Managing finances efficiently involves more than just budgeting—it requires a strategic and personalized spending plan that aligns with your goals and lifestyle. Fortunately, a myriad of tools and resources exist to assist with your spending plan. They can simplify this process and empower you to take control of your financial journey.
How Can Technology Help You Manage Your Finances?
Technology has progressed by leaps and bounds in the last few decades, making financial management easier than ever before. Even those with no financial literacy or only a rudimentary grasp of the most important concepts can now effectively access and manage their accounts.
Since smartphones have become a daily necessity, you now have a personal computer that can assist you 24 hours a day, 7 days a week. There are many different apps and tools to help you create a spending plan, track expenses, set financial goals, automate processes, and manage your money.
Additionally, many of them sync with your bank and credit card accounts, consolidating all your financial information into a single platform. From this data, they can also create graphs, charts, and reports to create visual representations of your finances to make it simpler to comprehend.
Furthermore, there is a plethora of educational resources and content for those who want to learn more about their finances. By leveraging these features, apps and technological tools can streamline the process and provide greater insights to help you manage your money more efficiently.
20+ Tools and Resources to Assist With Your Spending Plan
Although there are thousands of different online tools and resources that can assist you with your spending plan, these have received the best reviews. Depending on what your personal goals are, they can provide a more convenient and systematic approach to your financial management strategies.
Expense Tracking and Budgeting Apps
Mint
The Mint app was developed by Intuit, the same company behind TurboTax and QuickBooks. It is a personal finance management app that allows you to connect to your bank accounts, credit cards, and other financial accounts to provide a comprehensive overview of your financial situation.
While it includes many handy features, Mint excels in expense tracking, budget creation, and goal setting. It offers automatic categorization of expenses, generates reports and visual aids, and provides insights into spending habits. Overall, it’s a convenient tool for people looking to take control of their finances and make more informed financial decisions.
PocketGuard
PocketGuard is another finance app designed to help you manage your finances more efficiently. It will compile your data into a single platform so you can easily access your financial information in one place.
One of its primary features is its budgeting tool. This app simplifies tracking expenses by aggregating accounts, tracking income, categorizing spending, and setting achievable savings targets based on your circumstances. It will even identify recurring bills and subscriptions, providing deeper insights into upcoming expenses and alerting users about potential overspending.
The app aims to simplify financial management by offering a clear overview of cash flow, providing users with information about how much money is available for discretionary spending after bills and savings are accounted for. It also suggests ways to optimize spending and save money based on user habits. Overall, PocketGuard is geared toward helping users stay on top of their finances by providing a user-friendly interface and tools to achieve their financial goals.
Clarity Money
Clarity Money is another app created to help users regain control of their finances and make more informed decisions. It offers several features to help track expenses, cancel unused subscriptions, negotiate bills, and suggest ways to save money based on spending patterns. Additionally, some versions will monitor your credit score and provide deeper financial insights that align with your financial habits and goals.
Clarity Money aims to simplify personal finance management by providing a comprehensive view of your financial situation and offering tools to improve financial wellness, savings, and spending habits.
Budgeting and Planning Platforms
YNAB (You Need a Budget)
YNAB is a popular personal budgeting app that uses its software to help individuals gain control of their finances through proactive financial management. It focuses on a zero-based budgeting approach, emphasizing four keep principles: assigning every dollar a job, embracing your true expenses, rolling with the punches, and aging your money.
It offers tools for flexible adjustments as circumstances change. Not only does it sync with your accounts to track your spending in real time, it also allows for manual entries and monitoring for better long-term planning.
Although it is a subscription-based service, many feel it is well worth the investment. YNAB’s goals is to empower its users to be more intentional with their money, reduce debt, build savings, and reclaim control over their financial lives.
EveryDollar
EveryDollar simplifies budgeting with a user-friendly interface, enabling users to plan spending, track expenses, and adjust budgets accordingly. Created by David Ramsey’s team of financial experts, it follows a zero-budgeting approach to allocate every dollar of income to a specific purpose.
Its key features include customizable spending plans, expense tracking, goal setting, and tools to help you pay off your debts. While it does offer a free version, the premium package comes with additional features such as automatic syncing for every bank transaction. EveryDollar emphasizes simplicity and encourages its users to become more involved in their financial planning.
Goodbudget
Goodbudget has become one of the most popular tools that can assist with your spending plan because it utilizes the envelope budgeting system. It’s based on the principle of dividing your money into different categories or “envelopes” to help you understand where your money is going. The app allows users to allocate funds to categories and visually track spending.
One of the distinguishing features of Goodbudget is its simplicity and adherence to this method. Users allocate money into envelopes at the beginning of the month based on their budget. As you spend, you subtract from those envelopes. It promotes conscious spending and helps users stay within their budget limits.
Automatic Savings and Investment Apps
Acorns
Acorns is a financial app that makes investing more accessible, especially for those without significant funds. It operates on the concept of “round-ups” and automates savings by rounding up purchases. Then, it invests your spare change in diversified portfolios. The app also allows you to specify your level of risk tolerance and the option for recurring investments.
It simplifies the investment process by making it automatic and effortless, encouraging people to start investing in small amounts. The goal is to help its users increase their savings over time and learn how to invest through consistent and automated contributions.
Qapital
Qapital is an app that focuses on helping users save money by making goals more engaging and personalized. It uses behavioral economics principles to encourage saving through automated rules and goal-oriented features.
Additionally, you can set rules for automatic transfers triggered by specific actions or milestones, ensuring consistent contributions. Qapital aims to make saving more intuitive and fun while simultaneously developing positive financial habits.
