Budgeting can be quite a chore, but it is a necessary part of good financial management. A budget lets you control where your money goes and lets you plan ahead. With that, you know exactly how you are spending your money. If you took out a loan from an online money lender in Singapore, budgeting can help you pay off your loans faster too.
To make the job easier, take a look at these five apps to help you budget more efficiently.
YNAB (You Need A Budget)
YNAB is a comprehensive app that lets you take full control of your money. While it’s pricier than most other apps, costing about S$20 monthly (or S$132 annually). The good thing is it has a 34-day free trial so you can find out if the app will work well for you.
The best thing about YNAB is you can assign every dollar you earn to a specific expense category. This makes it easier to control your spending, as you know exactly where all of your money goes. Also, designating every dollar takes away much of the burden of thinking about how to spend your money each time.
Zenmoney
Zenmoney offers a free version with in-app purchases to access more advanced features. The best part about this app is it can automatically track your bank accounts and credit cards. The app records all money that goes into and out of each of your accounts. You don’t have to record each transaction manually.
Zenmoney also tracks your spending statistics, giving you an idea of the categories that take away big slices of your budget. It also lets you know how much money is available for discretionary spending, like eating out, watching movies, and shopping. With these, you can make data-driven decisions in adjusting your budget if needed.
Monny
You can get Monny for free, but it contains ads. If you want to make it ad-free, you can purchase a one-time upgrade for S$3.98. Monny is great if you want to make budgeting a lot of fun. The app gamifies budgeting by turning it into a theme park. You can unlock rides and attractions in the theme park by practising good money habits, such as tracking your expenses and reducing unnecessary spending.
Monny also lets you set financial goals and helps you achieve them. The theme park design also makes reaching those goals more fun and exciting.
Wallet by BudgetBakers
Wallet is also free but with in-app purchases for upgraded features. One key feature of Wallet that makes it stand out is it uses AI to categorise and analyse your expenses. The app then gives you data on which categories eat up most of your budget. You can also set financial goals and the app will give recommendations tailored to your objectives.
The best part is Wallet can sync with your bank accounts. It supports over 3,500 banks worldwide, and you can see each transaction you make on your bank accounts right within the app.
Spendee
Spendee is a useful all-in-one budgeting app, but its free version is quite limited. The app also features bank account sync, but it is only available in the paid plans. Spendee has a Plus and a Premium plan, with the latter having the most features. You can pay either monthly or annually: the monthly plan is S$4 per month for Premium and S$3 for Plus, while the annual plan is S$31 for Premium and S$20 for Plus.
Spendee has a “smart budgets” feature to automatically create plans for financial goals like saving for a home or a car. Also, the app integrates with cryptocurrency wallets, which is unique to this app among the ones in the list.
Conclusion
Budgeting can be quite a daunting task if you do it manually. But with budgeting apps like these by your side, it becomes a lot easier. You can then reach your financial goals better and more efficiently.
