Have you struggled to follow a budget in the past? Then, downloading a budgeting app could be the best strategy for finally sticking to a budget.
Budgeting apps will help you organize your expenses for the month and keep you from spending beyond your means. They can also help you find opportunities to save money. Those savings could be put toward better causes, like paying down outstanding debts or filling up an emergency fund.
Without a budget, you could find yourself in a stressful financial situation. You might just scrape by, living from paycheck to paycheck, with no savings to speak of. You might accidentally overspend and drain your checking account before your next payday. Worst of all, you might find that you have no way to pay for emergency expenses that drop in your lap.
In emergency situations, you could turn to your credit card to cover an urgent expense when you don’t have enough savings available. Or you could go to a website like CreditFresh to see whether you’re eligible for a personal line of credit loan in your state of residence. If you’re eligible, you can fill out an application online. You just might get approved for the personal line of credit loan, which you could use to cover the urgent expense in a short amount of time. Once you’ve resolved the emergency, you can repay the line of credit loan through a straightforward billing cycle.
What App Is Right for You?
The Newbie: YNAB
Are you completely new to budgeting? Then, You Need a Budget (YNAB) might be the best budgeting app for you. The app is known for being straightforward, simple and effective. It also offers a variety of educational tools to guide you through the budgeting process.
The Overspender: PocketGuard
Do you have a habit of spending beyond your means? Do you burn through your paycheck within a week and wonder where all of that money went? Then, PocketGuard might be the app for you. This budgeting app has a feature that helps you track and reduce your recurring bills, like your online streaming subscriptions.
The Debt Planner: Mint by Intuit
Are you looking at your debt load and wondering how you’re going to get it down? Then a budgeting app like Mint can help.
Mint will link your budget to your checking, savings and investment accounts, along with loans and credit cards. So, you’ll be able to see the accounts contributing to your debt loads. You can use this feature to budget for your debt payments and watch the progress you’ve made in your accounts.
A high debt load can lead to a low credit score but paying down that debt can raise it over time. Mint’s app can help you track your score’s improvement with features like a free credit score report and daily credit monitoring through the credit bureau TransUnion.
The Couple: Honeydue
Are you in a relationship where you’re sharing expenses? Then, you should consider getting a budgeting app like Honeydue — and getting your partner to do the same. Honeydue allows you to create a joint budget for your shared expenses, like your rent, food and household bills.
Honeydue allows you to keep some expenses private. For instance, with the holidays coming up, you might not want your partner to know how much you intend to spend on presents for them. That’s only for you to know.
Not all budgeting apps are alike. Find the app that works best for you!
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