Do you find yourself running out of finances before your next paycheck? The kind of person who can’t account for their money, meaning that you have a messy personal finance life? Don’t worry; you’re not alone.
According to the US Bureau of Labour Statistics 2020 report on consumer expenditure, an average American family food expenditure tops 10% of income. The figure, however, could go up depending on factors such as age, number of children, and income per week.
Top Free Budgeting Apps that Will Help Track your Expenses
Budgeting apps come in handy when you reduce your expenses and track how you use your money, creating a consistent and healthy spending habit. Emma, mint, Zeta, and Pocketguard are the top free budgeting apps that you can download to your Android or iOS device, and here’s why.
Aside from being the most downloaded personal finance app, it is also absolutely free. Mint provides insights on how you can spend smatter. It also finds opportunities to help you save your unused money.
It uses 256-bit security, which encrypts all information within the app to offer you 100% security. However, being a free application gives it leeway to allow intrusive in-app ads. You won’t get investing features with the app too.
Referred to as a fitness tracker for money by its founders, Emma truly tracks down your spending habits and categorizes them. So if you buy food using PayPal and Neteller, drinks using Skrill and Maestro, then use your credit card and direct bank wire to pay for hotels, Emma automatically tabulates the amount you use in each category regardless of the financial app that you use.
It also spots and highlights your recurring bills across all purchases and provides alternative solutions for reducing or cutting them off altogether. Wasteful subscriptions also go into the trash bin when they encounter Emma.
This application has a budgeting feature that enables you to allocate your expenses a particular amount of cash on your payday. When it runs out, you have to wait until the next month. Gamblers who find themselves spending heavily on PayPal casino sites can link their PayPal account to Emma and activate this feature to help them reduce or limit their expenditure.
This digital wallet application is designed to help keep couples’ finances in check. Unlike other applications, this one allows you to link two bank accounts to it. This way, couples can be more accountable for spending their money when their partners aren’t around.
It also has a quick quiz that helps a person understand their money personality faster. The money date magazine and money therapy challenges within the app enable couples to achieve their financial goals faster. One demerit of Zeta is how it takes forever to send the verification code to the email.
PocketGuard gives you real-time tabulations of how much money you have after setting aside cash for necessities and even creates a fun chart to help you understand the breakdown. You can view all your accounts on one page, from your account balance to savings and debts.
And while you get insights on how to reduce your expenses, PocketGuard also gives you a breakdown of how you can pay off your debts. A combination of 256-bit SSL encryption, pin codes, and biometrics ensures that all your data is safe from prying eyes.
You do not have to give up on your personal finance life just because you don’t have money to pay for one that gives in-depth investment opportunities. Start with the free versions and build up to the paid ones once you have your finances in control.