These Are the Top Budgeting Tools for Beginners

Suppose you are like most people and are having difficulty managing and budgeting your money. Do not worry; this is quite normal. We have the right tools for you to start budgeting your money, and maybe have a little nest egg on the side.

Budgeting apps are on the rise, and these will make managing your money a breeze. Some even go beyond the basics of money management and offer other services such as saving money, giving investment advice, and reducing your bills.

In terms of the cost of the tools, this shouldn’t worry you at all, since most of them are free of charge. If they have any cost attached to them, they may only require you to pay a small annual or monthly fee.

These Are the Top Budgeting Tools for Beginners
Image Source: Doughr Roller

Top Budgeting Tools for Beginners

Some people cringe when they hear the word “budget,” but with the following budgeting tools, this is no longer going to be a cringe-worthy term.

YNAB – You Need a Budget

This is our top pick. It is one of the best budgeting tools around. Many features make it one of the best, and one of these features is the fact that it uses a familiar spreadsheet layout that is pretty easy for you to use and understand.

Creating a monthly budget actually takes you only a few minutes. It is also designed to encourage people to live on the last month’s income instead of coming up with budgets that are based on a future income that is not guaranteed.

When you do this, you give each dollar a job as YNAB describes it. It might take you some time to adjust to this approach, but the results will be excellent, and you shall end up living on your paycheck alone. 

You can download the YNAB app on your computer, or mobile device. The initial 34 trial days will provide you with ample opportunity to test out the functionality of the app; thereafter, the monthly subscription fee is $11.99.

Personal Capital

This is a free financial dashboard that is offered through the Personal Capital Company. It is ideal for someone who wishes to keep track of their investments and budgets. Users can link their investment and banking accounts, including any retirement accounts to the system.

The cash flow tool tracks your spending by category. It excels at knowing the exact category for each expense, and you do not need to enter the categories manually. Additionally, the financial dashboard will keep track of your investments, both the retirement as well as taxable ones.

Personal Capital is downloadable on your computer or mobile device. Managing your budget and your overall financial performance is made easy with this application.

Quicken

This is the grandfather of all budgeting tools. It has been designed to handle all sorts of financial issues such as investments, budgeting, reporting, and bill paying. Unlike the YNAB, this will connect to your financial institutions and download all the transactions.

You can therefore sync your data between all the devices, so you are always able to access the accounts. After a 30 day trial, you can choose between the four different pricing options ranging from $35.99 per year to $62.39 per year. Quicken can be used on Windows or Mac devices. 

Mint

This app, together with Quicken, are both owned by Intuit, Inc., and it is the online version of Quicken. In this online version of Quicken, you can link your bank accounts, credit card statements, and other investment accounts together. 

It provides plenty of information for spending, budgeting, and other trends. This app can also track your liabilities, assets, and net worth. It doesn’t have any costs, and the website relies entirely on advertising revenue, so you shall see all offers for financial products that range from brokerage firms and credit score monitoring bureaus.

These Are the Top Budgeting Tools for Beginners
Image Source: Elston

Conclusion

Budgeting is a part of life and one we should all engage in. It helps you to plan your finances accordingly and to understand how you are spending your money. Once you become a budgeter, you might be surprised to note that you have been spending your money on things that are not relevant. Develop a budgeting lifestyle, and you shall manage to save more than you think.