Take care of the pennies and the pounds will take care of themselves.
Budgeting. Not the sexiest of topics. Nevertheless, unless we’re able to budget most of us will struggle to meet our financial goals – or even live within our means. If you haven’t yet developed the kinds of budgeting skills that make you a cash ace then there are plenty of apps out there to help you.
The lifehack – YNAB
YNAB – or You Need A Budget to give it the full name – has generated a lot of attention since it was first launched. The idea behind the app is that you can divide up your cash so that you have different ‘pots’ of resources for different things. It’s a much more proactive app than many other budgeting options because it works with what you actually have. If you over or under spend your budget then the app gives you options on what to do with it.
And once you’re budgeting better the app also helps you save – in fact, it claims that the average person using the app saves $3,300 over the course of nine months. This sounds like a far better option than getting in to increasing amounts of debt and ending up paying high interest rates on bad credit loans or no credit check loans.
The accountability app – On Trees
While some apps focus on what you’re going to do with the cash you have in the future, On Trees looks back at where it has gone. If you want to make yourself fully accountable for your financial decisions then this is the app to choose. Transactions are automatically sorted into categories that will show you how you spend, what you have and where you could budget better. The app was taken over by MoneySuperMarketseveral years ago and so is likely to evolve in time. However, if you want a clear perspective on your finance right now this app provides it.
The envelopes app – Good Budget
Good Budget has had a lot of success helping people to budget using the envelopes method. This works on the basis that you have virtual envelopes for categories of household expenses. Money is deposited into each virtual envelope to cover that expense, ensuring that you don’t miss payments or fail to meet obligations. What’s left can be divided up in to savings or spending envelopes. Good Budget also allows for sharing with others so if you’ve got joint budgeting or savings goals with a partner or family member you can share progress.
The solid basic app – MyBudget
If you’re looking for no frills, straightforward, easy to use budgeting apps then MyBudget rates pretty highly with users. The main selling point of the app is the clarity of the interface and the fast access to information. When you’re making split second spending decisions or trying to work out what payments you’ll be making in the next week all the figures are there at your fingertips. The app allows you to transfer cash between accounts to ensure you stay within balances and to set key savings goals so that your budget isn’t just about not overspending but saving for the future too.