Managing personal finances is an important part of our lives especially for students, who just started their independent lives. Trying to save enough money for tuition fees, textbooks and everyday expenses while financing hobbies and entertainment can be a challenge. Luckily the modern technology has all kinds of solutions for you to help to manage your expenses better. In this article we will show you the best financial tools and apps that you can use to manage your personal finances better.
What apps can you use?
I will show you a few options for apps you can use.
Mint
One of the best features on Mint is, that you can link all your bank accounts, investment
accounts and more, in the app, so you can track all your incomes and expenses at one place. Mint also categorizes your expenses; therefore, you can track, in which category could you spend less. With Mint you can monitor every transaction from every account you have. The Mint application is now being reimagined on Credit Karma, which means you can find credit cards and loans in the app as well. The mint application is a free app, but to gain access to some of the features it offers, you will need a subscription.
You need a budget
You need a budget is also an application, made for better managing personal finances. This platform is using the zero-based budgeting method, which means, that it encourages people to use up every bit of their money. You can either put the money towards bills, groceries and other expenses or to your savings. To do this method successfully, you need to prioritize what you are spending money on, and YNAB helps with that too. With the help of the application, you can also categorize your savings. The only disadvantage of this app is the same as mostly every application in this field, you must pay a monthly or yearly fee to get the full version.
PocketGuard
PocketGuard is also a budgeting app with many features. It helps you track your bill
payments, and gives you automatic reminders, so you won’t miss any due dates. The
application offers automatic payments for frequent bills as well.
PocketGuard also offers budgeting features, with the same zero-based budgeting method as YNAB. You can make a budgeting plan and put money every month to the different categories in the application, so you can manage your finances better, and you won’t spend beyond your means. One of the features only PocketGuard has, is a fraud detection system that helps you avoid scams. This application helps you avoid debt, however, if you are already in debt it helps you get out of it as well with a payment plan.
As every other budgeting app PocketGuard also requires a monthly subscription for the use of most of the offered features.
Expensify
Expensify is an application for both personal use and for businesses. Therefore, it offers a
broad range of features. Expensify makes it easy for businesses to manage their money, but it doesn’t only help to big corporations, it also helps individuals. You can categorize your expenses and send or receive payment requests to and from your friends as well. The app also offers automatic bill payment, helps you auto-calculate your taxes, discounts and other fees. With the help of Expensify, you can manage your travels, flights, accommodation and more too. This app also requires a monthly subscription.
Goodbudget
Goodbudget’s budget management also works based on the envelope method, aka the
zero-based budgeting method. You can set up a plan and you can categorize your earnings according to that plan. With Goodbudget, you are also able to share your budget with your household, this way you can follow who spent on what in the month, and you can plan your budget together. This application offers similar features to the other ones, like saving plans and debt payment plans, however Goodbudget also offers courses on how to save money and how to plan your payments. They also offer a paid version which offers you more features.
Which app is the best one
Every budget management application is great on its own way. You need to find the one
that fits your needs the most, and which is the easiest for you to use. However, if you don’t
find the best budgeting app for your needs, or you don’t want to pay for the full version of
these applications, you can try out the zero-based budgeting method for your own. Start
budgeting now and avoid unnecessary debt in the future.
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