A monthly budget is a financial plan that involves analyzing your expected income and expenses, to help you predict and ascertain your future earnings, spending and savings.
Creating a good monthly budget is a very good way to make sure you manage your income properly so that your most important needs are met, you do not exceed your desired spending limit by mistake and you still have money left to put away for the future.
These days there are lots of applications and tools that can help you maintain a monthly budget, track your spending and record your financial habits. Here are a few you could check out:
The Monthly budget app is a free monthly budget app you can conveniently use to make your budget, track your earnings and expenses with ease.
Pros:
- The app is very easy to navigate and new users will be able to use it without problems.
- The app can be customized to fit your need; dates can be imputed manually and there is absolutely no need to input your private banking details/passwords.
- It is free.
Cons:
- The app does not have a smooth syncing system that permits you to access your account on different devices at a time.
2. YNAB (You Need A Budget) App
The YNAB app is one of the most popular apps used by many to keep track of their finances and control their spendings.
Pros:
- The YNAB app is very user-friendly and properly guides you through the process of working out your budget plans little by little, while making room for even more spending categories.
- It has room for almost any item you want to factor into your budget, including special projects and plans.
Cons:
- The YNAB app is only free for the first 34 days; you will have to pay a monthly fee of about N2500 ($6.99).
With the Spendee app, you can keep track of your spending and earnings automatically through bank sync or manually so you can analyze and plan your finances.
Pro:
- It has both a mobile and web version.
- The Spendee app is free to download and use.
- You can sync the Spendee app with your bank account to make tracking spending easier.
Cons:
- The currency conversion rates seem to differ a bit from the daily exchange rates.
If you are looking for an easy and user-friendly app to help you keep track of your expenses and manage your monthly budget, then the Money Manager app is definitely one to try out.
Pros:
- It lets you connect all your bank accounts and incorporate them in your budget plans.
- The app is free and very easy to navigate.
Cons:
- It works more with monthly summaries so you may not be able to manually input personalized categories.
The Home Budget Manager helps you integrate your accounts, bills and budget in one simple app. With it, you can always track your income, spending, bills and ensure you work within your budget.
Pros:
- You can sync/track your finances on different devices, which makes it a great choice for couples who share accounts.
- You can easily personalize your different categories to match your needs.
- The Home Budget Manager app has a free lite version you can use if you do not wish to buy the premium version.
Cons:
- It may seem a little complex for first-time budget app users.
- You have to pay N850 to use the full version.
Now that you know the apps you need to map out your monthly budget, it is time for you to take charge of your finances and save more. Good luck.
Source: Legit.ng