Digit
Digit is a helpful tool that analyzes spending habits and automatically transfers small amounts to a savings account. It then utilizes an algorithm that adapts savings based on spending patterns. Monitoring your spending habits and cash flow will determine how much can be safely transferred without causing financial strain. Furthermore, it will also protect you from carrying low balances or incurring overdraft fees.
The goal is to make saving money easier by leveraging automation and analyzing your behavioral patterns. Saving becomes effortless since users don’t have to actively manage or even think about the process.
Value-Based Spending Platforms
Wally
Wally is another app that offers a comprehensive overview of your finances. It helps align spending with personal values by tracking expenses and offering insights into how spending habits align with individual priorities.
This app provides several tools to assist with your spending plan. Not only will it help you to manage your money more effectively, but it will also help you make informed financial decisions. With a clear overview, you can quickly work towards your goals.
Banktivity
Banktivity is a personal finance management software designed for macOS and iOS devices. It assists in connecting spending decisions with core values with tools for tracking and categorizing expenses based on individual goals.
Formerly known as iBank, its robust platform helps users manage their finances, track transactions, create spending plans, and plan for the future.
YNAB (You Need a Budget) – Philosophy
As mentioned above, many people use YNAB’s software to gain control of their finances through proactive financial management. Its four principles encourage users to align spending with personal values and long-term goals.
It addresses how people view their finances, emphasizing prioritization and planning based on individual values. Clarifying these goals and understanding your motivations will ultimately help you to be more successful in reaching them.
Behavioral Insights and Savings Apps
Truebill
Other apps like Truebill provide key behavioral insights into your finances. It analyzes spending habits, identifies subscriptions, and suggests ways to save money based on individual behavioral patterns.
Like many of the other tools and resources that assist with your spending plan, Truebill aims to simplify financial management. It offers a range of tools to optimize spending, track expenses, and reduce your bills. Not only does it give you more control, but it will also help you save money.
SaverLife
This financial platform builds strong savings habits and financial literacy among its users. With its varied resources and incentives, individuals can improve their financial well-being.
SaverLife integrates behavioral insights, encouraging positive savings behavior through challenges and rewards, and fostering long-term financial habits. With a combination of education, motivation, and community, it can help you establish financial stability.
Honeydue
Honeydue is an app specifically designed for couples who manage their finances together. It facilitates financial transparency and goal setting, encouraging open communication and joint planning.
By promoting collaboration and communication, Honeydue helps couples streamline financial integration and management. Reducing financial stress and misunderstandings, helps couples work toward shared goals.
Financial Education and Learning Platforms
Personal Finance Blogs
Personal finance blogs can make difficult financial concepts seem simple. Blogs like The Balance, NerdWallet, The Simple Dollar, MightyBargainHunter, and SavingAdvice offer a wealth of information on budgeting tips, financial planning strategies, and money management insights.
Books on Personal Finance
For those who want more detailed information, many great books can help with your personal finances. Books like “The Total Money Makeover” by Dave Ramsey and “Your Money or Your Life” by Vicki Robin provide actionable advice and strategies for financial planning.
Online Courses and Resources
If you want a full-fledged tutorial on personal finance, you can find many different courses online. Platforms like Coursera, Udemy, and Khan Academy offer free and paid courses on personal finance, enhancing financial literacy and understanding.
Banking and Financial Institution Tools
Mobile Banking Apps
Most banks offer mobile apps with features for tracking expenses, setting budgets, and facilitating transfers to savings or investment accounts. Not only has this reduced the hassle of dealing with customer service, but it has also created a more accessible means to monitor your accounts.
Robo-Advisors
Technology has also made it easier and cheaper to manage your portfolio. Robo-advisors like Betterment or Wealthfront offer automated investment management services, making investment decisions based on user preferences and goals.
Credit Score Tracking
Although everyone is entitled to a free credit report, many people don’t know how to access them. Tools like Credit Karma or Experian help monitor credit scores, providing insights into financial health and ways to improve creditworthiness.
Community and Support Networks
Reddit Communities
Having access to financial groups and people with the same concerns can also be very helpful. Subreddits like r/personalfinance and r/financialindependence provide forums for discussions, advice, and support on various financial topics.
Local Financial Workshops or Seminars
Many communities and financial institutions offer workshops or seminars focused on budgeting, debt management, and investment strategies. Many communities and financial institutions offer workshops or seminars focused on budgeting, debt management, and investment strategies.
Financial Advisors or Planners
Ultimately, your financial advisor will be the best source of information. Consulting a professional can offer personalized guidance on creating a spending plan aligned with your specific financial goals and circumstances. While technology can be extremely useful, nothing will completely replace human knowledge, experience, and understanding of personal situations.
Final Thoughts on Spending Plans
Although these tools can assist with your spending plan, every situation and person is different. By exploring these tools and resources, you can find the perfect blend to match your financial goals, habits, and lifestyle. Unfortunately, there isn’t a one-size-fits-all solution. Therefore, experimentation with various tools is key to finding the right fit for crafting and maintaining a spending plan that works best for you.
Read More
- 8 Effective Strategies to Build Your Spending Plan
- Creating a Spending Plan to Increase Your Net Worth
- 12 Ways a Spending Plan Can Help You Deal With Debt
Jenny Smedra is an avid world traveler, ESL teacher, former archaeologist, and freelance writer. Choosing a life abroad had strengthened her commitment to finding ways to bring people together across language and cultural barriers. While most of her time is dedicated to either working with children, she also enjoys good friends, good food, and new adventures.