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Budgeting apps, are they worth it?

Money management can be a daunting job, especially when you consider just how busy military families are. Budgeting apps are becoming an increasingly popular option and their features can be quite helpful. 

Here are some of the most popular budgeting apps:

1 – Mint

Ever since the conception of the budgeting app, Mint has been had the top spot. This free app will automatically update and categorize your banking transactions, giving you a detailed spending layout in real-time. You can also customize the app to fit your own personal budgeting needs, including purchases made using cash. If you’re looking for a smart app to pair with your bank account, Mint is a great place to get started. 

2 – YNAB

You Need a Budget, or YNAB, is for the committed, die-hard user. For about $84 a year you’ll receive technology that creates an envelope-based system to help limit spending to only the amount of money that you allocate. Another unique feature of this budgeting app is the ability to learn to live on last month’s income, helping families to wean off of the paycheck-to-paycheck mentality.

3 – Pocket Guard

Would you consider yourself a heavy spender? If so, Pocket Guard may be the perfect budgeting app for you. This app is engineered to keep track of your recurring expenses and then calculate your remaining spending money. Each day/week you will have a certain amount of money allotted to spend as you please, that way you never have to worry about overspending.

4 – Prism

Did somebody say bills? Prism takes pesky bills and puts them in their very own organized location, making your life easier. You can view your balances and pay your bills all within this easy-to-use mobile application. You’ll also never have to worry about missing a payment again, Prism will send you custom notifications to remind you when your bills are due. 

5 – Albert

Albert is a great app to help keep track of all of your accounts and it provides great recommendations for improving your financial health. Albert will read your spending habits and automatically create a budget based on your bills and income. One of the best parts of this budgeting app is the autosave feature. You decide how much of your paycheck you want to save and Albert will automatically place it in a savings account for you.

In our opinion, free budgeting apps can be a great start to a better financial future. Apps that require expensive payment plans are often less of a help and more of a burden. We recommend working with a financial professional for a more personalized strategy that will meet your family’s needs. Here at AFBN we understand the specific needs and challenges of military families, contact us today to schedule your first appointment.

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