Budgeting is never fun but it is definitely necessary if you want to quit spending and splurging and start taking your money habits seriously.
If you want to start 2023 focusing on using your finances wisely on essentials like food, water, utilities, and rent, there are different budgeting apps out there for you.
Here are some of the best apps on iOS and Android devices that will surely guide you with a thing or two about managing your budget:
1. Mint
Mint, which is promoted as the most downloaded personal finance app by its parent company Intuit, is a great budgeting app for the average consumer.
Forbes Advisor writes that it offers tools to help you keep an eye on and analyze your personal finances, including subscription monitoring, personalized insights, and adaptable budgets.
These functions help you keep track of multiple credit cards, pay your bills on time each month, manage debt, and increase your net worth.
The standout features of Mint are the easily customizable budgets and alerts, where all of your purchases will automatically categorize, and you can easily create a budget for yourself.
2. You Need A Budget
You Need a Budget (YNAB) reports some pretty impressive savings figures, with new users saving, on average, $600 in their first two months and $6,000 in their first year of use.
It is a personal finance resource, expense tracker, and budgeting tool where you can keep track of your spending and create a budget while also letting you see your debt and credit balances side-by-side.
The app automatically synchronizes with your bank accounts and provides a comprehensive financial analysis of all of your accounts, ZDNet details.
With You Need A Budget, you can also compare various loan options and interest rates using a loan calculator tool in addition to expense tracking.
3. Goodbudget
Nerd Wallet notes that Goodbudget focuses more on financial planning than transaction tracking.
This app focuses on the envelope budgeting method, which divides your monthly income among various envelopes for different types of expenses.
In addition, Goodbudget offers educational materials to help you improve your financial literacy, such as podcasts, blog posts, and budget bootcamp webinars.
Due to the fact that you can sync the budget with multiple people, the Goodbudget app is also excellent for managing a shared household budget.
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4. PocketGuard
According to ZDNet, by using clever algorithms to manage and track your spending, PocketGuard adopts a different approach to budgeting.
With a bill tracker and organizer available as soon as you link your bank accounts, it also keeps track of your bills, assisting you in avoiding missing payments and running the risk of getting into more debt.
Additionally, the IN MY POCKET function on the app allows you to see how much money is left over after your monthly expenses have been taken into account.
Additionally, it can assist you in negotiating lower interest rates on your current accounts, enabling you to save more money and making it simple to determine how much disposable income you have.
5. Personal Capital
Due to its exceptional reporting options, desktop capabilities, investment management platform, and spending tracking, Forbes Advisor listed Personal Capital among the best budgeting apps.
The app has a number of savings tools made to assist with debt repayment, emergency savings, and retirement planning.
Additionally, it has great advisory tools like a real-time net worth tracker, investment checkup, investment fee analyzer, financial planning, cash flow tracking, and planning for future expenses.
All of these resources assist you in making future plans while providing thorough insights into your current financial situation.
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