The right budgeting technique is the one that works for you. Some people love pen and paper and that’s great! Others want something faster or that they can have with them at all times, which is where budgeting apps help.
There are hundreds of budgeting apps available today, but here are the best apps we found to help you stick to a budget.
YNAB
You Need a Budget (YNAB) uses forward-thinking where every dollar has a ‘job’ instead of seeing where you spent your money. This budget TELLS your money where to go so you know before you spend how your month will end.
Cost: $84/year
YNAB Benefits:
1. Helps you forward-think about your spending rather than regretting it later
2. You can personalize each category to make the budget fit your needs
3. Automatically imports transactions from linked banks
Mint
Mint doesn’t follow a specific budget method, but it tracks every financial account you have in one place including checking, savings, retirement accounts, investment accounts, credit cards, and other monthly bills.
Cost: Free
Mint Benefits
1. Provides a high-level overview of your net worth
2. Provides free credit score access
3. Offers customizable alerts so you know if you’ve gone over budget, you’re paying excessive bank fees, or there were fraudulent transactions on your accounts
Goodbudget
The Goodbudget app follows the ‘envelope budget’ or the budget where you assign a dollar amount to each category you spend. As you use up the money in each envelope, you’re done spending in that category for the month. The Goodbudget app uses digital ‘envelopes’ to help you visualize your spending.
Cost: Free for 20 ‘envelopes’ or $60/year for unlimited envelopes
Goodbudget Benefits
1. You must manually enter your transactions which helps you see where your money goes each month
2. Provides reports and colorful graphs to give a more visual representation of your budget and spending
3. Supports multiple users if you choose the paid plan, which is great for married couples to stay on the same page
EveryDollar
EveryDollar is a Dave Ramsey app based on the zero-based budget. This budget too gives every dollar a ‘job’ so at the end of the month you have $0 just sitting idle. Jobs include paying the mortgage, car payment, utilities, saving for retirement, funding your emergency account, or having fun.
Cost: $99/year
EveryDollar Benefits
1. Uses the Dave Ramsey Baby Steps to help you get out of debt if you have credit card debt
2. Updates in real-time, taking into consideration the income and expenses of each month rather than creating a ‘blanket budget’ for the entire year
3. Teaches you how to get ahead instead of always chasing your tail trying to get out of debt and be able to save
Final Thoughts
Whether you use pen and paper or a budgeting app, the key is consistency. You can download an app or create a budget with pen and paper, but if you don’t use it, nothing helps. Budgeting helps you stay on track and/or get back on track if you fall off the beaten path. Choose the method that works best for you and take control of your personal finances back!
If you want to learn everything you need to know about budgeting from scratch, we’ve got you covered, just click here.
Dorethia Kelly, MBA is an Award-winning Financial Expert, Personal Finance and Business Coach, Author, and CEO of #MoneyChat®. She is also the author of #MoneyChat THE BOOK. Dorethia empowers individuals to reach financial, entrepreneurial and career goals with coaching, and keynotes. Here online #MoneyChat Community, Membership and Masterclasses have empowered countless individuals and entrepreneurs to reach their goals.
Dorethia has been featured in various national media, including CNBC, Black Enterprise, U.S. News, USA Today and Experian. Connect with @DorethiaKelly online. Visit dorethiakelly.com & moneychatbook.com
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