Similar to a diet, the app's goal isn't restriction, but rather setting and sticking to a goal. (Realizing you overspent on clothes for the month when had to buy something from the latest Ivy Park collection isn't helpful when you do so after you spent the money.) Instead, budgeting apps work with you to set priorities for immediate, short-term, and long-term goals. Rather than taking a reactionary approach to finances, You Need a Budget wants to help you change your bad spending habits for good. "If you're like me and don't like providing access to your financial accounts to a lot of different websites, this is really important," adds Bieber. Basically, Mint is a one-stop-shop for financial management. "My hands-down favorite money management app is Mint because it shows your real-time credit score, how much money you have at any given time across multiple accounts and cards, and also allows you to connect and track all your finances in one convenient place," says Edwards. "This helps you see where your spending may be higher than the norm, which can be especially important for beginning budgeters who don't always know what's reasonable to spend and where to make cuts."īeyond your day-to-day transactions, Mint gives a big-picture overview of your finances as a whole, like bills and investments. "Mint has a cool feature that compares limits you set for yourself to the national average," says Christy Bieber, personal finance writer and expert for financial education resource The Ascent. At the end of every month, you receive an email with a breakdown of your spending and tips to improve. Mint is great for beginners because of its simple interface and organized spending categories. One of the more commonly known budgeting apps is Mint. Then, review your total spending for that trip separate from the rest of your monthly budget. For example, say you're going on a big backpacking trip to the Rocky Mountains and want that spending (gear, flights, hotels, meals, etc.) to be included in a travel budget, simply #rockies in the transaction notes section of the app to put them all into a category. You'll never get rolled into that extra-data plan accidentally again.Īnother really cool feature is the ability to create subcategories in your transactions. The app then categorizes your spending (gas, food, shopping, etc.) and gives tips on how to better optimize your budget and savings goals.īut the best feature? "PocketGuard monitors monthly bills for things like cell phone service or loans, and provides offers that can help reduce the cost of these services," says Tim Mooney, Ph.D., assistant professor of finance at Thomas Jefferson University School of Business. PocketGuard starts by linking all your credit cards, bank accounts, investments, and loans to get your complete financial picture in one place.
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