Budgeting and managing finances comes easy to some, less so to others. Technology could come to rescue if you find it difficult to keep track of your spending, or you need some handy “in your pocket” support to build, and stick to, a budget.
WIth that in mind, here are 5 handy personal budgeting apps for your phone that you might find useful.
OnTrees is a budgeting app from MoneySuperMarket and it makes keeping track of your money simple. OnTrees works with major UK banks so you can track exactly what is coming in and going out of your current account, savings accounts and credit cards, all in one place with one secure login.
This app sorts your transactions into colourful categories so you can see at a glance where you are spending and what perhaps you could save on. It also delivers detailed information about your spending habits with easy to follow charts and icons.
Mint comes from a company called Intuit, and like OnTrees it allows you to pull all your accounts and cards into one place by linking everything to the one app. You’ll be able to track your spending, create a budget, set up bill payment reminders and get hints and tips for reducing fees and saving money.
The app will automatically put banking and credit card transactions into categories like OnTrees, and there is a “Trends” feature that allows you to track your credit cards, cash, spending, income and net worth over time, along with the ability to set up financial goals if you want.
Wally allows you to balance your budget by helping you to understand where your money goes. It offers the ability to set both financial goals and budgets, as well as save receipts easily and send all the data you enter into an Excel document.
If you have location services on Wally will automatically identify where you are – so you just need to enter the amount you spent and it will know on what! The more you use Wally, the smarter it becomes by adapting to your preferences and offering personalised insights into your finances.
Goodbudget was formally called the “Easy Envelope Budget Aid” and it is based on the so-called envelope budgeting method, just using virtual digital envelopes rather than real ones. You can check your envelope balances as well as your bank balances and there is also an expense tracking function available.
Everything can be synced across multiple devices including iPhones, other smartphones and the web, and handily you can also share a budget with a partner or friend. On the web, you’ll also be able to download transactions to an Excel spreadsheet, while the app delivers reports to help you modify your budget and see your income versus your spending.
Like Goodbudget, Mvelopes is also based on the envelope budgeting system – the name might have given it away! This app automatically downloads transactions from accounts you have linked it to, and it will categorise your spending, track how much money you have remaining for the month, and help plan out a budget.
The app makes it easy to see your budget on the go, as well as giving you the ability to adjust it. You can also takes pics of receipts with your phone camera and the app will let you attach them to transactions, as well as offer real time budget updates when you make a purchase – might be useful if you have a tendency to blow your budget with cheeky purchases.