5 of the best budgeting apps (and why you need ’em)
Picture this: you’re energised, coffee on one side, your favourite tunes playing from the other, and you’re super pumped to … do your budget?
Maybe for some people that sounds like a relaxing weekend activity (teach us your ways), but for many of us, budgeting is boring. Sorry, we had to say it. So instead of whining about all the things we just love about adulting, here’s a solution: a list of our favourite budgeting apps to make this one thing a little easier. These apps take the guesswork out of setting your monthly budget, allow you to easily track your spending and help you make responsible financial choices so you don’t have too much month left at the end of your money.
Timeless principles meet modern-day tech with Goodbudget. This app works on the envelope budgeting system, which involves dividing your monthly income into categories with a set amount of money dedicated to each one. Back in the day, people used to do this with actual envelopes containing cold, hard cash, and when the paper ran out, that was it for that category. This is ideal for those of us who tend to tip the scale from ‘savings’ over to ‘treat myself’ a little too often. You can also easily sync Goodbudget across devices and share it with your partner or friends, so everyone involved in the budget can deduct from the categories.
Cashless payments? Love that for all of us. You know who doesn’t love that? Our budgets. When we can’t physically see the stack of purple buffalo notes going down, it’s easy to think that all those taps aren’t hurting us. Enter Wallet, the handy app that tracks your spending, supports multiple currencies and helps you to reach your goals by knowing where your money is actually going – making that Euro trip look all the more realistic. Create folders to limit spending and receive insightful reports on your budgets and the status of your finances.
This popular app by Old Mutual allows you to link all your bank accounts, investments, cryptocurrency, loans and even rewards cards in one place – giving you a seriously accurate picture of your financial situation. Simply categorise your transactions and 22Seven will draw up a budget for you based on your spending, which you can tweak as necessary. The app also gets smarter the more you use it – so it can automatically deduce that that 3am Engen pie should go into your ‘Bad Decisions’ category. You’ll also get nifty notifications with suggestions on where you can save and spend more efficiently, plus peer comparisons so you know if you’re spending more on, say, groceries or booze than others in your income bracket. Spend tracking, personalised budgets and not having to jump between multiple apps? Sounds like a good time.
If Forbes is talking about an app, you know its creators must be doing something right. Wally gives you the option to create a flexible budget to help you save towards those big purchases or events. The app also gives you real-time updates on your transactions so that you’re always clear on where you’re at financially. You’ll receive reminders on upcoming payments on loans or bills, so you’re not completely caught off guard when those debit orders go off. The app also allows you to create groups to share and track budgets with colleagues, housemates and friends.
This everyday budgeting app makes keeping track of your finances a lot more light-hearted. Buddy mixes the seriousness of financial responsibilities with playful, modern aesthetics so you don’t even have to feel like you’re adulting. Buddy allows you to create and share budgets, track expenses and customise the app according to your money goals. You may also appreciate the use of emojis across the app and the intuitive navigation, which makes the world of money matters a lot easier to grasp.
Using apps like these is a lot more effective than just skipping that daily flat white and hoping you’ll be rich one day because of it. So find one that works for you and stay in the loop with where your money is going.
Feeling like the boss of your money? If you’re ready for a little more responsibility, we have some pointers so you can manage your personal loan like a grown up. Better yet, do an overall spring clean of your finances – you’ll be surprised by what you’re paying for that you may not need. Finally, try comparing quotes with us and save more money every month on new loans, car insurance and more.
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