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Last Updated on January 2, 2020

Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020

Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020

Managing your budget can seem dull or just not an important concept at all. However, in the world we live in, we have to survive by being financially savvy. It is very easy to swipe a debit or credit card when we are at a restaurant, shopping at the mall, or ordering merchandize on Amazon.

Whether you like or despise finance, it is indirectly part of your life. Everything you do has to do with mathematics. Meaning, it has to do with numbers, so get acquainted with them.

If you are person who stresses out a lot and checks frequently their online banking, do not panic. There are super-friendly and easy-to-use apps that will break down your expenses in an intuitive way.

The next sections will outline spending tracker apps that will alleviate your worries, anxiety and obsessions of how to organize your money.

1. Mint

    Mint was founded in 2006, and is an award-winning service. It offers a comprehensive experience that is free, fast and super easy.

    The capabilities include budgeting tools, alerts, credit scores, mobile support and compatible with Apple Watch. The support is limited to the United States and Canada accounts.

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    Overall, it is a personal finance service with a wide range of resources to users who can track their spending and budgeting, which will calculate your net worth.

    Your net worth is calculated by connecting all of your online finance accounts and verifying your credit score.

    Get Mint here!

    2. YNAB

      YNAP stands for You Need a Budget and was founded in 2004. It is a great and personal budgeting app that is built on a solid approach.

      It is deemed flexible, and offers users educational tutorials to manage finances in a coherent manner. Also, it has a great web interface.

      However, it takes time to learn the platform. And this spending tracker is relatively expensive and has no free versions.

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      Get YNAB here!

      3. Mvelopes

        Mvelopes was founded in 1999. It utilizes a principles of personal finance budgeting and based on the envelope system of allocated spending. It can also roll-over monthly budgeting, which is supported.

        As a user, you can get personalized forecasts and suggestions on how to manage your financial situation. This means, you will be advised on not to make frequent purchases at the mall or on Amazon.

        Ultimately, it helps you the consumer put savings or envelopes away, so you can have financial freedom.

        The drawbacks, however, are that it is time-consuming to get up and running. The interface is dated and the cost of upgrading is not clear with different premium versions.

        Get Mvelopes here!

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        4. Personal Capital

          Personal Capital was founded in 2009 and it is a billion dollar company. The service is regarded as one of the most popular financial management platforms. The app has a free, Free Financial Dashboard, and a paid, Wealth Management Service.

          The pros of the app are budgeting and investment management are all available in one platform. In addition, it includes investment tracking and socially responsible investing.

          But for Wealth Management, it requires solicitation, high fees and has limited budgeting capabilities.

          Get Personal Capital here!

          5. Quickbooks

            Quickbooks was launched in 1992 on the IBM on Microsoft DOS and Apple’s Macintosh. The software accounting program comes in various versions and editions for small to medium-sized businesses.

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            It can be managed from anywhere at anytime, and it is very easy user-friendly. It can help organize everything from your books, manage expenses, send invoices, track inventory and run payroll.

            Beyond the expense tracking, Quickbooks has been adopted by lots of different companies across every industry you can imagine. So this app is particularly recommended for any business owners.

            Get Quickbooks here!

            The Bottom Line

            When it comes to managing your money, it is important to become educated and financially responsible. The messages we are bombarded all around us are constantly associated with spending, and buying. Nevertheless, the messages we should be getting have nothing to do with saving you money.

            Before making unnecessary expenses and purchases, read the fine print. All of these services have free or paid versions to assist you with your money-saving schemes.

            Ask a lot of questions before making any commitments. Search up free financial consultants or advisors to get a sense of where to invest and not spend your money.

            It is very easy to get in debt, so do not live on credit cards unless you can afford to pay them. Use these apps to live within your means and allocate savings in safe investments that will help you in the longterm.

            Featured photo credit: Alexander Mils via unsplash.com

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            Anthony Carranza

            Multilingual writer and journalist covering all things technology and productivity.

            Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020 10 Best Productivity Tools to Get You More Time in 2020 7 Clever Goal Tracker Apps to Keep You on Track in 2020 10 Smartest Productivity Software to Boost Work Performance 5 Best Language Learning Apps to Master a New Language

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            Last Updated on January 21, 2020

            How to Develop a Millionaire Mindset in 6 Simple Steps

            How to Develop a Millionaire Mindset in 6 Simple Steps

            We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

            It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

            How do you go about developing that millionaire mindset? By following these simple steps:

            1. Focus On What You Want – And Take It!

            So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

            Millionaires play to win, not to avoid defeat.

            This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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            2. Become Goal-Orientated

            It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

            Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

            Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

            Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

            You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

            If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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            If you are to become a millionaire, you need to start accumulating money.

            Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

            3. Don’t Spend Your Money – Invest It

            The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

            Stop working for your money and make your money work for you.

            Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

            There’s not just the stock market — there’s also property, and your own education.

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            4. Never Stop Learning

            The best thing you can invest in is yourself.

            Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

            Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

            Learn everything you can about how economics works, how the stocks markets work, how they trend.

            Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

            Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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            5. Think Big

            While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

            There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

            Aim for the stars, if you fail you’ll still be over the moon.

            6. Enjoy the Attention

            To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

            Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

            If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

            Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

            More About Thinking Smart

            Featured photo credit: Austin Distel via unsplash.com

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