Sticking to a budget is probably one of the most common frustrations people have. Whether you prefer the envelope system to stay on course or are just looking to track your investments proper organization is key. We’ve compiled a list of 5 budgeting apps that people are loving that will help your money get organized once and for all in 2020!
Mint
Is this your first rodeo? New users take note.
Perhaps the most well known, Mint, allows users to create budgets, track bills and receive a free credit score. But it’s the budgeting feature where Mint shines the most. The app asks you to link your bank, loan and credit card accounts. Once you have the right accounts for your needs, Mint uses information from those accounts to suggest budgets for you based on your spending, classifying them into categories such as “Entertainment,” “Food & Dining” and “Shopping.” The best part? You’ll be able to see how much you can save by cutting back your spending in a category. Oh and did we mention? Mint is free to use!
At the end of August, Mint announced an app refresh with data-driven “MintSights.” Again, using your actual financial information, MintSights will provide personalized recommendations. These range from creating a first budget to debt consolidation to how to grow your investments.
YNAB
This one is for the visual learners.
“You Need A Budget,” asks users to “give every dollar a job.” First, users are asked to set a budgeting goal, such as a vacation or education expense. Then, they must fund their goal by linking it to a personal account (checking, savings, cash, credit card or line of credit). If you choose to link your account, your balance will be automatically imported into the YNAB debt manager. Finally, users are asked to create categories (think “dining out,” “groceries” or “transportation”) and to allocate a certain amount of money toward each so that they aren’t overspending (and are saving for that vacation or tuition bill). The service claims that it saves new budgeters $600 by month two on average, and more than $6,000 the first year.
The only downside? After a 34-day free trial, YNAB charges $6.99 a month, billed annually at $83.99.
Goodbudget
Who loves the envelope system? Here's an app for you!
Goodbudget takes your monthly income and allows you to put aside portions of it into different envelopes for categories like groceries or transportation. As the month goes on, you can take money out of each envelope for each expense. Stop spending in that category once you’ve emptied the envelope–or before, if you’re smart. It takes away the hassle of putting actual cash in paper envelopes, and instead allows you to track your spending online or in the app. You can either opt for the free plan or the plus plan for $6 a month or $50 a year. With the free plan, users get 10 regular and 10 annual envelopes. Plus plan users have unlimited envelopes and access to email support.
While this app is great for those who like to see a breakdown of where their money is going, it takes discipline to use the app successfully. There are no fancy algorithms showing you how much to save, but it does help you gain control over your money.
Wally
Personal Capital
Are you a someone who want to track investments, net worth and cash flow?
Personal Capital automatically tracks all of your income and expenses, separates expenses into spending categories and provides graphical tools to see where your money is going. Beyond cash flow, Personal Capital also tracks all of your investments. Once you link your retirement and other investment accounts, you can see your asset allocation and analyze the expense ratios of your mutual funds and ETFs.
You can track your net worth, see your upcoming bills, get a snapshot of your budget, review your asset allocation, and evaluate your current portfolio all on one app.
It's the perfect time to get your finances in order for the year ahead. These are just some of the tools available to help keep you on track. Whatever works best for your saving style, it all starts with establishing a partnership with a bank that you can trust who has products of value and provides outstanding service. The rest is up to you!
