Poential changes in tax laws and the inflation rate in 2022 may affect how you handle your money and your investments. Although you might not be able to control the economy, you do have some say over the choices you make and the actions you take.
You should know your savings have more time to grow the younger you are. Therefore, you should start learning budgeting skills today. To set up a budget, you must first examine your current spending patterns and, most likely, change them.
Budgeting in an old-fashioned way, using a spreadsheet, remains an option. However, if you want to make things easy, you should consider using a mobile financial management application. It will ensure that you never lose sleep again over your finances. Let's look at some different financial management apps to help you get started with your budgeting.
Mint
Mint is the ideal free alternative for you if you are either unfamiliar with the concept of budgeting apps or are sick of having to pay for the one you are now using. In addition to the standard functions of a budgeting app, users can also benefit from a credit report request, monitoring, individualized alerts, and educational materials to help them reach their financial goals.
Also, a variety of notifications can be tailored to each user. For example, daily, weekly, or monthly notifications can be set up to notify you of any budgetary overages, fluctuations in your credit score, or unusually high expenses. You can conveniently manage your financial accounts with Mint from your mobile device. This includes your checking, savings, and investment accounts.
Zeta
Zeta is one of the few free budgeting apps with features tailored to couples, whether they share finances or not. The app facilitates joint financial management, goal-setting, and progress monitoring for cohabitating, engaged, or married couples. In addition, this app can merge individual and joint bank accounts, loans, and credit cards into a streamlined financial profile.
PocketGuard
For those who wish to get their financial matters in control, PocketGuard offers a free budget planner, bills organizer, and debt repayment planner. In addition, managing your money is easier because it integrates with your bank and credit accounts.
Downloading and using PocketGuard's basic version is free. However, it comes with some limitations. PocketGuard Pro can be purchased for $4.99 per month or $34.99 per year. The Professional edition comes with various additional features, such as creating custom categories. This app has proven to be an invaluable financial management tool for Mac OS, Android, and desktop users.
Personal Capital
Personal Capital is an online service that helps its users manage their wealth by providing access to various free budgeting and financial tools. More so, the process of connecting your accounts is simple and synced instantly between the website and the mobile app. This facilitates real-time monetary management.
With Personal Capital, you may access your financial data in a safe and free online dashboard. Moreover, it offers users investment advisory services for a minimal fee. For an additional annual management charge of 0.89% of investment assets under $1 million, you can get individualized investment services and wealth management advice from registered fiduciary advisors.
Digit
Digit is an automated savings tool that examines your expenses and spending patterns to determine how much money it can put aside for you. It syncs with your bank account and saves random small sums of money in a savings account until you enable it to use. You can set up automated savings, create a spending plan, and manage your expenses within the app without high costs.
Digit is an excellent budgeting app for those who want to save money, pay down debt, and invest all at once. Paying the $5 per month for the app may be worthwhile if it frees you from the burden of saving money manually and researching investments on your own.
You Need A Budget
You Need a Budget adopts a zero-based approach to budgeting compared to other budgeting apps, which merely display the user's accumulated spending. Using the app, you will learn how to budget your funds for various purposes, such as paying for necessities, clearing debt, and putting away savings.
Users can try out YNAB for free for 34 days. Signing up for the trial doesn't necessitate a credit card. Users who decide to continue using the app after the free trial period ends will be charged $14.99 a month or $98.99 per year, plus taxes.
Final Thoughts
With global situations like the pandemic, it became clear how important it is to have a financial plan. However, having a budget that you stick to can be challenging if your income or expenses fluctuate monthly. The good news is that you can streamline your spending, taxes, savings, and investments in a convenient place with the help of a mobile budgeting app.
