Budgeting comes off as challenging to many, with all the marketing schemes that people are exposed to every day.
Not that there’s anything wrong with giving in to desires, but knowing financial limitations is something that people miss out on when tracking their expenses, therefore paving the way for debt.
Today, however, some apps can help you manage your expenses and reach your financial goals, whether it’s for long-term financial security or just to cut off unnecessary expenses.
If one of your goals this year is to finally get a VUL insurance to set yourself up for a secure future, it’s time that you start sorting out your finances first.
Below are a few money management apps that will help you reach your financial goals.
Mint Personal Finance & Money (iOS, Android, Web, Windows 8)
Named as one of the best apps in 2016 by Time Magazine, Mint allows users to connect their financial accounts like bank accounts and credit cards so that transactions and activities can be tracked in real time.
It creates a personalized budget based on the data synced and notifies users of unusual charges that may impair the budget.
Mint’s notable feature is the investment tracker that lets users compare their portfolio with market benchmarks and track their asset allocation across all platforms.
It also shows the current credit score to provide a big-picture of their finances. The best part is this is that this app can be downloaded for free.
Mvelopes (iOS, Android)
Mvelopes is inspired by the old budgeting technique of separating specific amounts of cash to different envelopes for particular purposes.
The app helps users manage their money by setting up a monthly financial plan based on their income, categorizing their savings, and managing credit card spending.
It also eliminates all hidden expenditures they may have. Subscription for Mvelopes costs $3.99 per month. A plus version is also available, which offers financial education and coaching by the Mvelopes team.
Read also: Earn Money Using These 5 Apps And Services
You Need a Budget (iOS, Android)
YNAB creates a budget based on a four-step plan: use last month’s income, monitor infrequent expenses, make every peso work, and prevent overspending.
Investopedia dubbed YNAB as the best app for getting out of debt because it works with what the user has to gain control of his or her finances.
Unlike other apps, YNAB helps create a budget that can be executed on a daily basis.
In case of overspending, YNAB is built with an Accountability Partner feature that will provide ideas on what to do to get back on track. It also allows bank syncing and gives real-time information about your finances.
Wally (iOS, Android)
Wally keeps things clean and straightforward with its intuitive design. Its sole purpose: to provide users with an excellent budgeting tool.
It features extra services like notifying a user when a bill is due or when you’ve reached your savings goal.
The free app lets you keep a neat record of details as you balance your finances: how much you spent, on what, when and where you paid, and even why you spent your money.
If you’re the type of person who likes to keep things as organized as your work reports, you’ll enjoy tracking your expenses with Wally. It doesn’t overwhelm users by sticking to the basics.
You also can log your expenses by merely taking a photo of your receipts, instead of manually registering the details.
If you’ve abandoned a budget app before because you had to encode each and every transaction you make, Wally will make budgeting smoother and easier for you.
Spendee (iOS, Android)
Winner of Mobile UX awards in 2017, Spendee helps users track their budget and money management systems.
The free money tracker app lets you connect your bank accounts, crypto wallets, e-wallets; and manually input your cash expenses for better view and control over your cash flow.
The app is easy to use and has a clean design for enhanced functionality and experience.
It has a distinct “+” at the center for quick and convenient logging of
See where your money comes from and where it goes in one place with Spendee.
Expensify (Web, Android, iOS, Windows Phone)
For those who need a more intensive budget tracking and money management system, you should check out Expensify.
With customers from various backgrounds like freelancers and small businesses, the app automates all aspects of the money management process and offers a thorough expense report for a more seamless experience.
You can snap pictures of receipts and the app will automatically transcribe and record the details. Expensify then lets you categorize and code these receipts and even collect expense report from other people, such as your colleagues.
It also allows you to submit business expenses to your company for approval and reimbursements, even if your company doesn’t use Expense.
Every Dollar (iOS, Android)
Based on financial guru Dave Ramsey’s “7 Baby Steps”, Every Dollar is a free personal planner and expense tracker app that helps you overcome money stress and debt and achieve a more stable financial future.
Every Dollar encourages users to give every dollar a job so that he or she can see that everything is well accounted for and show where each dollar goes.
It follows Ramsey’s The Baby Steps journey which guides users to save, get out of debt, and build their wealth.
Every Dollar is focused on helping users get their finances sorted out. It has a simple, little to no-frills design that’s user-friendly.
This budgeting-only app is a great way to introduce yourself to the basics of financial organization and security.
Budgeting money wisely is a step towards financial freedom that opens up opportunities to invest and grow a person’s net worth.
It allows a person to delay immediate gratification brought about by spending and focuses on saving for long-term wealth instead.
These apps are additional tools that users can carry in their pockets to help in saving and tracking finances, eventually streamlining their financial goals.
These tools, however, are rendered useless without discipline. It’s still up to the person to apply the knowledge and skills they picked up to their overall budget goals and investment strategy.
Take small steps in developing financial discipline until it becomes a natural thing to do.
About the Author
Bea Rico is an engineer turned digital marketing professional who has an affinity for long-term financial planning and an advocate of healthy living. She works as the content manager of BPI-Philam, a life insurance and bancassurance company in the Philippines. On her free time, she enjoys yoga and weightlifting.
Stock Photo from garagestock @ Shutterstock