Managing finances can be time-consuming and overwhelming to keep track of. Using an Excel sheet can be handy, but maximizing its potential means learning the formulas that come along with it. Even then, it can still be daunting to track, especially if a formula doesn’t calculate correctly. Thankfully, it’s easier now with the available apps online. Here are some of the budgeting apps in the market today. Take note that these apps offer in-app purchases and may require payment to access more features.
Goodbudget
Apart from budget planning, debt tracking, and money management, Goodbudget allows users to share their data with other people. This makes it easier for households to manage their finances together. The sharing and backup function also makes it accessible for other shared devices. Since the data is automatically uploaded to the cloud, users won’t have to worry about losing their financial information. Those who opt for the paid subscription can get more features, such as automatic bank synchronization. The app is available for both iOS and Android.
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Money Manager
Another app is Money Manager that offers functions like double-entry bookkeeping, debt management, and asset graphs, among others. The photo attachment option and calendar visuals improve user experience by providing data in an appealing format. Just like Goodbudget, users can backup and restore their data via email, iTunes, and iCloud. The app, available in iOS and Android, is also secured by a time-based passcode that can be modified based on the user’s time lapse preference.
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YNAB
YNAB stands for “You Need A Budget”, and aptly so, the app helps users do just that by providing reports on their net worth, spending breakdown, and income vs. expense. It also offers a planning tool that calculates interest rates. Users can set spending targets to stay within the budget and avoid unnecessary expenditures. The app, available on both iOS and Android, has a 34-day free trial for those who want to try it out. Otherwise, you’ll need to pay a monthly fee of USD 14.99 or an annual fee of USD 109, which can be shared with six users.
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Tracking finances responsibly
In addition to tracking finances better, keeping a record of one’s income and expenses can lead to wiser choices in the future. While apps such as Goodbudget, Money Manager, and YNAB are available, it’s up to the user to be conscious of their spending. Rather than spending it on non-essential things, it’s better to save up for a rainy day and spend on what is necessary.
Photo credit: The feature image is symbolic and has been done by Jakub Żerdzicki.
