Best Budgeting Tools for Millennials

Best Budgeting Tools for Millennials in 2022

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Updated 31/05/2022

 

Are you looking for the best budgeting apps?

You are in the right spot to find the best budget app that helps to manage your spending habits and invest in the future. Depending on individual circumstances, you may select the one that is best for your needs.

It’s so true that your financial house should be managed in a correct way- where you take control of your money in terms of expenses and income, pay down your credit card debt or mortgage debt, and achieve financial autonomy.

It’s almost impossible to track your every dollar spending unless you use spending tracker apps like  Truebill or Trim. It’s because you need a lot of time to calculate the overall spending each month, which takes a lot of your time.

The main problem is there are many budgeting apps available in the market, which makes it even harder to select the correct one to start saving money right away.

In this article, you will learn the five best budgeting apps that are worth considering, which help you to manage your personal finance in the correct order and allow you to save more money to achieve your future goals.

Key Takeaways

  • Different budget apps-Best Budgeting Tools have different core functions and features. Select the right budget app that is in accordance with your personal needs.
  • You Need a Budget- YNAB: track every dollar spent based on living expenses and debt repayments, savings.
  • The Mint Budget App: is especially suitable for those, who don’t have time to track their spending and manage their budget in a good shape.
  • Personal Capital is a free budgeting tool that allows you to access the platform’s financial tools unless you want to seek professional investment advice for a fee.

 

 

Here are additional coverages that are related to saving money and personal finance:

> How to Save Money: 6 Ways to Stay on Budget

> How To Save Money Using The TopCashback App

> Best Budget Apps to Save Money for 2022

1. You Need a Budget-Best Budgeting Tools

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The first one to mention is the best overall based on consumer reviews and experiences. What makes “ You Need a Budget” so unique and different compared to other apps?

The answer is rather than just focusing on the traditional budget calculating, “You Need a Budget” has a lovely app with the name YNAB that allows users to build a budget in accordance with income and expenses.

In particular, the app will track every dollar spent based on living expenses and debt repayments, savings, and investments.

In other words, you don’t need too much time to track your money because it will track every dollar- income and expenses, and it allows you to think of ways to make your money work even harder via creating passive income.

This app is particularly useful for couples and individuals, who are willing to share common objectives and build financial autonomy. In addition, it has two versions to choose from, which are mobile and desktop.

You need to connect your bank account with YNAB so that the app will do its job by tracking your money in both expenses and income and managing your debt repayment.

Users also have an option to set a financial goal with “ You Need a Budget” because it will help them keep track of their spending habits.

2. Mint- Best Budgeting Tools

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Mint is another best budget app free because it has a great brand image and reputation in the market. Intuit is the legitimate owner of the Mint budget app, it also owns several popular personal finance tools such as TurboTax and Quickbooks.

Mint is especially suitable for those, who don’t have time to track their spending and manage their budget in a good shape. Users need to connect their bank accounts and credit cards in order that the app will do its great job to help them save money.

Installing the Mint app on your phone or desktop will help to manage and track your money by reminding and warning you to pay the interest or other repayment on time.

After you directly link to your debit or credit cards, the mint budget app will alarm users if they overspend or pay attention to credit card repayment.

Hence, you might change your financial plan and spending habits to get back on track with your financial goals.

 

3.PocketGuard-Best Budgeting Tools

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PocketGuard is the next one of the five best budgeting apps, the name of it “ PocketGuard” explains why it is one of the most popular and important apps.

The core function of this app is to track and manage your money based on spending habits and then it will make a comparison with the previous month if you overspend.

In terms of setting up, it would take you around 5 mins to sign up and get started with this budget app right away. In particular, PockerGuard will calculate your overall budget based on the money you spend and earn at the end of a period or a month.

Most importantly, if you link your savings account with the app, then it will do the job by constantly reminding you to deposit into your account once you have received your payment.

Not only PocketGuard help you to manage your budget, but it also assists you to find a better deal in order to reduce your spending.

For example, PocketGuard will find and suggest a better deal on your monthly subscriptions, expenses, and income, which allows you to find different to save more money.

