5 money saving apps you can use to manage your budget right now

5 money saving apps you can use to manage your budget right now

For many people, saving money and maintaining a budget are very hard to do. Fortunately, there are several mobile apps that will help you do just that.

Temptations such as buying new gadgets, eating out, and spending on other luxuries often drain the monthly paycheck quickly.

The ongoing coronavirus pandemic makes saving money even harder. Jobs are being lost while some are earning less because of the reduced working hours. The global recession that is happening right now makes things difficult from a financial perspective.

For those who need a little help in creating and maintaining a budget, there are many mobile apps available for both Android and iOS that can help in getting personal finances under control. Some offer general money management while other apps specialize in bill tracking.

Whatever your needs are, here are some of the best budgeting apps to use this 2020.

1. Mint

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Mint is one of the best budgeting apps out there. This app has a lot of features that help users to track cash, credit cards, bills, and other expenses.

The app serves as a central hub wherein it notifies the user when bills are coming up as well as alerting them to any new debts acquired.

One good feature is as long as the app is being used, it will send financial advice based on the spending habit of the user.

Mint is developed by Intuit, the same developer who created QuickBooks and TurboTax, and it surely knows what to provide in a “money-saving” app.

All of Mint’s features are offered for free and the app is available for both Android and iOS devices.

2. PocketGuard

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PocketGuard, as the name implies, helps guard the pocket from overspending. This budgeting app is similar to the Mint in terms of consolidating all finances into one application.

This app is easy to use and connecting to a bank is relatively easy. Once installed, the user can easily track incoming and outgoing cash flow. Recurring bills may also be inputted for easier tracking.

One of PocketGuard’s unique features is that it can scour for deals while monitoring the user’s recurring bills. Let’s say, a mobile plan costs $50, the app will then do an online check if a similar mobile plan is available at a lesser price.

PocketGuard is available for both Android and iOS devices.

3. You Need A Budget

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You Need A Budget (YNAB) has been around for years and it has gained a lot of loyal users. The main difference between YNAB and other money-saving apps is it gives every dollar a job. This dollar is then assigned by the user to a certain job such as recurring bills, food allowance, investments, or commuting budget.

It gives a sense of accomplishment whenever every dollar is spent on a need and not on another impulse expense.

The app is also great for couples living together who want to budget their money collectively. The ability to sync bank accounts automatically, plus the goal tracking feature makes it a must-have for individuals as well.

YNAB is available for both mobile and desktop devices making it easier monitoring on the go. However, there is a monthly fee of USD$11.99 (AUS$ 19.8) per month or an annual plan of $84.

4. Wally

Wally comes fourth on the list, not because the application is bad, but because of its interface. Compared to the first three apps, Wally is not as easy to navigate. Still, it does what it is made for – budgeting.

It is very similar to all other apps mentioned earlier. But the good thing about Wally is the automatic input of expenses by taking photos of receipts. A feature that allows geotagging is also included and allows for the automatic filling out of information.

Unlike YNAB, Wally is available in iOS and Android for free. In addition to the features mentioned, it supports foreign currencies as well, making it a better choice for users outside America.

5. GoodBudget

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Goodbudget is the modern-day envelope budgeting system. Just like the traditional way, this app segregates the person’s budget on a specific category.

For couples or for family users, it allows multiple accounts and it makes it easier for people living in a single household. However, it does not allow for automatic syncing of banks, which other apps allow. Once set-up, the user has to input the details manually.

The free account only allows one account, with access for up to two devices. The $6 per month GoodBudget Plus allows for a higher number of accounts and envelopes to use.

GoodBudget is available for Android and iOS devices as well as desktop.

Featured image courtesy of Pixabay.

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