If you are not able to manage your finances well, it is high time you considered using an effective budgeting tool. There are many people who feel distressed, helpless, and overstressed when overburdened with ever-rising debts. You must avail one of the most efficient budgeting apps to manage your finances better.
As per Forbes, “The reality is that upwards of 35% of the LGBT community admits to not using any tool to manage their finances. With 57% of LGBTQ people saying their financial situation adversely affects their mental health, it’s clear that more of us could improve our financial situation if we used the tools that are designed to make managing our money or talking with our partner about money easier.”
Budgeting could really be an overwhelming exercise and it could be really challenging to identify the right budgeting app for your unique requirements. There are many budgeting apps to cater to the specific requirements of the new generation of budgeters, as well as, the old-fashioned budgeters who believe in the envelope system. There are a plethora of budgeting apps available today in the market to keep you and your wallet forever happy. Here are some of the hot favorites.
Mint is probably the most reputed and well-known budgeting app. It helps users in creating budgets, tracking bills, and receiving their credit scores for free. Mint rose to prominence thanks to its amazing budgeting feature. Mint would require you to go about linking your loan, bank, and even credit card accounts to the app. Mint would then be using all the necessary information from all your accounts to recommend an appropriate budget for you depending on your spending. The app would classify all spending into different categories like Food & Dining, Shopping, Entertainment, etc. You could understand the exact amount you could actually save by reducing spending in some category.
Mint has come up with an app refresh in the form of the truly data-driven MintSights. This would be providing customized recommendations to create your first budget or grow your investments effectively. However, now the Bill Pay choice is no longer available and so you would no longer be able to pay all your bills through this app. However, as a user you could still go on adding your bills, tracking the relevant due dates and the total amount while marking bills as paid. You may contact trustworthy and renowned sites such as NationaldebtRelief.com for perfect debt solutions.
Goodbudget is built on a simple premise; it takes your monthly income and lets you break it up into different categories of expenditure such as supplies or transit. As your month progresses, you can take money out of these envelopes per expense, but the ultimate goal is to stay within your means for every envelope. By actually replicating the age-old process of separating cash funds into paper envelopes and bringing it into the digital world, Goodbudget has struck gold with an excellent UX. It has a free plan (10 regular and 10 annual envelopes), but you may also opt for the premium subscription (everything unlimited and support availability) for $6 per month or $50 for a year. It is very barebones in that it does one thing and does it really well, but does not show projections or fancy stats for potential savings. You will need to be disciplined enough to update and follow your preset goals, but it will help you reclaim financial autonomy and control.
You Need a Budget is a fantastic app. It asks the users to, first of all, have a clearly defined goal such as education or vacation expenses. Then they are supposed to keep funding their specific goal by linking directly to their personal account. Once you choose to link this app with your personal account, the app would automatically transfer or import the required balance into the You Need a Budget debt manager. Moreover, users are supposed to come up with categories like groceries, transportation, or dining out, etc. and then they are supposed to allocate a certain sum of money towards all the categories so that they do not end up overspending. According to YNAB, it is able to help new budgeters almost $600 within month two on an average and over $6000 during the first year.
If you do not want to get into the complicated math associated with budgeting, it is a good idea to use Albert. It would be the most suitable choice for you as it would be doing everything on your behalf once you connect all your financial accounts directly to Albert. This brilliant app would be analyzing meticulously your income, budget, spending, and overall financial scenario. It would be utilizing proprietary algorithms for deciding the amount you could set aside as savings every month. Once the amount is determined, the app would automatically transfer that amount into Albert Savings. All these transfers would be taking place twice or thrice every week and the amount transferred would be ranging from $5 to $30 for every transfer. You may save a specific amount of your preference every month. You could easily withdraw the funds whenever you wish with no penalties or fees.
Clarity Money comes with a host of features that are ideal for everyone. You can hook up your financial accounts like loans, savings, credit cards, and investments, and it will create a statistical view of your expenses. It will also detect recurring expenses like subscriptions and memberships and track any increases or reductions. It can also help get rid of any accounts that are putting pressure on your wallet. Alongside all these features, Clarity Money also lets you save money in the form of an FDIC insured non-interest bearing account. You get to control how often and how much you save, and can also have a look at Experian’s VantageScore credit rating. It is worth noting though that Clarity Money has been acquired by a Goldman Sachs brand called Marcus and will soon be integrated into the Marcus platform that is associated with high-yield, fixed-rate and no-fee savings accounts.
You may belong to the 58 percent of the LGBTQ people who keep worrying about finances constantly or you may belong to the 35 percent of the people who are not in the habit of using any financial apps or you may be looking for an appropriate app to keep your finances on the right track, no matter who you are and where you belong, one of the above-mentioned apps would be of great help to you in managing your finances well.