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Published on November 5, 2020

8 Best Finance Apps For Effective Budget Tracking And Planning

8 Best Finance Apps For Effective Budget Tracking And Planning

Looking for ways to effectively track, plan, and manage your budgeting? Well, there is a multitude of apps for that! Finance apps are the best options around for tracking and planning your budget and keeping you accountable. After all, using a pen and paper can make it cumbersome to track.

The apps that we’ve listed below do a ton of the heavy lifting for you and provide a wide array of functions to help you with your financial needs.

How to Pick a Suitable Finance App

When looking at some of the best finance apps that are ideal for budgeting, we found these particular features to be important. Keep these in mind when looking for ideal finance apps.

  • User interface – Navigation is key in any circumstances of an app. This is especially true for helpful apps like finance apps. You want to be using them regularly. As such, the interface should be simple to navigate.
  • Habit building – Finance tracking is all about building money habits, and apps have unique ways of building those habits. There is the app itself but features like push notifications are also essential in some circumstances.
  • Syncing – You should be able to connect your bank account to these finance apps, and that process should also be pretty easy to do, too.
  • Usefulness – The number of features that the app has should be relevant and make it something you want to check. Sure, some of these finance apps work in the background, but those on this list help significantly when you check them regularly.
  • Data presentation – The number of reports and analytical data is a core focus for these finance apps as well since it allows you to make sound financial decisions.

1. Best Finance App Overall – Mint

    If you’re looking for an overall quality finance app, Mint is the first that comes to mind. It’s one of the most well-known personal finance apps around and for good reason. It provides you with a complete financial picture all in one place.

    By connecting your debit and credit cards to your account, Mint will provide you with a list of transactions and break them into categories, showing you exactly where you are spending your money. You can also track billing and create a budget on the app to help you stay on track of your savings goals.

    A new feature that Mint rolled out recently is the ability to see your credit score. Through this feature, you can also see the factors that are contributing to your credit score. Beyond that, you can also track investments and schedule routine utility payments.

    Download Mint here.

    2. Best Finance App for Debt Management – YNAB

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      You Need A Budget (YNAB) is an app that is built on four rules:

      1. Give every dollar a job.
      2. Embrace true expenses.
      3. Roll with the punches.
      4. Age your money.

      Based on these four rules, the app will help you build a better budget while also allowing you to gain control of your spending. You can import transactions from your checking account and apply them to each budget category to get an accurate look at your spending.

      This app also provides detailed reports to show you your spending habits while you are striving to keep a balanced budget in the various categories. YNAB will also point out other spots that you can improve your spending.

      According to YNAB, the average user will save about $600 in the first two months and can save over $6,000 in the first year. It sounds promising for a debt management app.

      Download You Need A Budget here.

      3. Best Wealth Management App – Personal Capital

        Another solid choice is Personal Capital. It focuses on wealth management but also serves as another personal finance app. Through this app, you can manage assets and investments along with setting up a budget for everyday spending accounts.

        This service integrates with over 14,000 financial institutions, allowing you to link your bank account(s) directly to the app and through it. By linking your bank account to the app, you can track your spending, too.

        That said, the app really shines when you connect it to your investing accounts. By doing so, you have a convenient spot to track your portfolio by account, asset class, or individual security. The app can also show you opportunities to diversify, manage risk, and find any hidden fees that you could be paying.

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        You can also compare your own portfolio to the major market benchmarks to help you keep track of whether you’re on track to reaching your goals. You can also get financial advice from this app as the financial advisors here are registered and can provide you with advice tailored to your goals.

        Download Personal Capital here.

        4. Manage Your Subscriptions – Clarity Money

          One of the popular business models that companies are moving to these days is subscription-based. While this model does have its merits, one of the many problems that we face with this model as consumers is that we find ourselves subscribed to things we don’t need. Paying for a streaming service is nice, but many people often are subscribed to multiple streaming services.

          Because it’s so difficult to remember and even track all the subscriptions we’re paying for, this particular app can provide us with clarity. Clarity Money is all about bringing to light what you are paying for and providing you with a convenient way to cancel and throw away unused subscriptions you’re not using.

