Top 5 Free Apps to Ease Your Mind About Budgeting
It's likely no one gets up in the morning overwhelmed with joy that they get to “budget” that day. As an apprentice, trying to manage your personal finances while working and learning might be particularly burdensome. Despite not being the most thrilling of tasks, budgeting surely is the keystone of personal finance management. The good news is that there are many apps out there that can make your budgeting experience more fun and easy. We listed some of the best ones below:
- Mint: For those who’re looking to keep it simple and practical
Mint is one of the most popular budgeting apps and there’s a good reason why. Mint allows you to track your expenses & income, set savings goals, and get access to your credit score. Basically, it has all the core features you need to plan your finances. The app can also sync with your credit cards and bank accounts, so that all your financial accounts are connected. Another big plus is that Mint doesn’t have any additional costs and is completely free.
Google Play rating: 4.4
App Store rating: 4.8
2. Plum: For those who’d like to save & invest
Similar to Mint, Plum provides a complete picture of your finances by syncing with your bank accounts and credit cards. In addition to assisting you with budgeting, Plum makes it easy for you to invest with only £1 - however, it’s important to remember that Plum does not give any investment advice, so it’s ultimately your decisions that will affect how much return you get on your investments. There are additional features if you’d like to purchase the paid plans but the free version is good enough to facilitate your financial planning.
Google Play rating: 4.6
App Store rating: 4.7
3. Emma: For those who’re looking for a go-to financial app
Emma allows you to budget, invest, save and send money all through a single app. You can connect your crypto or bank accounts to the app, invest in stocks, and plan your finances using the insights provided by the app. You can even make payments via links or QR codes generated by the app, which allow you to send money without sharing your bank details. So, if you’re looking for a single app to manage your finances, Emma might be the one for you! Similar to Plum, Emma offers paid plans that come with additional features.
Google Play rating: 4.3
App Store rating: 4.7
4. Goodbudget: For those who’d like to stick to specific budgeting plans
If you’d like to make sure that you stick to your plans about how you allocate your money, Goodbudget might be ideal for you. Goodbudget operates with an envelope system, meaning that your income gets divided into expense “envelopes” such as leisure, groceries and gas in the amounts that you predetermine. As you spend from each envelope, you get to track whether you’re sticking to your financial goals and make adjustments when you realise that you’re overspending. A potential drawback is that the app does not sync with your bank accounts, so you need to manually enter all your expenses, income etc. Up to 10 envelopes are included in the free plan and you’d need to purchase the Plus plan if you wanted to use more than that.
Google Play rating: 4.3
App Store rating: 4.7
5. PocketGuard: For those who’d like to set goals and control their spending
PocketGuard allows you to easily track your expenses and set limits on your daily spending. Like many other apps on this list, you can sync your bank accounts and credit cards and gain insight into your expenses through pie charts. A distinguishing feature of PocketGuard is the “In My Pocket tracker”, which enables you to see the amount of money that’s left for your daily spending after deducting your savings goals and recurring bills. This way, you get a clear understanding of your limits and can reduce your spending, if necessary.
Google Play rating: 4.2
App Store rating: 4.7
As a final note, remember that finding a tool that encourages you to use it consistently is the key to taking control over your personal finances. So, spend some time trying out the apps listed above and search for other tools if they don’t seem to be the right fit for you.
If there are any apps or tools that you find to be helpful (including the ones listed here), please share them in the comments- our community would love to hear your recommendations!
This article was written by the Multiverse Community Team.