Managing a budget can be a daunting task, especially when you’re juggling family expenses. While singles might find it easier to adjust their spending habits, the presence of children brings a host of unexpected costs, from sports fees to medical visits and babysitting services. And let’s not even start on holiday budgeting!
Even if you’re a budgeting expert, who really has the time to sift through ledgers or endless spreadsheets? This is where budgeting apps come to the rescue. According to recent online search data, people are searching for the best budget apps nearly 49,500 times a month. You’re definitely not alone in this quest. These handy (often free) tools can easily fit in your pocket and simplify your financial tracking. While choosing the best app can be subjective, there are standout options for various needs, including family budgeting, couples’ finance management, and travel budgeting.
Here’s a quick guide on how to create a straightforward household budget, along with our top app recommendations.
Steps to Create an Easy Household Budget
- Document Your Income: Write down your take-home pay from all reliable sources, including jobs, alimony, child support, side gigs, and any other revenue streams.
- Sum Up Fixed Essential Expenses: List your unavoidable monthly expenses—rent, mortgage, healthcare, car insurance, childcare, etc. Do not include variable costs like groceries or entertainment here.
- Calculate Variable Essential Expenses: These are bills that fluctuate monthly, such as food, transport, and utilities.
- List Nonessential Expenses: Include entertainment costs like movies, vacations, and dining out.
- Determine Your Net Income: Subtract your total expenses from your income to see what remains.
- Make Adjustments: If your net income is negative, adjust your nonessential expenses first. This might be the right time to reconsider those streaming subscriptions.
- Create a Monthly Budget: You can either do this on a spreadsheet or use one of the budget tracking apps mentioned below to simplify the process.
Recommended Budgeting Apps
Mint
Mint is well-known for its user-friendliness, making it ideal for families, couples, and individuals alike. It features robust budgeting tools that automatically categorize transactions from linked accounts, allowing you to track where your money goes. Best of all, Mint is free to use.
PocketGuard
If you want a quick view of your budget status, PocketGuard is a solid choice. It tells you how much you have left for spending after accounting for bills, savings, and spending goals. You can even track spending categories like groceries and dining out. PocketGuard is also free.
GoodBudget
For fans of the envelope budgeting method, GoodBudget digitizes the process. You allocate virtual envelopes for various expenses and track your spending accordingly. The app is free for up to 20 envelopes, making it a great option for couples.
Clarity Money
If you have multiple subscriptions, Clarity Money can help manage them. This app links your financial accounts and visualizes your spending habits. It also alerts you if you exceed your budget and allows you to cancel unused subscriptions easily.
You Need a Budget (YNAB)
For those seeking more guidance, YNAB helps users assign every dollar a purpose, minimizing the temptation for unnecessary spending. It offers both desktop and mobile versions, syncing options, and features for debt payoff and goal tracking. The app does come at an annual fee following a free trial.
Everydollar
This app promotes zero-based budgeting, where your expenses should match your income each month. The free version allows you to track every dollar spent. An upgraded version is available for an annual fee.
Trabee Pocket
For travelers, Trabee Pocket can convert expenses across currencies and track spending in cash versus credit. It provides daily, weekly, and monthly views of your expenses.
TripCoin
Another excellent choice for international travelers, TripCoin works offline and records expenses in real-time based on current currency rates. This is particularly useful for those who need to report business expenses later.
Whether you’re saving for a vacation or managing everyday expenses, these budgeting apps can make your financial life much easier. For more insights on budgeting and money management, check out our other blog posts, including one on home insemination and resources on artificial insemination.
Summary
Finding the right budgeting app can transform your family’s financial management, making it easier to track expenses and save money. With user-friendly options like Mint, PocketGuard, and YNAB, you can streamline the budgeting process, leaving you more time to focus on what really matters—your family.