 

4. Personal Capital-Best free Budgeting Tools

 

Personal Capital- Best best budget app free

 

Personal Capital will suit most of those who actively invest money in different asset vehicles because it provides comprehensive suggestions and advising solutions based on Robo advisors and Financial advisors’ services.

Keep in mind that it’s completely free using the platform’s financial tools, including managing your current financial situation, retirement plan, and saving plan, just to name a few.

Based on the Trustpilot review, Personal Capital has overall exceeded customer satisfaction in terms of customers and product features. At the time of writing, the platform received around 70% ( out of 702 customers) of customer reviews as excellent.

In addition, you don’t need to pay any fee to set up an account with Personal Capital. It allows you to access the app’s free money tracking dashboard, where you are free to use some useful features to manage and track your money.

The company generates its profit mainly from providing professional investment advice, which means you only need to pay if you want to seek advice from professional experts of the firm.

As mentioned earlier, Personal Capital’s main purpose is to focus on investments and wealth management as the app will give our users suggestions and advice solutions for fees such as investment advice, asset allocation ( equities, bonds, cash), and other different investment vehicles.

Open a free account with Personal Capital Here

 

5. Simple-Best Budgeting Tools

The last best budget app is “Simple”, the name will show all functionalities. Yes, it’s so simple to create and manage your budget in the correct order.

The first thing you need to do is to connect all your credit or debit cards, bank accounts, and other financial accounts with the Simple app, and it will do its job by managing and tracking your money.

Once you have linked all accounts with Simple, it will automatically track and monitor your personal finance in both expenses and income. Hence, you will be able to identify your current financial situation and make a financial plan to reach your future goals.

Another good thing about using “Simple” is it’s completely free for users. It allows linking different bank cards with the app without any fees. And, you can even connect a PayPal account to “Simple” to receive and make a payment on the app.

 

6. Google Sheets- Best free budgeting tools

Google Sheets-best free budgeting tools

 

Google Sheet is the best free budgeting tool for individuals and couples, who want to track and manage their spending to make a budget based on monthly income.

As you may not be aware, Google Sheets allow members to use its cross range of budgeting templates from third-party software providers, which means they don’t need to manually record every single transaction on the spreadsheet.

As long as you have a Gmail account, then it’s completely free to use as you just use your Gmail account to access the Google Sheets.

In addition, you can use smartphones to access Google Sheets and select one of the budgeting templates available in order to make a budget for long-term goals.

Alternative ways to manage your budget and save money are to search through the cashback rewards apps that help you to find the discount code, coupon code, or earn cash back for shopping online. You could consider using some cash-back apps such as TopCashback and Honey.

 

Final Thoughts on Best budgeting tools

Congratulations! You have come to the end of this article. Without any doubt, you definitely know different budget apps with different core functionalities, and you will be able to choose the right one to suit your personal needs.

Here are the five best budgeting apps, each has its own unique features and core functions.

1. You Need a Budget: Best for individuals and couples, who are willing to share common objectives and build financial autonomy

2. Mint: Best for managing your balance sheet and easy to use- Best budget app free

3.PocketGuard: control your spending habits and manage your budget in the correct order.-Best free budget app.

4. Personal Capital: specializes in wealth management, in which you can use the platform’s financial tools to manage your personal finance ( saving plan, retirement plan) and invest for the future.

5. Simple: free and easy to use as well as main track on spending associated with financial accounts and bank accounts-best free budget app.

6. Google Sheets– One of the best free budgeting tools for individuals- members can use the Google Sheets budgeting template to create a budget.

Share your experience with the community, if you believe other Budget apps are good to use.

 

Read next: 

> Honey Reviews 2022: Can It Help to Save Money & Earn Rewards

> Financial Tips: Simple Ways to Start Saving Money in 2022

Don’t forget to share with others if you find this article valuable.

By Jiro Nguyen. 

The content is only based on the author’s personal opinion and experience. It is for informational purposes only, and it does not rely on as a comprehensive or a substitute for professional advice.

By Jiro Nguyen

Jiro Nguyen is a highly driven and skilled business management professional. He has an MBA in economics and management and is a founder of Jns-millennial.

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