Budgeting is an important part of personal finance management. Whether you plan to eliminate debt, save enough money for your kids’ college education, or just have enough so you can afford that dream vacation to Malaysia, planning ahead and allocating a part of your income for your savings, bill payments, and other expenses can help you reach your financial goals.
Apps can make it easier for you to make a budget. The apps we’re featuring on this list are all multi-function so they don’t just help you with budget-making, they have other features that could help you manage your finances. These are best free budget planning apps indeed!
CashControl(Android and iOS)
The CashControl app lets its users organize their spending into categories so they can see if they’re close to overspending on their budget. The app also has a feature that reminds users to pay their bills. The service can be accessed over the net but their mobile app lets users enter info on their expenses, income, and bills as they happen.
CashControl’s free plan has features that include reports, recurring income, loans, and multiple accounts. You can get additional features by getting their ProPlan for $4.99 a month. The features of the Pro Plan include multi-category expenses, tags, attachments, and you could also import your bank statement.
GoodBudget (Android and iOS)
GoodBudget is based on the envelope system where you allocate a certain amount of your money for a certain expense category and put it in an envelope. What makes the app stand out is that the budget can be shared between two people so this allows couples to be synchronized in terms of their budgeting and spending.
The web app lets users record transactions and track their bank balances as well as their envelope balances. The web app also supports weekly to monthly budgeting and provides detailed reports by expense, month etc. The mobile app backs up data on Goodbudget’s site and lets users check their envelope balances and budget. GoodBudget’s free service gives users 10 regular envelopes and syncs the account between two users. Their “Plus” account gives users access to unlimited regular envelopes, accounts, and up to five users can share the account. The extra service costs $5 a month or $45 a year.
Toshl Finance (Android, iOS, Symbian, and Windows Phone 7)
Toshl Finance’s budget feature lets users compare their rate of spending with times of the month. The program allows users to move unused funds to the next budget. Users can use tags whenever they have a new expense so this makes it easier to input expenses.
Toshl Finance’s makers want to make personal finance management fun and one of the ways they make that happen is through graphs that users can play around with. Other features of Toshl Finance makes it easy to budget for bills as recurring bills are included in financial plans. The software also sets a reminder so users don’t miss payment due dates. For people that have expenses or income in different currencies, they can enter expenses in any currency. They should also find Toshl Finance’s daily exchange rate feature very handy.
PocketSmith (Web and Mobile)
PocketSmith has a web and mobile app version users can access on their smartphones without the need to install an app. Its budgeting feature allows users to budget daily, fortnightly, as well as plan their budget around their expenses since some, like fare, can come weekly while utility bills come in monthly. The app’s budget tracker lets users see quickly which category they overspent in.
PocketSmith has three versions and their basic version is free. The free, basic version lets users keep 12 budgets and two accounts. They also have “Premium” and “Super” versions that go for $9.95 and $19.95 a month, respectively. PocketSmith’s makers is differentiating the app from its peers by offering a cashflow forecasting feature. The basic version lets users project their cashflow up to 6 months ahead while those on the “Super” plan can make projections up to 30 years ahead.
InExFinance (Web and Android)
InEx Finance offersusers a budget plan with automated expense tracking. Like other apps in this list, InExFinance lets users monitor their spending through graphs. It also has a budget overshoot alert.
The app enables users to set short-or-long-term financial goals and users can track their progress or receive personalised advice on how they could reach their financial goals faster. The app also lets users manage debts and deposits as well as monitor installment payments.
Make Better Financial Decisions with Budget Planning Apps
These budget planning apps help users with not just budgeting but also with other aspects of personal financial management. The features of these five apps vary and some are available only as a web app so you need to have an internet connection to input data on the app to track expenses. What these apps have in common is that they are all free. The basic versions of these apps already provide a lot of handy features guaranteed to help you reach your financial goals faster.
Whether you plan to wipe out your credit card debt or save up to buy a pet Llama (just coz’ Llamas are cute!), these budget apps will help you know if you have enough funds coming in every month for all your expenses.
This is a guest post from Compare Hero, Malaysia’s most preferred financial comparison portal. We help you save money and make better financial decisions.