The days of balancing the checkbook are over. Instead of breaking out the ledger, now you can track your finances by using the handy little tool in your pocket. That’s right: you can manage your money via an app. In fact, Debt.com found that 30% of survey respondents used a budgeting app or internet tool to budget. What’s the best way to manage your finances? In this article, we’ll answer the question: do you need a budget app?
What are budget apps and how do they work?
Budgeting apps can help you manage your money in a way that suits your individual needs while also tracking your finances. But why do you need a budget app? When you make a purchase, the app records and categorizes your spending. Later, you can view your budget to see the amount you have left and how much you spent that month. Budgeting apps ensure you stay disciplined about your budget.
If you have multiple accounts with different banks or providers, you’ll be able to view them all within one app. Budgeting apps can also alert you when you’ve gone over your budget or if something seems fishy with your accounts. You can customize the alerts, so if you want to know when your bills are due, you can set up an alert for that too.
What should you look for in a budget app?
As you’re browsing the different budget apps you can choose from, be sure to take their unique features into consideration. Some budget apps won’t have exactly what you’re looking for—so don’t settle! Keep researching until you find the perfect app for your financial needs. Here are some features you should look for in a budget app.
Notifications and reminders
One basic feature of budget apps is notifications that alert you based on your settings preferences. You may want the app to alert you when you’re close to your spending limits or if you’ve gone over your limit. Most apps can also notify you when you’ve overdrafted your account so you can take immediate action. You might also receive reminders of when your bills are due. Check out your app settings to see what reminders and notifications are available.
Family budget apps
If you live with roommates, a partner, or family members who contribute income to the household, you should use a family budgeting app. These apps will track your individual spending while also taking the family budget into consideration. Your partner or roommate can create their own log-in and link their account to your shared budget. This feature makes it easy to split rent and keep track of shared expenses, like groceries or utility bills.
If you and your partner are saving up for a house, your shared budget will keep track of your savings history. That leads us to another feature of budget apps…
Account linking and syncing
If you are crafting a budget with a partner, your budget should sync between your mobile device and the web. So, while you’re at Target wondering if you have enough for a new pair of shoes, you can check the app and see how much your partner already spent on the clothing budget. While you’re researching different apps, make sure that the one you choose will easily sync between all of your devices.
Budget history and analytics
It’s a great idea to pick a budget app that offers a comprehensive budget history to track your spending patterns. Spending breakdowns show your historical spending patterns, making it easy to set financial goals.
Some budget apps also analyze your transactions to help you understand how much you have available to spend each month. You’ll be able to see where you should cut back and where you have room to grow. For example, your analytics might show that you spend more than you’d like on fast food or that you have some extra spending money for date night.
More ways you can save money
Along with budgeting your money, there are other ways to save. You can cut the cable cord and invest in a streaming bundle. If you’re buying your first gaming laptop, you can buy refurbished parts instead of buying new tech.
Don’t forget to check out the Quantum Fiber Discover blog to find more ways that you can keep track of your goals.
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