Keeping tabs on your earnings and expenses is essential in helping you control your finances. If you create a budget, you can manage your cash flow and save money for significant expenses, such as medical bills, rent, and other important items in your budget and avoid going into debt with things like a credit card or a title loan. However, budgeting can sound less exciting if you don’t like writing each expense on paper. Fortunately, with an online budget tool, you wouldn’t have to worry about the hassle of writing everything down! You could simply choose the best online budgeting tool to track your expenses and do all of the hard work for you.
But, a budgeting tool can do more than just keep track of your expenses. Depending on your needs, you could find an online tool that can provide different features to help you achieve your financial goals! You just have to compare and contrast the options available and choose the one that’s right for you.
If you’re inexperienced with budgeting tools, you may ask yourself, “What are the best online budget tools?” The answer can depend on your preferences, but some options are popular amongst many individuals. If you read each option carefully and see what they can do, you can figure out which tool is best for you.
Take a look at three popular budget tools you can find online today:
1. Goodbudget
Goodbudget is a good online budget tool for beginners. Through this smartphone app, you divide your monthly income into different spending categories called envelopes and see how much you can spend in all of them. If you run out of funds in one envelope, that means you should stop spending money in that specific category. However, it’s worth noting that Goodbudget doesn’t connect with your bank accounts, so you should manually input your transactions.
With Goodbudget, you can also find tools to help you be frugal and cover your debt. The app is free, and you can create up to twenty envelopes on two devices. However, you may have to pay for the Goodbuget Plus version if you want unlimited envelopes and have access to up to five devices.
2. You Need a Budget (YNAB)
You Need a Budget, or YNAB, is both an app and software program designed to help you plan for future financial decisions instead of looking at previous transactions. This app encourages people to plan for every cent they earn and know where to spend their money. Each time you receive a paycheck, you can notify YNAB how much of your income should go to different categories, like your spending and savings. Not only can YNAB teach you how to set up a budget, but you can use the app to make adjustments when unforeseen expenses arise.
Additionally, you can link bank accounts, including credit cards and loans, to help you watch financial transactions in real time. The idea is that you manage your spending carefully and grow as a responsible buyer in the future. However, it’s worth noting that YNAB charges $14.99 a month for their services, so make sure you have that in mind before you sign up.
Speaking of loans, if you find yourself in a situation where your budget is out of whack, don’t worry. You could consider applying for a loan to help you get back on your feet.
3. PocketGuard
PocketGuard isn’t the most robust budget tool, but it’s an easy app to track your spending and how much money is left. With this app, you can connect your financial accounts and see what you have left to spend after you put money aside for financial goals and needs. You can also keep track of your spending in real time and receive alerts for when you’re nearing or exceeding your budget.
Additionally, you can set savings goals with PocketGuard and remove contributions to help you achieve them. The app is free, but the paid versions offer a debt payoff plan and customization options.
What are the Other Best Online Budget Tools to Consider?
When asking, “What are the best online budget tools?” you may wonder if the previous suggestions are enough. While many other online tools are available, these are just some options you can consider. If you want to review other tools, search for budgeting apps online and find which one works for you! Talk to a financial advisor today if you need additional guidance on what to do.