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5 budget apps that will help you save money

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5 budget apps that will help you save money

What is your biggest financial goal? Maybe you’re looking to save for a big purchase, pay off past debt, or simply want to be more mindful of your spending habits. Almost always, a budget is a critical place to start. And you have many options to start the process. You could try keeping an Excel spreadsheet with a record of monthly purchases. Or maybe take a more physical route and keep your cash in categorized envelopes.

However, if you’re looking for a more streamlined way to track expenses and on your smartphone, a budgeting app is worth trying. Keep in mind that typically when a financial app is offered for free, the company providing it monetizes it more aggressively. So it might be worth subscribing to a paid tool for a couple of months to test the user experience and cancel if it doesn’t fit.

Whether you’re looking for a whole new way to approach your money mindset or you’re just trying to be a little more careful with those coins, these five apps focus on practical tips, help you with budgeting, and can help you reduce your general financial stress.

January 2025: This article has been updated to reflect current details on budget applications.

Budgeting in your head is difficult, especially if no one has taught you how to do it. YNAB (You Need a Budget) makes financial planning manageable. You’ll be able to sync all your accounts, track your monthly expenses, stay on top of your bills, and set aside savings for emergency situations, all in one place. The company offers online workshops that can give you the skills you need to free yourself from that pesky debt and increase your savings. After a 34-day free trial, YNAB costs $109 per year, but you can factor that into your budget.

The pleasant user experience provided by Co-pilot makes the finance app stand out. Once you’re connected to your bank account, transactions are automatically organized into groups labeled with emojis. The app can suggest new amounts for budget categories based on previous spending and monitor recurring payments. Acorns, Robinhood, and other apps connect with Copilot to help you keep track of any investment. For those who are overwhelmed by the idea of ​​financial tracking, Copilot is an accessible entry point into the world of money management. Unfortunately, the app is only available for iOS users. After a one-month free trial, the annual subscription costs $95.

The world of investments and returns can be obtuse to a newcomer. Skip stockbroker appointments and consider downloading acorns instead. It simplifies the investing process by rounding every purchase you make to the nearest dollar and automatically investing the change into a diversified portfolio. The basic service costs $3 per month and you can withdraw your investments at any time.

If you’re not ready to dive headfirst into the risky world of investing, Timely (formerly called Digit) offers another way to generate savings. It’s an automated process, like Acorns, but instead of focusing primarily on investments, it’s geared toward saving the money you already have. Every day Oportun withdraws money from your account to deposit it in a savings account. The app monitors your spending habits and income, so it will only withdraw what it thinks you won’t need. Long-term and retirement investments are also available through Oportun. You can try it free for 30 days, after which you will have to pay $5 a month.

It is not a budget app, but free. Credit Karma The app, owned by Intuit, could help you decipher that credit score and how it changes over time. Your credit score is very important – lenders, landlords and insurers may want to check it. The number fluctuates and primarily tracks whether you make credit card or loan payments on time, as well as how much of your allocated credit is used. The Credit Karma app compiles reports from TransUnion and Equifax and then explains the factors that affect your score. While the app is good for score tracking, it’s probably best to ignore in-app advertisers offering loans based on your data.

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