When was the last time you thought about your budget? We all don’t have time to stop doing something and check our finances. Let’s be honest, budgeting and keeping track of how much you are spending are the number one problem for a lot of people.
Furthermore, it is not challenging at all. Also, according to the American Psychological Association survey, Stress in America, 6 of 10 U.S. adults said their biggest personal stressor is money.
Financial stability can sometimes feel totally out of reach. When people need money right away and have no savings, they have no other options left than to get a payday loan from https://paydayloanspennsylvania.com/. It is a short-term credit that is usually required to be paid by your next paycheck.
You don’t need any credit checks here. It is fast and easy to get the money needed. But the thing is, you have to be ready for the high interest and low-amount. Therefore, it is high time to think about budgeting with the help of apps on your phone.
Marcel Lucas, one of the researchers and an assistant professor of finance at Edinburgh’s Heriot-Watt University says “We found that if the people use the budgeting function, they are able to significantly reduce their spending”.
There are a lot of apps that will come in handy for tracking your money going in and out and saving them. Namely: Mint, You Need a Budget (YNAB), Mvelopers, Every Dollar, Empover, and many more.
How to Choose the Best Budgeting App?
You can easily find all the pluses and minuses of each app on the internet. All in all, after giving a go to some of them you can stick to the best one, which can give you a cushion in your savings. You should consider some things when you are looking for your budgeting app.
- First, it should be flexible to customize the way you get your money and what kind of budget you want to use.
- Then, you should decide what the extension will be and how you will track your transaction.
- Next, check all the terms and find out about the options for credit cards offer.
- Finally, ask if there is a premium version cost or you get everything for free.
Personal Finance Apps Pros
When you are about to start budgeting, you have to search for an easy-to-use and widely customizable app. We got some pros for using those apps.
- Easy to Set Up
It is one of the main reasons people use those user-friendly apps. Without further ado, you can sign up for a budgeting app, verify your email, and link to your accounts. It is as Easy as ABC.
- Real-Time Notifications
Well, that is a good option. It can analyze your spending and give you advice on how to reduce it with notifications on your phone. Also, you can have those notifications of some possible fraudulent activity. You can always have access to track our spending.
- Long-Term Visibility
Your budgeting app can break down your overall net worth, debts, savings goals, and other metrics that let you know where you stand at all times.
Cons of Budgeting Apps
- Operating maintenance
It is of paramount importance to know that budget apps consolidate your activity only into one dashboard. However, if you want to have more accurate analytics you have to do more tweaking.
- Ads & Data Sharing
When you use free products, they serve as ads and implementations for banking products on the platform. That can be really annoying and you may want to call it quits. There is a way to have it without any advertisements, but you have to pay for membership.
- Security Concerns
Having a budgeting app you signed an agreement for sharing your personal and financial information. Thus, it is likely to be hacked. You should understand that it is impossible to prevent but only minimize.
At the end of the day, budgeting apps will come in handy for you. You can use your smartphone and find out how much you spend, also, how much you owe. The bottom line is you should have due diligence while using your budget app. And you’ll nail it!