Budgeting applications: how they help in managing personal finances

The digital world has grown to such an extent that many previously complicated tasks have become drastically simplified. What used to take forever in terms of planning, organizing and managing personal finances can now be done with a few taps on your phone.

As the saying goes: “there’s an app for that”.

Budgeting applications are designed to help you manage everything from personal savings to maintaining your credit score. If you’re not already using a budgeting app, why not start today?

This article will help shine some light on how budgeting applications can be a saving grace for your finances.

Managing personal finances: which budgeting app should you choose?

There are many great personal finance management applications out there to choose from. Most of them are simple to use, have everything you need and best of all they are free!

These apps will help you stay on track without having to manually enter everything on your own.

The best apps to manage your personal finances

At the top of the list, we have perhaps the most widely-known (for good reason) budgeting app: Mint. Like the name suggests, this app is more than capable of keeping your wallet in pristine condition.

The Mint app helps you manage your personal finances in real-time and makes money-saving suggestions tailored to your personal finances. The app is completely free so there’s no excuse not to give it a run for its money (pun intended).

Another great free budgeting app is BillGuard. This app lets you track spending by type, date and location and allows you to freely access to your credit score to make sure it stays intact.

If you don’t mind spending a little extra, a highly recommended paid app is You Need a Budget (YNAB for short). The app’s creators confidently boast that the app will save the average user over $3000 after a period of 9 months.

YNAB has a great concept in which it divides your money up into pots in order to “give every dollar a job”. The app has a 34-day free trial after which it is $5 a month which, if it fits your budget, isn’t bad at all.

With apps like these, it’s never been easier to set up and have access to emergency funds.

Budgeting applications: an effective solution for managing personal finances

As budgeting applications are gaining popularity for managing personal finances, expect them to become a household norm in the near future. Whether for managing a personal loan repayment or simply to save some extra cash, these apps are extremely practical.

Why wait any longer? Start making use of these handy tools for budget and personal finance management today to better anticipate financial problems and pay your loans back on time!

If you need a loan in Ontario or anywhere in Canada, Friendly Lender can help you get the money you need rapidly. Don’t hesitate to contact us with any questions about our loan service or managing your personal finances.