Unless you are a billionaire, it doesn’t matter how much money you make but comes down to how much you can save.
Making a plan to manage your finances can work wonders.
Budgeting helps you live debt-free with a better savings plan and a clear picture of where your money is going.
Today, there is an app in the market for everything.
You can find numerous free budget tracking apps on the web to manage your finances better than a paid accountant.
According to Forbes, by using a budget app, you may finally be able to break the living on a paycheck-to-paycheck cycle.
How Do Financial Management Apps Function?
These apps may seem different, but they primarily work along the same lines.
The primary function of these financial management apps is to help you create a workable budget that you can stick to based on your income and spending habits.
These apps can help you avoid late or missed bill payments with organizers and due date trackers.
They can also sync with your bank and credit card accounts to help you keep track of your new purchases and other debit transactions.
They have similar features to your checking account or credit cards, which let you pay bills automatically.
List Of Top-Rated Free Finance Management Apps
Mint
Mint is recommended as the overall best budget app. It has a 4.8 and 4.5 rating on Apple Store and Google Play, respectively.
The app can sync many accounts: checking and savings, credit cards, loans, investments, and bills.
Mint automatically puts your spending into personalized budget categories, where you can set spending limits, and the app lets you know if you’re approaching those limits.
Mint also helps its users pay down debt and shows their credit score and net worth.
Goodbudget
Goodbudget is an app with a 4.7 and 4.5 rating in Apple Store and Google Play.
The app focuses more on planning for your finances than tracking previous transactions. It is based on the envelope budgeting system.
You manually add account balances and cash amounts, debts, and income, then assign money toward your envelopes.
This app doesn’t connect your bank accounts.
Chronicle
This app works as a bill organizer, tracking bills and subscriptions, with reminders to make sure you always pay all of your bills on time.
It also has a secure built-in browser and full iCloud synchronization, whether you use it on iPhone, iPad, or Mac.
This app is available on Mac and iPhone with a 4.5 Apple Store rating.
EveryDollar
EveryDollar offers a simple zero-based budgeting framework with a pretty high 4.8 rating on Apple Store.
Its Google Play rating, however, is 4.2.
You don’t sync accounts in this app but manually enter incoming and outgoing money throughout the month.
You can also categorize line items in your budget and set reminders for bill payments.
Personal Capital
Personal Capital is primarily an investment tool, but its app includes features helpful for budgeters to track their spending.
You can connect and monitor checking, savings, and credit card accounts, as well as IRAs, 401(k)s, mortgages, and loans through this app.
It has a whopping 4.7 and 4.4 rating in Apple Store and Google Play.
Importance Of Budget Management Apps
Easy To Use And Manage
Compared to using a budgeting spreadsheet or the hassle of writing down your budget on paper with a calculator in hand, you can easily download an app to your phone, tablet, or computer.
You can take your budget with you and keep tabs on your spending habits everywhere.
Once you get your budget set up and your accounts synced, the app can manage everything for you.
Comprehensive View Of Your Finances
A budgeting app links your bank accounts, credit card accounts, loan accounts, and investment accounts in one place.
This complete view of your finances proves helpful if you are working on paying down debt or easily track net worth month to month.
Notification Alerts
Apps that manage your finances can alert you through notifications if a significant, unusual transaction occurs in one of your accounts, giving you a chance to check for fraud.
These apps can also notify you of impending due dates for bills, helping you avoid missed or late payments.
Most apps let you customize the alerts they generate, which means you can tailor the experience to your needs.
Progress Tracking
Budget management apps can help you track your overall financial growth and progress toward specific goals.
Over time, you can also track your net worth to follow how your finances have changed since you’ve started managing your finances.
The bottom line is that there are loads of advantages to using a budget management app to track your finances.
Still, you have to remember that while these apps can offer you the tools, it is up to you to commit to your budget and change those poor financial behaviors.