The first step to saving money is making sure that you know where your money is going. You can do this by tracking your spending. People are often surprised at how much they are spending on certain things as well as by areas in which they could save money. For example, student loan payments often occupy a big part of people's budgets. However, refinancing what you owe is possible, and with a lower interest rate, you can save a considerable amount. Other areas where people often find they are spending more than they expect include groceries, eating out and online shopping. There are a number of iPhone apps that can help you track spending and figure out what you need to do to save money.
With Wally Next, you can link your bank accounts and set budgets for different categories, such as entertainment and food. You can also scan and upload your receipts and set daily budget goals. Wally Next is also popular because it has a social element that lets you track shared expenses with one or more friends or family members. Wally Next does not sync with your bank account, but many people like the extra security this feature adds.
YNAB stands for "You Need a Budget," and it is the perfect app if you are trying to take control of your spending. YNAB goes beyond expense tracking. It starts by helping you work out what your goals and priorities are. YNAB works on principles related to the psychology of money and spending. It is developed with the understanding that finances and budgeting are a difficult topic for many people, but they can be managed effectively with the right information and the right motivation. If you are struggling with making decisions around how to manage and spend your money, this could be the right app for you.
Some people might be familiar with the envelope method of budgeting, in which you put cash for various things into envelopes and stop spending when the money runs out. The simplicity and tactile nature of this works well for many people, but it can be a lot less convenient if most of your spending isn't in cash form. Mvelopes brings this concept into a digital format. Like YNAB, it goes beyond just tracking your spending. It also makes forecasts about your spending and offers suggestions designed to keep your spending reasonable.
This is one of the best apps because it is designed to be so easy to use on your iPhone. It uses data from your bank accounts and credit card that you link to track and analyze your spending. It also helps you do other useful things to improve your understanding of your finances, such as tracking your credit score. You can set a savings goal, and Clarity will move money into your savings account for you. It also looks for ways that you can save money, finding discounts, coupons and subscriptions that can be useful.