From paychecks to automatic online transfers, finances have come a long way. What hasn’t changed much is budget planning. Making a budget plan can be an unnerving task that can sometimes gets out of hand. Taking advantage of the latest technology, many reach out to the alternatives to replace the traditional money borrowing and budget system.
If you’re one of the techies looking out to explore the domain of personal finance, here are a few apps steamrolling the market due to their competitive edge.
You Need A Budget (YNAB)
You need a budget (YNAB) is a budget and finance app that helps you control your finances. Of all the famous app, this one enables you to be accountable and flexible regarding your budget and handle your finances with dynamic responsibility. YNAB allows you to step out of your usual paycheck living and help develop a controlled finance system that will enable you to budget with great ease.
Here, you need to set a budget goal and link your account. Your banking information will automatically transfer to your YNAB account. Also, you can create categories and allocate specific amounts to them. However, you only get to enjoy a trial of 34 days, after which you can continue using the app by paying $11.99/month or $84/year.
Yet another famous personal finance app trusted by thousands, Mint gives its users leverage of creating a seamless budget. The app has an upper-hand in helping you generate budget plans quickly, track your expenses, and receive credit scores.
Like YNAB, you need to link your bank account and have your data synced to the app. When your account is synced, the app uses the information to categorize your spending into different personal and non-personal expenses. Mint also allows you to see how much you can save in various categories.
It also gives you insights and recommendations about how you can pay your debt off, create investment opportunities, and manage your debt. Plus, the app is free to use.
My EasyFi expense tracking software is yet another savvy web app that lets you boost your budget skills. It allows users to create budgets by syncing their accounts. After connecting your account, you can add your expenses and designate them into three main categories. List your bills and payments, and the app will notify you before the due date. My EasyFi keeps tracks of your budget and analyzes your data of the previous six months, keeping your savings, ideal goals, and debt repayment options intact.
The best part is that it offers an affiliate program with a 50% commission per referral. The membership plan consists of basic (free) and paid ($100) plans where basic members can use the affiliate program to generate a one-time payment. The paid members, however, can use the app’s features along with the affiliate program for one year. The members get paid for every paid referral they bring.
Mainly a budgeting app, EveryDollar has been the North Star for those looking for practical ways to create healthy budgets and pay their debts with constant determination. As you create an account, you are required to link your account, so the app automatically learns what your finances look like. The income you make can be used to create a simplified budget.
You can create unlimited budgets and track your transactions as you go. The app uses a zero-based budgeting method put forward by money genius Dave Ramsey. Once you create a budget, you can adjust the budget throughout the month.
Split your expenses into budget categories and check in on the spending and saving at the same time. With budget management as its forte, EveryDollar also connects you with finance experts and bolstered support. The app’s free for both iOS and Android, but can be upgraded at $129.99/year.
Like the basic features of all the other finance apps, Pocket Guard allows you to connect your credit cards, checking and savings accounts, investments, and loans — all in one place. When you’ve linked your accounts, the app monitors every transaction that occurs and updates and categorizes it. Pocket Guard also gives you a ‘pocket’ where you can view and spend the leftover money from your budget, savings, and debt goals.
What differentiates Pocket Guard from the others is its automatic yet personalized budgets. This smart app aligns your income, budgets, spending, and goals to set the perfect plan for you. Moreover, Pocket Guard gives you real-time estimates to save your money and enhance your financial health by discovering ways to negotiate lower bills and land more interest in your savings accounts.
Mvelopes is the perfect partner for those who prefer the conventional budget envelop system. You designate your money in digital envelopes, separated by categories. Starting at $6 a month, you can create an online envelope budget, import your account details, monitor every transaction sync, get interactive reports. If you’re planning to upgrade, you unlock more features, such as a personal finance trainer, debt reduction tools, learning center, setup assistance $19/month.
Mvelopes has much more in store for those wanting to explore the app entirely. Including all the features listed above, the complete plan offers monthly sessions with personal finance trainer, accountability and motivation, a customized plan, and a trainer-guided financial education. All these plans can be availed at a trial of 30 days.
Apart from the usual budget-creation, Albert is your smart money analyzer that tracks how your money flows from your account to your savings, expenses, goals, and debt repayment and investment options. It uses its unique algorithms to dig down into your current financial situation and analyzes how you can become better at saving every month. The most delightful bit is that the saved money automatically transfers into Albert Saving, the app’s saving account.
You can transfer about $30 to $50 twice or thrice a week. Also, the account can hold up to $250,000 if you’re keen on saving for something big and gives you a 1% annual cash bonus. However, Albert also helps you draw instant cash of $100 straight into your bank account if you’re using Albert Instant.
If you’re more into investing your money and need expert supervision with a custom touch, Personal Capital steps up the investment game with intelligent hybrid advising models. Sign up to access the app’s free dashboard, where you can explore the apps budgeting features in detail.
It analyzes your investments, assets, and other details and gives you free, automated reports. While Personal Capital inclines more towards the investment side, budgeting and spending track aren’t as convenient as the others, but they can still give you a complete financial check and plans for your future.
Clarity Money is an AI-integrated finance app that’s 100% free to use and backed by Goldman Sachs. Using this app, you can open a high-yielding Marcus online savings account in a matter of minutes. Once the account is active, you can earn a 1.70% annual percentage yield (AYP) with conditions applied. You can track your spending by organizing them by category and check them whenever you want.
Need to save money on subscriptions? Connect your apps and cancel the gym membership or the streaming service you don’t use anymore. Looking for a banking app alternative? Clarity Money can be your ultimate finance manager.
Like the one above, Simple plays both budget and bank account manager. It creates the seamless interaction between your account transactions and your budget, hence shedding the hassle of manual account checking.
Simple offers a Safe-to-Spend feature that keeps a continuous check on your budget and your additional expenses. As you keep saving, the app motivates you through constant encouragement. However, since simple is tracking your income and budget, it will help pinch your spending, save you time from creating annual entries for each budgeting step.
This great app allows you to create portions of your income and put them into envelopes designed to serve different categories. As the month goes by, you can take the money out of spending. Just make sure you keep a check on how much you’re spending, so you don’t end up running the envelope empty.
Goodbudget is your virtual envelope budget system that gives you the ease of handling money efficiently. If you’re using the free version, you can get ten envelopes, debt tracking, 1-year history, and community support. Upgrading the plan by purchasing at $6 monthly or $50 annually will give you unlimited envelopes, unlimited accounts, multiple device usage, debt tracking, 7-year history, and email support.
Money is regarded as the root of most problems in the world – primarily when it’s not used with care and caution. With apps like above, anyone can learn to manage their personal finances and develop a good understanding of how money can be appropriately managed. It’s time you choose a personal finance assistant to walk out of the money clutter.