Budgeting Apps: An Effective Solution to Gain Control Over Your Finances

April 2020

Keeping track of your personal finances can be complicated and take time. Even once you do set a budget or try to limit your expenses it can be hard to remember exactly what you set aside for the week. In fact, almost 9 out of 10 Americans report feeling worried and upset about their finances according to a recent poll.¹ That’s where budgeting apps come in: there are a number of free apps that can help you keep your finances in order. Here are a few great apps worth considering.

Clarity

Clarity Money is a free app that assists you in everything budget-related from recording your costs, informing you of your credit score to even reminding you about subscriptions you have that you may not want anymore. Having Clarity Money on your smartphone is very useful and it can greatly assist you in creating and maintaining a reasonable budget that keeps your financial status thriving. It is therefore highly recommended.²

Goodbudget

Goodbudget is a free app that will help you to develop, well, a good budget. It uses the envelope system where you allocate money before the start of the month for different expenses. The app reminds you of your limits and informs you of when you are approaching them. It even allows this to be worked out for a whole family. In addition, it can help you manage your bank accounts and for a $6 per month you can purchase a premium version of the app known as Goodbudget Plus, which allows you to add more envelopes and keep track of more categories. That said, even the basic free version is very useful, so don’t be scared away by the premium option.³

Mint

Mint is an excellent app that helps you manage your personal finances. It keeps track of all your bank accounts and will analyze and then give advice about the best way forward to maintain or re-attain a healthy financial standing. The Mint app is kind of like having a friend who gently reminds you when you are spending too much or owe money on a bill soon. It gives you some friendly advice about where you stand financially on a regular basis so that you make better decisions. It really is a must-have when it comes to budgeting apps and consistently receives high ratings and reviews from users.²

YNAB

YNAB stands for You Need A Budget, and this app is one of the first ones you should consider downloading if you want to make and keep a budget which is always a good idea in today’s financially stressful climate. YNAB lets you apportion out money to different categories and keep track of all your finances. YNAB is like a defensive guard with a giant money sign on his shirt who makes sure you don’t throw money away on useless things. It also does some analysis and provides personalized tips on how to continue improving your budget, pay off debts and climb to a higher level of personal financial wellbeing.⁴

Wally

Wally is well worth taking a look at, even though it can take a while to learn because of its many features and unique layout. Nonetheless, Wally has some features that other apps do not have. A big plus that Wally has is that it can support tracking and budgeting in any foreign currency, not just US dollars.³ This makes it a particularly good option for users outside of the USA. Wally is free and works with both iPhone and Android devices. It is especially popular with younger users.


[1] http://www.prweb.com/releases/2018/03/prweb15293756.htm
[2] https://www.badcredit.org/how-to/5-best-budgeting-apps/
[3] https://www.thebalance.com/best-budgeting-apps-4159414
[4] https://youneedabudget.com/