Budgeting Apps are a great way to give you a snapshot of your cash flow and financial stability by using your income, expenses and investments; all in one single place. There are several free and subscription-based apps that you can choose from. YNAB and Mint are very popular and recommended.
I recently downloaded Mint. I like it very much because it is free and it provides an update on my net worth with every single transaction I make. It is so powerful! It shows me in a very user-friendly way how I am spending more than expected and the impact every single purchase makes towards my financial goals, positive or negative. I recommend looking for the following features when you decide to download look your own budgeting app:
From all budgeting apps, choose one that allows you to link all your bank accounts
This will save a lot of time compared to using spreadsheets. All your balances will be available and you won’t have to struggle to log into every single financial institution anymore!
Choose one that allows you to categorize purchases and merchants with your own custom categories
Having the option to personalize your spending and budget is very important. For example, I consider UberEats as a restaurant right now, but the default category is transportation because UberEats belongs to Uber. Spending 1 hour of your time customizing and editing the app is well worth it.
Choose one that allows you to create a monthly budget for each category.
If you don’t have a budget at all, I recommend starting with a piece of paper or a spreadsheet to create the baseline targets to be set up in your app. Check out my Budgeting 101 post! Then update your budgeting app to track your spending on each category. Some of them have the option to alert when you are reaching your limit and you can think twice before making that Amazon order.
Like everything in life, to become financially strong requires commitment. You need to invest some energy and hours of your time to make sure your day to day purchasing decisions are aiming towards your goals for the future. Take a look at the Play Store and review some recommended budgeting apps. Get one today!
