So the first month of 2020 will soon be ending. How are you doing with your financial resolution? Are you saving more money? Are you sticking to your budget? If you are already having a hard time, here are some budgeting apps that might come in handy.
The Mint app comes up on many lists as one of the best budgeting apps around. With it, users can create budgets, track bills, and receive a free credit score. “But it’s the budgeting feature where Mint shines the most. It asks you to link your bank, loan and credit card accounts, and then uses information from those accounts to suggest budgets for you based on your spending, classifying them into categories such as ‘Entertainment,’ ‘Food & Dining,’ and ‘Shopping,’” Forbes reported. It also shows you how to budget. The best part? You’ll be able to see how much you can save by cutting back your spending in a category.
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“You Need A Budget” (or YNAB) wants users to “give every dollar a job.” To get started, users have to set a budgeting goal (i.e. a vacation or new apartment), then you fund their goal by linking it to a personal account (checking, savings, cash, credit card, or line of credit). Users also have to create categories such as “dining out,” “groceries,” or “transportation” and allocate specific amounts toward each category. According to YNAB, new budgeters can save $600 by month two on average, and more than $6,000 in the first year.
Only thing: YNAB will cost you $6.99 a month ($83.99 annually). However, it does offer a 34-day free trial.
An app called Personal Capital is not for beginners. It allows advanced users to track their investments, net worth, and cash flow. “We like its budgeting tool because it automatically tracks all of your income and expenses. It separates expenses into spending categories and provides graphical tools to see where your money is going,” Forbes reported.
Albert might be the easiest of the current budgeting apps to use. It takes all the math out of the equation.
“After connecting your financial accounts to the app, Albert analyzes your income, spending, budget and overall financial health. It uses proprietary algorithms to decide how much you can safely save each month, then automatically transfers that money into Albert Savings, which lives directly in the app,” Forbes reported.
The transfers are made up to two or three times per week and range from $5 to $30 each. You can also earn a reward from Albert for saving money. The app pays a bonus of bonus of 25 cents for every $100 saved by free users of the app. It also offers a paid service that is more extensive.
Goodbudget is simple and straightforward. It “takes your monthly income and allows you to put aside portions of it into different envelopes for categories like groceries or transportation. As the month goes on, you can take money out of each envelope for each expense. Stop spending in that category once you’ve emptied the envelope – or before, if you’re smart,” Forbes reported.
Goodbudget has a free plan or the plus plan for $6 a month or $50 a year.
