Having a budget is critical to building your savings and becoming financially free. It doesn’t matter how much money you make or how much your bills are, if you aren’t budgeting your money, you won’t reach your goals.
According to a Gallup poll 32% of families have a monthly budget, and 38% of college-educated households practice using a budget. On the other hand, only 26% of those who graduated high school or less. Financial literacy isn’t something that is taught in school, but education also should not be the reason families to struggle.
If you’re trying to get your accounts in shape, here are five apps you can download to get on track:
Mint is a very helpful budgeting app because it can do so much. You can enter all of your expenses, connect your bank accounts it will show you how much you spend on food, clothes, entertainment, etc. The app also lets you enter all of your bill due dates and sends reminders to your email. There's no need to create a budget on your own with Mint because the app does all of the work for you. You'll get a budget for everything you need to spend money and the app will send alerts if you're close to overspending.
You need a budget (YNAB)
You Need a Budget is a great tool, especially for someone who has many expenses and debts to repay. YNAB connections to your bank accounts and gives you guide on how to pay down your debts, and keep it that way. It also does a great job of reporting on your goals and tracking your spending. While this is mainly used on a desktop, the software is definitely worth the $4/month. This is also great for families, or someone who has to juggle many responsibilities.
The Wally app allows you to take control of your money by setting realistic financial goals and using the features of the app to reach them. The app distributes your money for each day as well as each month, showing your purchases, expenses and remaining budget. The app is free and recently available for iPhone and Android.
Penny is a personal finance app that helps with budgeting and tracking your money. It's a free app that allows you to chat with "Penny", in which you can ask her to show you graphs regarding your spending from month to month or even how much you spend at a certain store.
Digit is an amazing app for saving up for the things you want. Digit takes all of the discipline out of saving and automatically draws from your account every few days. What's good about Digit is that each morning you'll receive a text telling you how much is in your bank account, your recent purchases and how much they've saved for you. You can text the app at anytime to get updates. And if your balance is low, you can always pause the savings until your next pay day.
What apps do you use to help you budget each month?