Everyone wants to save and budget better. And thankfully, the tech world has answered our call – releasing a steady stream of money management and budgeting apps to lend a hand. While many are impressive, no one app is perfect (or perfect for anyone). You’ll need to consider your financial situation, what’s important to you and build an arsenal of products that meet your specific needs.
There are so many budgeting apps and tools to choose from these days. Luckily, we’ve done some of the research for you and have compiled a list of the best tools out there. If you need help reining in your spending, we recommend these 5 budgeting apps to track your finances on the go.
Mint – for those new to budgeting.
Mint is one of the better-known budgeting apps (and for good reason). It’s owned by Intuit, the same company that made Quickbooks and TurboTax. Mint offers a variety of features to help track and manage your financials from banks, credit unions, credit card companies, lenders and other institutions. You can link it to your debit and credit cards and Mint will automatically categorize the transactions against your overall budget.
This is a fantastic budgeting app if you’re looking for areas where you can cut back your spending. You also have the option of setting up alerts to notify you when you’re close to exceeding your budget – both categorically and holistically.
PocketGuard – for those who love simplicity.
If you’re looking for something more simplified, PocketGuard boils budgeting down to the only things many users want to know: how much money they’re working with. PocketGuard connects to your bank accounts and tracks how much you’re earning, putting towards bills and spending on everyday expenses. It crunches all the numbers for you and shows how much money is available to spend for the day, week or month.
Similar to Mint, you have the option of dialing down further and tracking categories of spending. PocketGuard even has a feature that tracks your individual bills and presents opportunities to save on your monthly service costs.
Clarity Money – for those who love subscriptions.
Clarity Money offers a variety of features to help budgeters and savers alike. Similar to the other financial apps we mentioned, you’re able to link Clarity to your debit and checking accounts as well as your credit cards, loans and investments. It breaks your finances down into a visual pie chart, highlighting where you overspend while also tracking your credit score.
Clarity Money is especially helpful for those with reoccurring bills. It can track and manage subscriptions like Netflix, Spotify or Xfinity – tracking price increase or reductions. It also allows you to cancel unwanted accounts that may be running on autopilot behind the scenes.
Mvelopes – for those who love boundaries.
The envelope system is a budgeting technique where you place cash in envelopes for different spending categories. When each envelope is empty, your budget for that category is spent for the month. It can be challenging doing this with debit and credit cards, which is why most people stick to cash. However, Mvelopes has created an app that allows you to follow a cash-style budget in today’s digital world.
With Mvelopes you can view your budget in real-time, knowing if you can splurge on that Starbucks coffee or if you should wait for your budget category to reset next month. While the app isn’t free, it allows you to connect to unlimited financial accounts and track using a virtual “envelope” system.
Albert – for those who love “set and forget.”
Looking for an app that takes the work out of budgeting? Albert is probably the right choice for you. Once you’ve connected your financial accounts, Albert analyzes your income, budget, expenses and overall financial health. It uses an algorithm to determine how much you have the potential to save each month and if approved, can automatically transfer the amount into Albert Savings.
The funds held in your Albert Savings account are FDIC-insured and you have the ability to make 2-3 transfers a week, ranging from $5 to $30 per transfer. If you’re looking for something a bit more hands-on, you can have Albert set aside a specific amount each week – with the ability to withdraw at any time without transfer fees.
Take charge of your finances with budgeting apps.
The key to building wealth is efficiently managing your spending and savings, and the five budgeting apps we mentioned are perfect for that. They allow you to set category budgets, spending alerts and highlight opportunities where you can save more. To learn how these budgeting apps can be used with our high-yield checking and savings account, reach out to our team today at (405) 235-3030 for more information.
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