The whole point of budgeting is to manage your resources and increase savings. Paying through your nose for a course, device, or material to help you properly budget your resources, makes the whole process a bit of a joke.
Also, you do not want to use a budget tool that gives absurd reports and sends you into waves of anxiety. Budgeting requires that you have a clear head; anxiety doesn’t allow that. According to Leslie Wayne, the primary and only principle of budgeting is, “do not go over budget”. Paying huge sums for a budgeting tool already flouts this rule.
Some of the most affordable forms of budgeting are the most traditional methods, the earliest forms. Using a Paper and Pen to make your scale of preference and plan your expenses solely on significance or relevance. The only shortcoming of this method is that you could lose your pen or notepad. The other method is “The Envelope Method”. Using several envelopes, you allocate your financial resources to your needs.
This helps you not to overspend.
Microsoft Excel and Spreadsheet also have templates for budget planning. That way, you get to create a database to track your expenses. Some Financial institutions also provide online tools for budgeting, check the banks within your region for options.
The best free online budgeting tools
The most credible budgeting tools in this time are those found online—some of them with AI integrations to aid you. Unlike ten years ago, there are lots of online tools in the market. Some affordable, some free, some expensive, some effective, and others total bad investments. In this list, we compile the most effective, free online budget tools you can find in any region with a good internet connection. Not only do they help you plan your budget, they’re easy to operate too.
Some of these free budgeting tools are;
Mint brought about the birth of online budget tools in 2006. Not only has Mint lasted for so long. They’ve successfully helped over 20 million users plan their financial resources, without pain or fear.
The platform links all bank accounts to your Mint account and updates your budget automatically, with every withdrawal or deposit. It has a system that helps you analyse your expenses at time intervals, based on your spending history and financial statement. There is also a menu that allows you to create a debit card bill payment plan.
MINT is an online budgeting tool and is also available on Windows, Android and iOS platforms.
PocketGuard is an online application that helps you plan your finances. It also connects your financial accounts to your budget accounts. The developers of this tool, realize the dangers associated with sharing your bank details and have created encryption that protects your data from third-party agencies. Pocket Guard analyses your bills, debts, other payments and suggests ways through which you can save more.
Personal Capital is one of the most efficient budgeting tools. It doesn’t only help you plan your budget; it helps you with investment plans and also manages your retirement account. Although registration and the use of the budgeting tools are free, the investment tracking option on Personal Capital requires users to pay a token. One per cent of every successful investment.
For individuals who would prefer a platform that grants them the opportunity to manage all their finances and investments on one page, Personal Capital is their final call.
Unsplurge, unlike the previous budgeting tools on this list, helps you to manage your finances for a particular goal, in contrast to the other general-purpose budgeting. Unsplurge helps you to save up for a specific investment, property or pleasure.
Besides helping you keep track of your savings and spending. The application also gives you viable suggestions using your finances as a yardstick, to help you boost your savings.
For those looking for a viable method to effect down-payment of debts and boost savings, SavvyMoney is the most suitable platform to aid them.
The fundamental idea is that you aim to understand your present financial situation and the deeds or misdeeds which have placed you there. After carefully analyzing your financial status, you create a plan for repaying your debts, putting into consideration your income and expenditure.
SavvyMoney helps you stay up-to-date with your progress and also keeps you from derailing. It also gives viable information and suggestions to boost your payments and ease you off the financial stress.
Read Also: Why you should invest today, not tomorrow
Wally is primarily, secondarily and ultimately a budgeting tool. The functions of this platform are solely based on financial and resource budgeting. Although the functions of Wally are limited compared to most online budgeting tools, it tracks income and expenses efficiently. Wally is completely a cost-free app, which grants users the opportunity to track their costs either by typing them into the blanks provided or taking photographs of receipts.
Wally provides notifications for bills due for payment, saving goals, and other milestones in the platform.
Similar to most online budget tools, Wally offers applications for Android, iOS and Windows users. Wally is free from all sorts of payments and allows for a wide variety of foreign currencies.
Simple is more than just another free online budgeting platform. It does more than manage your budget. It is also an electronic banking platform that can substitute for your traditional bank account. Its banking option allows for more effective interactions between your bank operations and your budget.
Simple offers a safe-to-spend feature that lets users know when they can make extra expenditures asides from the ones previously included in the budget. Also, it contains a savings feature that encourages users to continue saving.
Simple is an all-around financial management app, that allows you to track your bank account, budget and savings on the same platform.
It is free to use and available for all digital devices.
In conclusion, regardless of what budgeting tool or platform you decide to use, the main principle of budgeting remains, “do not go over your budget”. Effective budgeting and savings is a step forward to financial independence.
When sourcing for budgeting aid, look for the ones which suit your planning style and provides you with seamless service.