Personal money management can help you to avoid going into debt or spending more than you can afford. Further, it allows you to build a solid financial foundation for the future. A student budgeting app can help you manage your bank account and keep your spending in check during your college years, from books to meals and other expenses. All this can be possible through technology. Now you might be thinking of what is the best way to figure out which of these money-saving apps will work best for you? Before deciding on one or more to utilize for money management, it’s crucial to examine the characteristics of each and understand more about what they have to offer. So, let’s begin.
1. Personal Capital
If you’re planning to invest or save for retirement in the future, Personal Capital is a smart money-saving app to use. This app allows users to view their investments on their dashboard and calculate their net worth using an asset allocation tool. This app can also help you keep track of how much you’ve saved and spent over time, allowing you to better your finances. This app may tell you how you’re doing based on information from all of the accounts you connect to it if you’re saving for retirement. This information can assist you in deciding where to cut costs and where to save, allowing you to change your budget as needed.
Our second app is Albert, a money-saving app that does more than just keep track of your cash and spending. The interesting part of this app is that it also allows you to send texts to money professionals, who can assist you in making intelligent spending decisions. For example, based on your budgeting information, you might be able to ask an expert whether or not you should make a given purchase.
Another app is Wally, a free budgeting application for college-going students that allows you to keep track of your money. However, unlike other apps, it does not automatically record your transactions, so you’ll have to put them in as you go. On the plus side, Wally does not require you to connect your bank account to get the most out of it, which can provide security assurance. When you download this app, you may track your spending by entering each transaction. Knowing your budget at a glance will help you figure out where you can save money.
One of the popular and free-to-use apps is Mint that makes planning and sticking to your budget. It lets you create a budget based on many categories, such as college books and other supplies, or weekly dining expenses. You may categorize your purchases and set spending restrictions for each. Moreover, it keeps track of your spending for each category in a spreadsheet after you connect the app to your bank account. This is a quick method for you to see how much you’ve been spending in each category at a glance, so you’ll know where to make budget modifications.
A budgeting app that helps with zero-based budgeting entails deducting all of your spendings from your income until you reach zero dollars. This app can help you avoid debt or pay it off if you already have it. Therefore, giving you more time to focus on your financial future. You must manually enter transactions in the free edition, whereas the upgraded version does so for a fee.
Dollarbird is another budgeting program, but it differs from many other money-saving applications like Mint in how it operates. Instead of categorizing purchases, this program uses calendar algorithms to keep track of them. This method can manage your money daily, rather than weekly or monthly, thus, much easier. To use this app, you’ll have to put in your transactions rather than having them entered automatically. With this tool, you’ll be able to see how well you’re sticking to your budget and whether you need to make any changes.
Another amazing budgeting app is Simple, which syncs with your bank account and lets you design and track your spending. This app has a function that tells you if you’re on track or if you should cut back on your expenditures. Because it connects to your bank account, you can manage your banking and budgeting in one app rather than two.
PocketGuard allows you to manage your spending and stay on track with your budget. This app keeps track of your transactions based on how you set up your budget, so you can see if you’re on track or if you’re in a good financial position. It also offers suggestions on how to cut costs if necessary, which can help you better manage your money. You may also use the function to see if you can afford something based on your budget. You can avoid using your credit cards for large purchases or incurring unexpected penalties that push you beyond your budget by using this app.
Chip is a money management app that can help you save and avoid overspending by making it easier to manage your money. When you connect Chip to your bank account, you gain access to various tools, such as expenditure analytics, savings goals, and saving streak tracking to see how long you’ve been able to save. Remember that Chip is only available to specific banks, so check to see whether yours is one of them.
Goodbudget is a budgeting app that uses digital envelopes to help you create and manage your budget over time. Depending on how many envelopes you use, this app can track your costs for a year or longer. It also features a debt tracker that can show you how much money you’ll need to get out of debt and how far you’ve come toward paying it off.
Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years.
Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, a one-of-a-kind portal with cutting-edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.