Creating a plan on how and where to spend your money is a process called Budgeting. Planning is important to determine whether a person has enough money to invest on things that are needed. Priorities can be set through the planning process, and you can focus money on those important things.
People find it difficult to create budgets and manage their money which is why there is software that performs budgeting for you. People are often found to rely on debts to manage their expenses because they spend on irrelevant things without evaluating their needs. Additionally, it’s necessary to understand your spending habits. So, it becomes important to look for the tools that could help with budgeting and manage your money.Are you looking for tools to help you manage money and create a budget? Here's a must-read post for you. Click To Tweet
Here, we have gathered a list of top 5 tools to help manage money and create budgets based on their popularity and online reviews. By doing so, we have made sure that you don’t have to spend time on researching a suitable option. With these tools, it will be easy for you to manage your daily, monthly or annual expenses versus your income. Read on.
You Need A Budget (YNAB)
When it comes to choosing a budgeting tool, You Need a Budget (YNAB) is a top choice because of its ease-of-use and friendly interface. It only takes a few minutes to manage your monthly budgeting.
YNAB uses a simple spreadsheet layout that isn’t hard to understand and use. With YNAB, it takes hardly five minutes to create your monthly budget.
In addition to that, the application encourages you to live on your last month’s income. So, you can easily manage your expenses based on your current income or paycheck. The slogan “give every dollar a job” is actually the main focus of YNAB. In doing so, you can eliminate the system of living from paycheck to paycheck, and adjust to the approach of managing your expenses.
The amazing feature 0f graphs and reports allow you to keep a check on your money and determine where it’s going. It helps you to make necessary adjustments in your expenses.
The best thing is that YNAB doesn’t have direct access to your banking websites nor it can download your transactions. Instead, you have to personally download your transactions from your credit card companies or your bank and upload to the YNAB system. It hardly takes 10 minutes each month to go through the process of transferring your transactions to YNAB.
Have you heard of Quicken? The software is owned by Intuit and so is Mint. Mint is actually the online version of Quicken, Intuit. Mint can provide you great insight on budgets, spending, and even trends, once you link it to your bank accounts, investments accounts, and credit card companies.
You can begin with linking one of your bank accounts with Mint, and it will give you all the details of your spending in a category within a couple minutes. Definitely, it’s going to help you manage your expenses and spending.
Moreover, Mint also calculates your assets, net worth, income, and liabilities. The best thing is that you don’t have to pay a single penny to use the Mint services.
The company’s major revenue comes from the advertisements they display. You will see offers of different companies’ especially financial products from credibility checkers to brokerage accounts.
Buxfer is a top choice for those looking for an easy-to-use online platform. The modern-design dashboard provides a quick overview of all your financial accounts and notifies you if there’s anything off in your budget.
The online platform allows you to log on without being in front of your computer and certainly no software downloads. By uploading your bank accounts to the Buxfer platform, you will be able to set up a budget and track your expenses and income. The clean and intuitive platform is your best option to track your home accounting needs.
Your personal accounting is now easy with the Android and iPhone apps; also you can access the website from your mobile browser. The app makes it easier for you to manage your budgets, monitor your budgets, and add or edit your financial transactions. If integrated with DropBox, Buxfer will automatically create backups for your financial details every day.
As far as budgeting, you can set a limit for your monthly, weekly or daily expenses. Buxfer will color code your expenses based on your budget; green for below expense limit, orange for at the expense limit and red for exceeding the expense limit. This is wonderful and helps you to control your expenses and also, lets you know how much you can spend in the future.
Budget Tracker is a wonderful online platform that offers you to keep a track of your finances. Lately, the company has developed several tools that allow you to organize a personal financial life. The online application uses a calendar that carries your bill payments, budgets, financial transaction and income figures.
With the calendar feature, you can receive alerts and notifications through emails or text messages to the impending bill due. You can also link your PayPal accounts with Budget Tracker and record transactions in real-time.
One thing that dominates Budget Tracker is the feature to track your spending habits. This helps you to manage your budget by breaking down your financial habits and displays them on graphs and charts for better visualization.
The small business assistant for Entrepreneurs allows managing financial aspects of a business including project estimates, project planning, invoice creation, invoice managements and balance sheets through BudgetTracker’s CRM. Moreover, the calendar can be used for meeting coordination, alerts, and e-mail reminders to the people dealing with financial matters.
Budget Tracker’s online platform is best for those willing to track their financial details and budgeting for either personal or business use. In addition to that, it’s completely secure and the information provided on the online platform is private.
There’s another feature that’s called “Be Creative” in which you can add your additional details that aren’t included in financial budgeting and reporting. It allows you to keep a track of other matters especially your business-related information.
MoneyDance is popular for its easy-to-use interface and power budgeting program. You need to link your financial institutions accounts to the platform and it will allow you to add or edit transactions. You can also add multiple groups for your multiple financial accounts and manage them at one place.
The platform enables you to categorize your different accounts types such as debit, credit, checking, and loans. Later, you can keep a track of your portfolio and other financial investments.
Linking to your bank allows you to create a friendly relation between your budgeting records and bank accounts. The mobile application lets you access your accounts on-the-go, so you can add information, check your remaining balance or edit your budget according to your needs. The app is available for iPhones, iPads, and Android phones.
However, it’s not possible to sync your desktop program to your mobile devices without a Dropbox account.
Just like Buxfer, MoneyDance also offers you to set a limit and then color codes spending based on your budget. The green color means that your spending is below your budget limit and the red means you’ve exceeded the budget limit and need to stop. The program also alerts you when you’re off the budget limits.
The advanced reporting system dominates MoneyDance over other competitors. You can get quick visuals of your budget report, income versus expense and cash flow. Other reports include net worth, account balances and income versus expense report. You can filter the information with date range like a month to date, year to date and quarters. After that, you can export your reports into HTML, CSV or PNG formats.