Why is having a budget important?
Getting a grip on your finances can really help calm anxieties about the future and/or give you motivation to make changes to get in a better financial position. Getting in a better financial position will help reduce unnecessary debt witch can lead to improved credit scores. It can also help with saving for major expenses, housing down payments, retirement, and more. Most people don't have the skills to create fancy budgeting spreadsheets and the commitment to keep them updated. Many people don't even watch their monthly statements from their bank and credit cards. So how can you take the stress out of watching your finances? Use a budgeting app.
What does a budgeting app do?
Once you download a budgeting app to your mobile device, tablet or computer, the app helps you track your money. The basic budgeting apps show you how much you earn and organize your expenses into separate categories so that you can see where and how much you spend.
Many budgeting apps offer much more than that, however. The best ones come with other services, such as monitoring your savings, your investments, your debts and/or your credit score. They will offer alerts when you have an upcoming bill due or recommend ways you can save.
Budgeting apps often sync with your bank accounts so it automatically tracks your spending. Some require that you input your transactions manually, which can take time.
Budgeting app FAQs
What does a budgeting app do?
The basic budgeting apps show you how much you earn and organize your expenses into separate categories so that you can see where and how much you spend.
How much do budgeting apps cost?
After a free trial, or if you want to upgrade beyond the free option, budgeting apps can cost anywhere between $1 per month for very basic budgeting features to $6-$15 per month for more advanced tools and customized tips for users.
Is a free budgeting app good enough?
Free apps are going to be very simply and full of ads. That may be a goo place to start but when you are ready for a more robust budgeting app that offers a variety of premium services consider a subscription-based app where you pay a monthly or discounted annual fee.
Per CNBC, the top five budgeting apps are:
Best budgeting apps
Have your budget in line already?
The next steps are choosing good financial professionals. As a real estate advisor, Sarah Marrinan can connect you to professional financial planners and mortgage advisors.
