Download One of These Top 5 Budgeting Apps for Financial Success
January 4, 2019 | By Mason Roberts
Saving money isn’t just a New Year’s resolution, or at least it shouldn’t be.
It affects just about every aspect of our lives, which makes it worth your time to do whatever you can to save money and pay off any looming debts. (Bonus: Paying off those credit cards will eliminate monthly interest fees).
You may or may not think that budgets, let alone budgeting apps, are overkill. As long as you’re doing your best to use your money wisely, that’s what matters, right?
Top 5 Budgeting Apps for 2019
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Are you doing everything you can to make the most of your hard-earned paycheck? You deserve to get the most out of all your hard work!
Here are 5 budgeting apps that are designed to help you track your money, get out of debt, create financial goals, and make your dreams of financial success a reality!
Mint: The Poster Child Budgeting App
Amanda Burdick, a branch relationship banker, recommends this go-to app for many reasons. “It tracks all your spending,” she says. “I always tell people to sign up and look at how much they spend in each category and plan (their) budget based on what they can realistically cut.” She also likes that it notifies you when you’re overspending.
Not only is it free to download, but it’s available on iOS and Android platforms. And unlike many of the other budgeting apps out there, you can use it on the Internet to do things like move money between accounts and create detailed spending forecasts.
You Need A Budget: The “Best App for Getting Out of Debt”
You Need A Budget, or YNAB, has four rules:
- Give every dollar a job: Be intentional about what you want your money to do before you ever use it.
- Embrace your true expenses: Earmark your money for large expenses in the future.
- Roll with the punches: Change your budget when it needs changing.
- Age your money: Save to avoid stress.
Although it’s not free, YNAB offers a 34-day free trial. When you get the educational app, you have access to award-winning software, workshops, goal tracking, and personal support.
Every Dollar Uses Dave Ramsey’s 7 Baby Step Principles
This budgeting app is popular for many reasons:
- It’s very easy to use
- It takes 10 minutes to set up a budget
- You can work the 7 Baby Steps and see which ones you still have left to reach
- There’s a free, basic version you can use
However, it also has some downsides:
- The paid version is $99 per year
- You have to do manual categorization
- The free version doesn’t automatically connect to your bank to pull every transaction
There seems to be a consensus that this app is great for measuring progress toward your seven baby steps, but the manual entry makes it less realistic to use on a regular basis, so this app is more ideal for the avid Dave Ramsey follower.
And what are the “Baby Steps”, you ask?
- Save $1,000 to start an emergency fund
- Pay off all debt, using the Snowball Method (pay off the lowest debt first)
- Save 3 to 6 months of expenses
- Invest 15% of household income into Roth IRs and pre-tax retirement
- College funding for children
- Pay off your home early
- Build wealth and give
Wally Has a “Smart Scan” Feature That’s Great for Tracking Money
This free budget app, available on both iPhone and Android, has a nice user interface that’s clean and nice-looking that allows you to input recurring expenses. You can also scan receipts and export them into an Excel spreadsheet.
The best part is, the more you use Wally, the smarter it becomes! It adapts your preferences and offers personalized financial insights.
However, unlike the Mint app, you can’t link your bank accounts to Wally. You have to be sure to input the information yourself, so if you forget, it may not match up with your actual financial picture.
Digit Is an App That Saves for You
Digit, an automated savings service, “finds extra money” and saves it for you, using your checking account to build an algorithm that their website says determines “when and how much is safe to save based on your lifestyle.”
While this is not strictly a budget app, it does help you make the most of your budget by using that extra money for more intentional reasons.
How Digit Works:
- Connects your bank account: Digit can then analyze your income and spending.
- Digit saves for you: There’s no set amount it saves. Instead, based on your personal spending and income, Digit safely sets money aside for you without ever making you overdraft your account.
- Access your savings anytime: Send Digit a text message when you want to withdraw your savings, and it will transfer that amount the next business day.
Digit is free for 100 days, then costs $2.99 per month afterwards.
Among its many attractive features is state-of-the-art security, all funds are FDIC insured up to $250,000 and Digit rewards you for saving every three months (with a 1% savings bonus). Furthermore, it has a no-overdraft guarantee, which means they’ll cover any overdraft fees it incurs (up to two times per customer).
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The point of budgeting is to make your money work for you. You need to be intentional wherever money is concerned. If you are in an urgent situation and need cash fast, do an Internet search for "title loans near me today to secure your financial success tomorrow."
Of course, this should be done in times of a true emergency so you can escape the tough times you find yourself in (which also allows you to stop incurring those overdraft fees).
No matter what budgeting app appeals most to you, take the time to do the research, since each app offers something a little different that appeals to different types of savers and spenders.
Use these top 5 budgeting apps for 2019, to secure your financial success and make this the year you make your finances work for you!