          Beyond removing unnecessary subscriptions, the app also looks at your spending behavior and offers suggestions for ways to improve your financial health. You can even make deposits to your savings account through this app.

          Download Clarity Money here.

          5. Best Bill Paying App – Prism

            If you’re looking for a convenient app that shows all of your bills and financial apps, this is the app for you. Prism takes pride in having 11,000 billers on this app. This is the highest amount of billers on bill-paying apps you can find. From billers like large banks to even small utility companies, chances are high that the company you’re paying for accepts this app.

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            In terms of actual function, you can add your bills to the app and the app will then automatically track it. It’ll send you date reminders to pay the bill as well so you won’t get hit with late payments. On top of that, you can schedule payments to be made the same day or several days in advance as well. Prism is a nice app that allows you to pay bills in one sitting without having to log in to several accounts.

            Download Prism here.

            6. Best Shared Expenses Management App – Spendee

              Many of these apps are focused on providing services to a single user. This is natural considering most of these apps are asking for your banking information. However, this is one of the few apps on here that allows multiple people to use it.

              With Spendee, the idea is to create shared wallets with your friends and family that you can then use to manage shared expenses for a household budget. You will need to get bank transactions for this to work, but that is fine. After that, the app will categorize all of the transactions and tally how you’re spending money every month.

              You’ll be able to add cash expenses manually as well for accuracy. Beyond those features, you’ve got bill tracker functionality to ensure you pay your bills and avoid late payments. There is also a budget component that will allow you to save and ensure you don’t overspend.

              Download Spendee here.

              7. Best Visuals on Finance App – Mobills

                Mobills is another bill management app that offers a great presentation of information. The app focuses on bill management and offers typical features you can find in these apps. These include categorizing your bills, paying them through the app, and setting up budgets to ensure you stick to them.

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                That being said, Mobills delivers these features remarkably. It presents you with charts that are completely interactive and can help you analyze your financial life. Also, moving bills to various categories is easy and smooth to do.

                Download Mobills here.

                8. Best Finance App for Budgeting Overall – EveryDollar

                  Dave Ramsey is a personal finance expert who urged people to follow a zero-based budget method. This method is the idea that every dollar serves a purpose in your budget. It’s this concept that has inspired the name of this app: EveryDollar.

                  With that in mind, the app provides a monthly expense tracker that you can connect your bank account to. This will take note of important transactions to ensure your spending is in check. You can even split expenses between multiple budget items. The tracker also provides you with an overview of how much money you’ve spent this month and what you’ve got left.

                  Staying true to the name, EveryDollar also has a money management aspect that will help you set up a money management plan. You’ve got access to money management experts who will guide you through financial planning.

                  Download EveryDollar here.

                  Final Thoughts

                  Many financial apps are available to help you achieve your financial goals. Each app has its own perks and benefits to consider. The nice thing about many of the apps on this list is that they have free trials that allow you to get a good feel of them before fully getting them.

                  More Finance Apps

                  Featured photo credit: Austin Distel via unsplash.com

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                  Published on January 8, 2021

                  How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                  How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                  Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

                  The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

                  Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

                  What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

                  Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

                  1. Pay More Than the Minimum Credit Card Payments

                  Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

                  Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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                  You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

                  The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

                  2. Start With High-Interest Credit Card Debt

                  If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

                  First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

                  At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

                  3. Revisit Your Budget

                  Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

                  You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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                  Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

                  If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

                  4. Avoid Using Your Credit Cards

                  Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

                  The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

                  It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

                  5. Start a Side Hustle to Boost Your Income

                  You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

                  If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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                  Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

                  It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

                  6. Sell Your Used Items for Extra Cash

                  Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

                  A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

                  Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

                  When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

                  7. Know When to Seek Help With Your Debt

                  Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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                  There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

                  In extreme cases, the debt solution can be:

                  • Debt relief – where your debt is partially or wholly forgiven
                  • Debt consolidation – taking out one loan to repay others
                  • Debt settlement – the creditor forgives a significant portion of your debt
                  • Bankruptcy – legal process for seeking relief from some or all your debts

                  It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

                  Wrapping It Up

                  Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

                  So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

                  More Tips on How to Pay Off Debt

                  Featured photo credit: rupixen.com via unsplash.com

                  Reference

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