Budget Apps Make It Easier Than Ever Before to Take Control of Your Finances In 2019
Earning money is most certainly helpful in ensuring we can provide for our families, buy groceries, and of course, have a place to sleep at night. We also rely on money for entertainment – whether going to the movies or dining out. Having our money grow and putting away money for the future is so crucial, now more than ever.
Without keeping track of your finances, your money can leave your account as quickly as it comes in. The problem is, taking control of your finances isn’t always easy. However, you don’t have to go it alone. App stores are filling up with many options that are designed to make money management easier.
These days you can easily set and manage your budget through a handy app. Now you may be skeptical about installing another app. I don’t blame you, however, I do know that budgeting apps have helped me track my income, generate reports, and identify ways to save money in the long run. Let me walk you through these benefits. But first, here’s a quick primer on what exactly is a budget and who can benefit most from a budgeting app.
What Is A Budget?
A budget is essentially a document that provides a detailed overview of your income and expenses. Normally, you would start by estimating the amount of money you earn during an entire month. Next, you would compile a list of monthly expenses. There are different ways to set up budgets – from using a pen and paper to using the best budgeting app of 2019. The ultimate goal is to ensure that your monthly expenses never exceeds your monthly income.
There are different categories into which expenses can fall when setting up your budget. These may include:
- Fixed Expenses – These are expenses that stay the same every month. They will usually include expenses such as your rent and car loans. Long-term loan repayments, gas, and groceries can also fall into the fixed expense category.
- Variable Expenses – These are expenses that tend to change from month to month. This may include charges on your credit card, as well as random shopping sprees, entertainment, and dining out.
- Intermittent Expenses – These are unforeseen expenses such as repair costs when your car breaks down, or medical bills when you get sick.
- Savings – This is money placed in a savings account. It can be used for vacations, gifts, or even a new car.
Who Needs Budgeting Apps?
Budgeting apps make life easier due to their many convenient features. Still, you may not know whether these apps are right for you or if you should manage your budget using a different option. The good thing about budgeting apps is that they can be used by anyone. Plus, there are a couple of free options available in app stores, such as the EveryDollar Budget app. Budgeting apps on mobile devices, as well as those that can be used in the browser, are also perfect for beginners. If you have never set up a budget before, then these apps can help you get started.
A lot of the apps available can automatically import transactions from your credit card and bank account. Once imported, the transactions are categorized for you. This way, you don’t have much manual work to do. In fact, you can automate the majority of your budget with the use of a personal finance assistant app.
If you and your partner are managing your finances together, then consider a budgeting app for couples, which can help you manage multiples accounts in one interface.
6 Top Reasons Why You Need A Budgeting App
If you haven’t yet taken control of your own finances, then you need a budgeting app to help you out. Here are a few reasons why you need to start using one of these apps.
1. Your finances are more organized with a budgeting app
One of the primary factors that you need to consider when it comes to a budgeting app, such as the Wally App, is the fact that it will help make your finances, as well as your life, more organized. All of your income and expenses will be conveniently categorized. You’ll be able to draw up reports and charts in an instant. With a budgeting app, there’s no need for scattered papers, multiple files, or complicated spreadsheets. A single app can store all data related to your budget.
2. You take control of your finances
When you don’t know where your money is going, it can be very hard to remain in control of your finances. Whether you’re a college students or working professional, budgeting apps can provide complete financial transparency. In turn, this gives you much greater control over how you adjust your spending. For instance, using a budgeting app has helped me adjust my spending on groceries and entertainment. As a result, I’m better equipped to meet my monthly financial obligations.
3. You automate your finances
The majority of budgeting apps available on mobile app stores can help you automate your finances. Once you complete an initial configuration process, you can usually connect the app to your bank accounts. This allows all transactions to automatically import into the app. Your income and expenses are automatically tracked. Plus, most apps will categorize your spending.
4. You identify ways to save
As you take more control of your money and get a better overview of your finances, you can start saving more money. You can easily see the categories in which you’re overspending. This allows you to adjust your budget accordingly and increase your savings. For instance, you can stop overspending on new clothes and entertainment. Instead, you can place that extra money into a separate savings account or use it to pay up your debt faster.
5. You develop healthier financial habits
Besides helping you save more money, budgeting apps can also help you develop healthier financial habits. For example, one healthy financial habit I’ve developed thanks to using a budgeting app is the practice of distinguishing between desires over needs. I’ve also made it a habit to save money for bigger goals, instead of carelessly spending away my extra money each month.
6. You save time
As you can see, there are a number of benefits that come with using a budgeting app. However, the benefit of saving time may be the most important. After all, time is money. You can’t underestimate how much time you save with a budgeting app. All of your transactions are automatically imported, and there is no need to worry about having to sort through hundreds of transactions. At the end of the day, you simply log in to view your budget, make adjustments, and plan for an awesome future.
Creating a budget is an important part of money management. A budget helps you remain in control of your spending. It also gives you a better overview of your income. Modern technology has made budgeting much easier. Choosing the best budgeting app for iPhone or Android takes all the hard work out of controlling and monitoring your finances. As a result, you’re left with an easier path towards your financial goals.