A big part of being a financially responsible adult is learning how to budget and doing it properly. It takes more than just knowing how to do maths; keeping track of all of your expenses, what you make, how much you have outgoing, what you're over-spending on, how much you're saving, etc. is a complex process with a lot of variables involved. So, why not let technology help? There are plenty of budgeting apps on the market to help you out if working out your own budget is too much of a hassle.
1. You Need A Budget
Need I say any more? You do need a budget, and You Need A Budget not only knows that about you, but it also solves your problem. There's an old budgeting trick that instructs you to take all your money on payday and divide it into different envelopes, depending on your needs: one for groceries, one for leisure, one for rent, one for clothes, etc. That way, you have to work within a limited budget in each category and it forces you to rein in your spending.
The same concept applies to You Need A Budget. The app allows you to set up multiple different sub-budgets for everything you need, in order to make it clear and easy to see where your money is, and where it's going. Notice the clothes "pot" is empty after just a few days? Do you never make it to the end of the month with all your leisure money? Then you know you either have to redistribute the money in your budgets, or adjust your spending.
Wally makes it incredibly easy to track your spending, if that's where your issues lie. You can't save money if you are not completely aware of what you've got coming in and going out, and equally important, where your money is going. Thankfully, Wally allows you to track all of those categories, including savings. When you've got a clear picture of your finances, it's much easier to make decisions and see where adjustments are necessary.
The novel thing with Wally is that it also uses location services in order to pinpoint where you are and be able to locate the exact place where you spend money. That way, you can successfully keep track of locations that are particularly expensive or which enable you to spend money unnecessarily.
You may already be familiar with Goodbudget, but with its previous name, Easy Envelope Budget Aid. As you may have guessed from the name, Goodbuget is another app that works with the envelope method. Not only can you divide your money up into different categories, but you can check the balances for both your bank accounts and the envelopes. You can also use the option to track your expenses.
A very good feature is the fact that the app can be synched with multiple devices, belonging to different people. That can be extremely useful if you share finances with a partner, or your family, etc.
4. Money Dashboard
If you've got several bank accounts and that makes it difficult for you to keep track of all of them and always be aware of your balances, then Money Dashboard is the right app for you, because it enables you to check up on all of your balances within the same app.
However, in order to be able to benefit from this feature, you do need to input your bank login, which gives the app access to your statements. Understandably, that can make some users suspicious or uncomfortable. If it gives you peace of mind, it's good to know that you can't actually withdraw money, make payments, or transfers; just check your accounts. So, the potential for fraud is minimised.
Like other apps, Money Dashboard also assigns labels to your expenses, so you can keep clear track of where your money is going and how much, exactly.
As you can see, there are several options for budgeting apps if you struggle with keeping track of your finances. Budgeting is not something that comes easy, but it's something that can be learned if you take an interest in it and have the right app to help you out. Pick the one that best suits your needs!