Apps to Help You With a Daily Budget
As with many things today, budgeting has been made easier with technology. In fact, there are a plethora of websites and phone apps out there designed to help you get your finances in order. Here are just a few great ones I’ve tried out:
If you search “budget” or “daily budget” into your App Store or Google Play you’ll likely see the Daily Budget app pop up. Daily Budget is a great way to track your spending every day. You enter in your monthly income and expenses (bills, groceries, transportation, etc.). Once you’ve done that and equated for savings, the app will give you a daily budget.
When you spend money, subtract it through the app and it will update the amount available. You can also add money (if you got a bonus, etc.) and if you have money left over it will carry over to the next day. For instance, my daily budget sits around $23. If I spend $10 I will only have $13 left for the day. If I spend nothing else, I’ll have $36 to spend the following day. This tool is great for people new to budgeting!
Mint is a bit more advanced than Daily Budget. Powered by Intuit, Mint gives you a snapshot of your finances as a whole. You can access your Mint account through their website or the mobile app. The site/app allows you to link all of your accounts (checking, savings, credit cards, debit cards, investing accounts, loans, electric bill, cell phone, etc.).
Once you’ve linked everything Mint gives you the opportunity to create a daily budget (or weekly, or monthly). It will alert you about your spending habits and give you ideas where you may be able to trim down. Mint also gives you regular updates on your credit score, net worth and sends you reminders for upcoming bills. Mint is a great app for people looking to get more serious about budgeting.
You Need a Budget
Another great daily budget app is You Need a Budget (YNAB). Like Mint, YNAB allows you to link your accounts, which makes for great transparency when inspecting your spending. However, unlike Mint and Daily Budget, You Need a Budget isn’t 100% free. You can get a free trial but will likely need to pay for the budgeting services down the road.
Once you’ve connected your accounts, YNAB gives you the opportunity to see where you are spending your money and adjust your budget accordingly. For instance, if you’re spending more on going out than you do on groceries, budget less for groceries and more for dinner out. As previously stated, you will have to pay for YNAB but there have been plenty of success stories so far! You Need a Budget is great for both beginners and more seasoned budgeters.
Personal Capital is another great website for those looking to better their finances. You can link all of your accounts, like many of the other apps available. What Personal Capital has to offer that many of the others don’t is resources.
The website and app allow for growth in your wealth and actually help you plan for the future. Many people have used it to begin to plan for retirement, track their IRA and 401K, as well as many other aspects of their finances. Personal Capital is recommended for those more experienced in personal finance. Read more about Personal Capital here.
Some of us are a bit more traditional than others. Mvelopes allows for users to continue a more traditional way of budgeting through an app. Instead of setting up a budget saying that you spend $100 a month on entertainment, set aside $100 for entertainment and only use that.
The app allows you to create different “envelopes” where you put money for certain items, bills, savings or debt. In fact, the app has helped users save an average of $2,100 and pay off an average of $3,200 in debt. Mvelopes is great for people trying to save more or pay off debt. So, if you’re looking for something a little more traditional and easy to use, Mvelopes may be for you!
Whether you’re looking to start budgeting for the first time or looking for a new way to organize your budget, there’s an app for that! Don’t make it hard on yourself, use these tools (and more) to help secure your finances.
Have another app you think should be included? Let us know!
Photo: BYU MBASA
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