Every new year, there are endless lists of new year resolutions, particularly geared towards finance and this year has been no different. But how can you make and stick to your financial resolutions in a gloomy global economy? The global economic crisis has dug deep into our pockets, and even the lavish ones reached a certain financial epiphany. Thankfully, tech experts have swung into action and there have been quite a number of free budgeting apps circulating cyberspace to help track your finances. We have curated a list of seven of the best free budgeting apps around.
For most of us, the word “budgeting” feels like spiders in a dark room—creepy. It’s not easy accounting for every penny you earn or receive (and spend) just because it feels better to not be accountable. This is where budgeting apps come in. Many financial lives have been saved as they make even the lousiest money managers accountable in such an easy and pain-free way.
Once you input your data, these apps cut right to the chase to give a bird-eye-view of your finances. Each of these budgeting apps is designed differently, and since every individual has different ways of managing their money, the key is finding an app that works for your money management style. That being said, the word “best” is relative as what works for A might not necessarily work for B.
Here are 7 of the best budgeting apps to explore in 2023…
Launched by Dave Ramsey, the EveryDollar app helps users follow the “baby steps” out of debt and toward financial freedom. Using an approach called zero-based budgeting, you categorize your expenses before the month begins, assigning all of your take-home dollars until there’s zero remaining. It comes with a free and premium version. With the free version, you create and customize your budget, manually track expenses, and sync data across multiple devices. On the other hand, the premium plan offers the ability to connect to bank accounts and track spending in real-time. You also have access to group coaching calls with financial experts.
Fudget is a budget planner that features a simple spreadsheet interface that makes it easy to get a hang of the app. With Fudget, you can create a list of income and expenses for future goals and update them as you see fit. Its simplicity offers an uninterrupted view of your monthly spending. This app neither syncs with external accounts nor allows imports, so all entries will be manual. It has a one-time fee to upgrade, but you can use the basic version with ads.
#3. You Need A Budget
This app allows you to link your major accounts (optional) to account for every penny you make. The No.1 rule of this app is “give every dollar a job.” If you’re in search of a more detailed and intricate budgeting style, then this is the app for you.
This budgeting app doesn’t allow forecasting; it works with the cash you have presently, tracks your cash, and offers daily workshops on budgeting, debts, and saving culture, among other educational resources. The app is free for the first 34 days, after which you pay $84 annually or monthly at $11.99. Quite affordable for all the features it boasts.
#4. Good Budget
This app is a digital envelope that provides real-time transparency across all devices. If you’re a couple searching for budgeting apps, this one suits that purpose. Both parties can monitor the cash inflow and outflow conveniently. It helps couples save towards big goals like a new house or a much-needed vacation but works pretty well for an individual also. Once cash is paid into your account, it’s easier to find your envelope and allocate bills accordingly. For the basic option (which is free, by the way), a maximum of 10 envelopes is allowed. Fair enough.
#5. Pocket Guard
What a name! It explains a lot. Pocket guard ensures you don’t overspend by guarding your pocket. It also helps you lower your spending by finding better deals on your service/utility costs. Once it’s connected to your bank account, this app tracks deposits into your account while monitoring your constant bills and daily expenses. If that isn’t amazing, we wonder what is.
This app is interesting because it takes off the constant need to supervise transactions and activities. All you need do is connect it to your account and go on with your life. It uses proprietary algorithms to decide how much you can safely put away each month, then automatically transfers that money into Albert Savings after analyzing your overall financial capacity. If you’d rather decide, you can input the specific amount you want to be saved, and Albert will be at your service. Talk about a financial wizard!
If you’re more focused on saving more and spending less, as is the case with every frugal person, you’re in the right place. This long-standing app resonates with many individuals and it would be an anomaly if it doesn’t appear on this list. Mint helps guide your day-to-day spending by automatically sectionalizing your expenses and alerting you to spending outside the usual budget. The best part is the app is free and trusted. Cool, isn’t it?
A budget isn’t about restricting what you can spend, but rather permitting you to spend without regrets. You can confidently tell your money where to go and that, my friend, is bliss.
Featured Image: Prostock-Studio/iStock
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A creative writer with a voracious appetite for fashion, beauty, lifestyle and culture. As one who's passionate about the advancement of the woman, creating content that inspire smart style and living, and positive lifestyle changes is a calling I take seriously. At Style Rave, we aim to inspire our readers by providing engaging content to not just entertain but to inform and empower you as you ASPIRE to become more stylish, live smarter and be healthier. Follow us on Instagram @StyleRave_ ♥