What is your biggest financial goal? Maybe you want to save for an important purchase, pay off past debts, or just want to be more careful about your spending habits. Almost always, the budget is a critical place to start. And you have many options to start the process. You can try keeping an Excel spreadsheet with a monthly purchase log. Or maybe take a more physical route, stuffing cash into categorized envelopes. Though, if you’re looking for a way to track your spending that’s leaner and on your smartphone, a budgeting app is worth a try. Note that usually when a financial application is offered for free, it is monetized more aggressively by the company that provides it. So, it may be necessary to subscribe to a paid tool for a few months to test the user experience, and cancel if it doesn’t suit. Whether you’re looking for a new way to approach your money mindset or just trying to be more careful with those coins, these five apps focus on practical advice, help you budget, and maybe even reduce your overall financial stress.January 2025: This article has been updated to reflect current details on budgeting applications. in the head is difficult, especially if no one has shown you the ropes. YNAB (You Need a Budget) makes financial planning manageable. You’ll be able to sync all your accounts, track your monthly spending, stay on top of your bills, and set aside savings for emergencies—all in one hub. This company offers online workshops that can give you the skills you need to get rid of your dreaded debt and increase your savings. After a 34-day free trial, YNAB costs $109 per year—but you can only factor that into your budget. The breezy user experience provided by Copilot makes the finance app stand out. Once connected to your bank account, transactions will be automatically organized into groups with emoji labels. The app can suggest new amounts for budget categories based on past spending and monitor recurring payments. Acorns, Robinhood, and other apps connect with Copilot to help you monitor any investment. For those overwhelmed by the thought of financial tracking, Copilot is an approachable entry point into the world of money management. Unfortunately, the app is only available for iOS users. After a month’s free trial, the annual subscription costs $95. The world of investment and returns can be obtuse for newcomers. Skip appointments with stockbrokers and consider downloading Acorns instead. It simplifies the investment process by rounding up every purchase you make to the nearest dollar and automatically investing the change into a diversified portfolio. The basic service costs $3 per month, and you can cash out your investment at any time. If you are not ready to fully plunge into the risky world of investment, Oportun (previously called Digit) offers another way to build savings. It’s an automatic process, like Acorns, but it’s not primarily focused on investment, it’s aimed at saving the money you already have. Every day Oportun withdraws money from the account to be deposited into the savings account. The app monitors your spending habits and income, so it will only cancel what it thinks is unnecessary. Long-term and retirement investments are also available through Oportun. You can try it for free for 30 days, after which you have to pay $5 per month. It’s not a budgeting app, but the free Credit Karma app, owned by Intuit, can help you determine your credit score and how it works. change over time. Your credit score is very important: Lenders, landlords, and insurance companies all want to check it. The number fluctuates and mainly tracks whether you make credit card or loan payments on time and how much credit you have been allocated to use. The Credit Karma app collects reports from TransUnion and Equifax and then explains the factors that affect your score. While the app is great for tracking your score, you may want to ignore the in-app advertisers that push you loans based on your data.
5 Budgeting Apps to Help You Save Money
