5 of the Best Budgeting Apps for Parents
Photo by Andrea Piacquadio
A stressful topic for a lot of parents is finances! And as a mum, I get it– you want to provide the best for your children while still ensuring financial stability. Fortunately, technology has made it easier than ever to keep track of your family's finances.
Budgeting apps are powerful tools to help us effectively manage our money, track expenses, and achieve our financial goals. It doesn’t have to be scary to claim control over your budget! So, here are 5 of my favorite budgeting apps you can try!
1. Mint
Mint has consistently been recognized as one of the best budgeting apps available. It offers a comprehensive suite of tools to track income and expenses, create budgets, and set financial goals. With Mint, parents can automatically link their bank accounts, credit cards, and bills to get a complete overview of their financial status.
The app provides useful alerts for bill payments, tracks spending patterns, and sends personalized tips to save money. Mint's user-friendly functions and intuitive categorization of expenses make it an ideal choice for busy parents.
2. YNAB (You Need a Budget)
YNAB is another popular choice for parents who want to take control of their finances. This app follows the philosophy of assigning every dollar a job and focuses on budgeting for the future rather than tracking past expenses. YNAB's proactive approach helps parents plan for upcoming expenses, save for emergencies, and reduce debt.
The app provides real-time syncing across devices, goal tracking, and insightful reports to keep you on track. YNAB also offers free financial education resources, making it perfect for when you want to start teaching your children about money management!
3. Goodbudget
Goodbudget, formerly known as EEBA (Easy Envelope Budget Aid), uses the envelope budgeting system to help parents allocate their income into different categories. The app provides virtual envelopes for various spending categories, allowing parents to set limits and track their progress.
Goodbudget encourages a hands-on approach to budgeting, making it an ideal choice for mums who thrive with tangible tools. The app offers a free version with limited envelopes and a premium version with additional features such as syncing across devices and envelope history.
4. PocketGuard
PocketGuard is a user-friendly budgeting app that aims to simplify the financial management process for parents. By automatically syncing to your bank accounts, credit cards, and loans, PocketGuard provides a real-time overview of your finances. It categorizes expenses, tracks bills, and helps you identify areas where you can save money.
One standout feature of PocketGuard is its "In My Pocket" feature, which shows users how much money they have left after accounting for non-negotiables like bills and savings. This helps to keep a close eye on your disposable income!
5. EveryDollar
Created by financial expert Dave Ramsey, EveryDollar is a budgeting app that focuses on creating and sticking to a monthly budget. The app follows a zero-based budgeting approach, where every dollar is allocated to a specific category, such as groceries, utilities, or savings.
EveryDollar's simplicity cuts straight to the chase without an abundance of overwhelming features. Like GoodBudget, EveryDollar offers a free version with limited functionality and a paid version that includes features like bank account syncing and personal support!
Managing finances as a parent doesn't have to be stressful or overwhelming. Budgeting apps provide a convenient way to track expenses, create budgets, and work towards financial goals. Whether you prefer an app that emphasizes future planning, uses envelope budgeting, or simply provides an overview of your finances, there’s an app to meet your needs!