First of all, to start with, let us know the meaning of money and budgeting and how big a role it plays in our day-to-day lives. Since the very beginning, human civilization has been engaged in some form of transaction. Earlier it used to be the barter system, where people would exchange items, then gradually, we moved to use currencies as a form of transaction.
The meaning of money has evolved from what it used to be in ancient times. Today money can come in the physical form or in a digital form.
In order to proceed with this article, let us first understand what do the terms Money and Budget mean.
Money is any such item of value that is widely accepted as a mode of payment. The payment can be for services or goods. Another aspect of money is that it is connected to financial products practices like debts and taxes and is used to pay them. Money is a particular commodity that drives for socio-economic growth of a nation. Just like how you can win in Vulkan Vegas. Play the game and get a chance to fetch yourself VulkanVegas 50 free spins.
A budget can be termed as a financial plan which is chalked out for a defined period of time, which is mostly one year. Budgeting comes in handy when it comes to business or household expenses. One can decide on the number of expenses and saving one wants to do in the given period of time in order to manage their finances well. It helps one plan not only for the present but also for providing for future requirements. On a larger scale, organizations use it to evaluate their costs, liabilities, and cash flow. On a macro level, governments use it to make financial strategies for their countries and drive economic growth.
The Best Apps for Saving Money and Budgeting
Let us take a brief look at what are the best apps for planning your budget and saving money.
Mint – Budgeting and Credit Monitoring
This app allows us to be connected to our financial accounts. The app tracks and simplifies our transactions. We get notified when we spend over our set budget in a particular field. It also spots suspicious transactions and if we have paid any extra charges. It helps in tracking all our bills in one basket and notifies us when upcoming payments are due. The best part is that all these features are free—including its credit monitoring services.
You Need A Budget – Zero-Based Budgeting
You Need a Budget is for committed users. It is based on the zero-based budgeting system, so one can make a plan for every earned dollar. It also requires a monthly or yearly investment after a trial period of 34 days. People can also benefit from this app’s features after the payment is made. One can also connect one’s bank account and manage their contribution to savings and spending categories.
Every Dollar – Zero-Based Budgeting
Every dollar is a budget planning app that helps us track our spending and schedule purchases. It is modified for zero-based budgeting, in which the expenses equal the income. With the trial app version, we can manually enter a transaction each time of the spent money to account for it for the budget.
Good Budget – Shared Envelope-Budgeting
A Good Budget is based on the envelope system, in which you portion out the monthly income towards a particular spending category. The app allows many devices to run the same account, so partners and family members can share one budget. Unlike the other apps, Good Budget doesn’t make you sync any bank accounts. With accounts and incomes entered, you get money towards spending categories known as envelopes.
Honeydue – Budgeting With Your Partner
Honeydue, the latest app released in 2021, allows a person and their partners to see both financial pictures at one spot, including bank accounts, credit cards, loans, and investments. The free app categorizes expenses. Monthly limits can be set up together. Honeydue also sends reminders if the person or the partner is nearing their due dates for payments. It also sends reminders for upcoming bills and also allows text chat with emojis.
A Recap of the Available Apps and Who Are They Best Suited for
|
Budgeting App |
Best For |
|
Personal Capital |
Investors |
|
Mint |
Monitoring Daily Activities |
|
Ynab(You Need A Budget) |
Achieving Financial Goals |
|
Pocket Guard |
Tracking Spending |
|
Good Budget |
Budgeting Using Envelopes |
|
Honeydue |
Couples |
Now that we have taken a look at some of the best money management and budgeting applications available, you can use them to plan for finances better and also start saving for your future. Good and managed finances mean a safer and secure future for everyone.
However, it is always advisable to do thorough research on the kind of app that you will use as there are several fake apps also in circulation which can drain your finances without you even realizing it. So, do your homework: search only on App Store or Play Store, check the developer’s history, read the app’s documentation and users reviews.
Good Luck!
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