Delving into the world of finance is overwhelming for many of us. It seems to be filled with complicated products and equations, but it doesn’t have to be. We now live in a world where technology can provide us with an app for almost anything, this includes navigating our budget and finances.
First you need to understand the basics of a budget; our income per month minus our debt and bills per month equals the extra cash we have to either spend or save. This sounds simple enough, especially if you are a natural saver, but if you are a natural spender, you tend to be more liberal with money and purchases making it difficult to know where it all went. This is where navigating your personal finance with an app may help you optimize your budget, and identify wasteful spending in order to help you reach your financial goals. There are many to choose from, below are just a few to consider:
Mint – this is a free app that can connect directly to your bank, using specific details to create a personalized budget. This app lets you keep track of all your financial information in one place. It will also keep track of money spent helping you to identify unnecessary spending.
You Need a Budget – (YNAB) this app allows users to set up a budget with categories (mortgage, utilities, food, etc.) Users can record spending expenses directly at the cash register with fast entry keeping your budget up to date. It includes a flexible living budget that helps you avoid overspending in order to achieve your future goals. This app does come with a fee of $60, but you can try it free for a month.
LevelMoney – this app provides a simple real time picture of finances in order to help you maintain profits and keep you budget on track. However, there is only one category: money. It does not allow you to break down your budget into different subcategories.
Expense Manager – tracks income and expenses weekly, monthly, and yearly, it also offers specific categories. You can schedule payments, take a picture of receipts and set payment alert notifications. It offers charts and account transfer. All data is saved on the user’s Dropbox account.
Before choosing the best app for you, be sure and check the link for each to get more detailed information. Each app has pros and cons and no site can be 100 percent secure, you will need to make a personal decision regarding your comfort level when sharing banking information. It may serve you well to contact your financial institution or financial advisors for a recommendation.
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