. The tool is called Easy Envelope Budget Aid or EEBA and is perfect for couples looking to manage their expenses together. Sharing and syncing budgets across different formats, including Android, iPhone, and web. Using this tool, people can budget by category.
- Free digital envelopes available (10)
- Easy to sync it across different formats and devices
- Track progress towards debt payment
- Limited features available in the free version
- Can't sync it with the bank accounts
Personal Capital is one of the best budgeting apps for investors wishing to track their budget and investments in one place. You can access Personal Capital's free money tracking dashboard without paying any money. In addition, when one uses Personal Capital, they get a complete investment advising solution.
- Extensive range of educational resources
- Tracking tools for net worth
- Free financial software and tools
- Focus less on budgeting
- It does not have the feature to add transactions to the budget manually
PocketGuard is one of the best budget apps for those who overspend their income. The best part about the tool is that it links to all financial accounts, helping one avoid spending out of pocket. Easy to set up, the app tracks every deposit and withdrawal from the bank account.
- User friendly
- Easy to identify, and you can cancel the subscriptions
- Easy to manage and track the cash flow
- We need to use the Pro version to unlock more features
- Technical issues (in some cases)
Are budgeting apps worth the hype?
In short, yes. A recent survey conducted by National Payroll Week proves that 34% of Americans say it would be hard to manage their expenses without a budgeting app. The number is increasing over time as more people become aware of financial stability's importance. There is a wide range of benefits that budgeting apps can provide you. Budgeting apps offer a comprehensive view of finances that allows users to analyse their finances in one place. Complete knowledge about cash in will help one easily manage and track finances to avoid overspending.
Having a budgeting app at your disposal ensures that the user can cut down on expenses and clear off the existing debts. Moreover, as it can sync with the financial accounts, the user gets a chance to manage everything in one place efficiently. No doubt there are plenty of budgeting apps available in the market.
However, not all are created equal and have the same features. That is why one should review the features and price before investing money into the paid version. For those who are worried about their expenses and wish to manage them seamlessly, choose Recipe by Finology. It allows you to track what you own and owe to attain financial stability.
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