A very wise man once said: “Do not save what is left after spending; instead spend what is left after saving.” How profound and true those investment and savings nugget are. According to the aforementioned wise man whose name is Warren Buffett who is the 3rd richest man in the world and the most successful investor of the 20th century, you need to form the habit of saving money first before spending what is left even if it is little. It is not surprising to see that he advised to allocate or set aside money for savings first then spend the money remaining after you have saved and not the other way around as he himself is a force to reckon with in terms of savings, investments, and business in general.
When forming a good habit of saving first, we surely need to make a budget (monthly or weekly). And as I have written before, making a proper and realistic budget may sometimes (not always) require that you consult your financial adviser.
However, a budget (either weekly, monthly or otherwise) is a financial plan that usually involves analyzing how much money you will make and how much money you will spend over a particular period of time so that it can help you to easily predict how much you will earn, how much you will save and how much you will spend in the future.
There are a lot of software applications out there in the market these days that can help you to automate the process of creating and managing your budget, track how much you spend and record your financial habits and spending patterns.
Here in this article, I will show you 5 super cool applications that you can check out and download for your use:
1. Monthly Budget Planner & Daily Expense Tracker
The Monthly budget planner and daily expense tracker app is a free software that you can download from the app store and it allows you to conveniently make your budget, track how much money you earn and how much money you spend. The app has a very smooth and slick navigation drawer that makes navigation very easy so that new users can use it without much difficulty. The app can also be customized to suit your personal financial needs. For example, you can manually input dates and you have no need whatsoever to input your private banking details or passwords.
The only disadvantage the app has is that it does not (yet) allow users to sync systems or devices, so you cannot access your account on a different device at the same time.
2. Spendee – Budget and Expense Tracker & Planner
With the Spendee app, you will be able to track the flow of your money (both how much you spend and how much you earn) automatically through bank sync or manually so that you can analyze, organize and budget your finances for the future.
The Spendee app is free to use and is available both as a mobile application and a web application. The good thing about this app is that you can sync it with your bank account so that you can track how money goes in and out of your account and easily track how much you spend.
3. Money Manager: Expense Tracker, Free Budgeting App
The Money Manager app is also free to use software that helps you track your financial activity – your expenses(how much you spend), manages your monthly budget – in a very efficient manner. It has a very simple design which makes it lightweight, straightforward and very easy to use and navigate. The Money Manager app also allows you to sync all your bank accounts into the application and integrate them into your budgeting plans.
The only downside is that it works more efficiently with monthly budget summaries, so you may not be able to personalize the financial categories and manually input custom spending categories.
4. Home Budget Manager Lite
5. YNAB (You Need A Budget) — Budget, Personal Finance
The YNAB app is one of the most popular budgeting apps used by many people to track their finances and control how they spend. The YNAB app will help you break the paycheck to paycheck cycle, get you out of debts, and save you more money. The YNAB app is designed to walk you step by step through the process of making your budget and allows you to create more spending categories. The YNAB app allows you to add almost any item you want to add into your budget plan.
Although the YNAB app is NOT free to use, it offers a 34days free trial period after which you will have to pay a monthly sum of #2500 (~$7) to continue using the application.