It’s time to realize that the ability to manage a budget does not come by itself. This skill must be patiently learned by developing good habits. If you’ve been putting off buying new appliances for years or are desperately trying to survive the last week before payday because of reckless spending, this article is for you! Below, you will learn about the most helpful budget management tools to improve your life.
Spendee: Group financial management
This application is perfect if you are facing difficulties planning a family budget. The simplified version of Spendee is free but has limited functionality. The advanced version allows you to connect family members and synchronize accounts. Convenient charts will help you to:
- track financial transactions,
- set spending limits efficiently,
- set aside the budget for expensive purchases and a long-awaited vacation,
- save money without compromising your quality of life,
- teach your loved ones financial literacy.
Please note that having financial planning apps will not be able to help you instantly! Some points require additional analysis and thoughtful decisions. For example, a great vacation lifehack is using a family car rental.
When planning a car trip to America, consider the services of a 7 seater rental car in advance to select the option that suits your budget. When choosing travel destinations, be guided by the pricing policy of SUV rental in the US and book beforehand to avoid unnecessary expenses.
Mint: The all-in-one helper
Mint is one of the most popular and highly rated budget management apps available for free. Mint offers a wide range of services combined in a user-friendly interface:
- synchronization of accounts,
- personalization of budget categories,
- notifications about spending limits,
- credit rating tracking,
- calculation of statistics.
The program is free due to ads. Take this into account before downloading. Also, note that the app works better for helping you keep track of your expenses but is less helpful for planning. If you prefer planning actively and are not content with just analysis and statistics, read on!
YNAB: Spending Plans and Financial Literacy Lessons
The YNAB app helps you to analyze previous spending and plan for future ones. The application has a free trial version. But the payment for further use is guaranteed to pay off with new beneficial skills. YNAB is an indispensable assistant for paying off your arrears and reaching your financial goals.
Many valuable tips and online resources with spending planning guides will help you avoid mistakes and miscalculations. By planning every dollar of the income from YNAB, you will become less nervous and look into the future without fear.
Mobills: Creative calculation
Acquiring financial literacy skills is achievable. It is possible even if numbers and calculations are not your strengths! Mobills Personal Finance Manager lets you put aside the attempts to figure out Excel formulas and manual calculations. The app offers colorful graphs and informative charts instead! The simplified version of the application is free. But there are also paid advanced versions. With Mobils, you will be able to:
- follow spending limits without unnecessary calculations,
- avoid late payments thanks to reminders,
- visualize the budget plan.
Oportun: Your money-saving lessons
The smart Oportun app will help you raise money without affecting your quality of life by analyzing your spending. Also, Oportun saves you time by regularly calculating investment costs based on your habits. All that is required of you is to tape the desired amount and time and follow the app recommendations.
In addition to routine expenses, you should also take care of a financial airbag for unforeseen situations. So, Oportun will allow you to feel secure and create an individual plan for any financial goal. The free trial of Oportun is available for half a year, and continued use will cost only $5 per month.
Stash: A guide to the world of investments
If You are a novice in investments but dream of passive income, Stash will be your teacher and secretary. The application will help you develop an individual investment strategy, as well as provide:
- the rules for minimizing risks,
- up-to-date news on the investment market,
- advice from successful financial analysts and experts,
- life insurance (the amount depends on the version).
Thanks to Stash, passive income is accessible to everyone. You can start with just a few dollars, avoiding buying entire shares. The first month of using Stash is free, and there is around $9 per month for continued use.
Conclusion
In today’s world, keeping track of financial operations with a notebook and a calculator is impractical. Save time and energy by shifting some of the responsibilities to your smartphone! Using the handy apps from the list above, you’ll be surprised how much you can save on treacherous expenses you didn’t notice before. Choose an app based on your financial goals and needs. Also, practice rationalizing your budget plans outside your smartphone for the best results.