Where has all the money gone? Nobody likes the situation when the question arises. The idea to find out the answer may seem so intriguing at first. But start solving the tangle of your monthly spending and you will soon admit that the mystery shall stay...
Want to avoid the story and start saving? Give modern tech a try. There are dozens of apps designed to help you be aware of what's going on with your bank accounts and use your budget wisely. We have chosen 6 best budgeting apps for iPhone available on the App Store to arm you with real opportunities to save. Read through to decide which app (or two) will become your beloved personal accountant.
Mint: Money Manager, Budget & Personal Finance
The app is highly automated and works with all major financial institutions. Mint is able to pull all your cards, loans, investments and accounts together and keep track of what's going on with all these money-related instruments. The app will automatically sync and categorize your transactions, which will give you quite a distinct insight into the structure of your spending.
Mint allows you to set budgets of different types for you to be fully aware of your money flows. The app will show you spending trends and give custom tips on how to optimize your financial behavior.
Bill reminders will help you not to miss important payments and will immediately inform you in case some unusual transactions from any of your accounts are tracked.
The Mint product is cross-platform, so you can get access to all your information not only through your iOS application but also through website.
There may be some concerns about privacy (banking account details are definitely not the kind of information one wants to give away to anybody), but Mint claims to be obsessive about their users security. They use special PIN codes, 128-bit encryption and other measures for you not to worry about your financial info safety. And more than 20 million people trust Mint.
Daily Budget Original
Instead it will simply do what it was designed to do: the job of saving you extra dollars.
Here is how it works. You put in the numbers corresponding to your regular monthly income. The app will divide it into your daily value. Next step is to set up your fixed costs like utility payments. Based on the information given Daily Budget Original will count your daily budget. After buying something tell the app how much you've spent. The daily budget will automatically be updated.
The app is also capable of keeping you away from impulse buying. When there is a financial goal set and you have the app to remind you about it the pattern will work.
There are some graphs and charts within the app on how well you are doing. Daily Budget Original is so simple that, as the company claims, you will actually use it.
If to compare with the previous app reviewed, Spending Tracker interface feels more bulky. But still it does what developers claim it to do. In order for the system to work you are supposed to put in your income and spending. Thus the app will be able to count your balance. All the costs can be put into fixed or custom categories.
There also is a transaction tab which will show you each individual item of income or expenses. It means that you can review your earning and spending patterns any time you want. Charts and graphs offered by the app can also be helpful in this case.
Pocket Expense Personal Finance
You can also easily check how much money you do have on any item in the list separately.
Next step is to set budgets. There are plenty of categories in the list such as Auto, Bank Charge, Clothing, Household, Gifts, etc. to choose from. Set individual monthly budgets for the chosen categories. Next time you buy something, just tap a plus button in the middle of the bottom bar and add a transaction.
That's the basic mechanism Pocket Expense Personal Finance offers to you to know how you spend money.
The first tab within the app stands for a Calendar. This visual way to view your spending is quite handy and trendy. Pocket Expense will also be there to remind you about the bills to be paid.
Goodbudget Budget Planner
In the system you need to have a paper envelope for each and every category of spending. After you get salary you break the amount into parts and put the parts into the envelopes. Say you've put 300 dollars into the "Food" envelope. It means that you need to spend 300 or less on food till the next income.
The idea has been transferred to the digital world. You can create separate virtual envelopes for different categories of spending and assign certain budget to each of them. It really helps to keep track of your financial status.
Goodbudget Budget Planner has a web version which means you can access and organize all the data from your laptop. Every single change will be automatically synced across the platforms.
There also is a handy shared account feature. You can create shared envelope with your spouse to track your shared spending on gas or any other category of goods and services.
Mvelopes - Personal Finance & Envelope Budgeting
After you are done you will get a set of virtual envelopes to distribute your income between. The concept means that if you spend all the money from the envelope you simply won't have more money to spend for the category of products. Luckily enough next income will make the envelope full with a new budget.
If you set up the app properly it will be able to download your transactions automatically (Mvelopes works with 14,000+ financial institutions). This will save you some time in addition to the main function of the app which is giving you information to make reasonable spending decisions.
The project pays much attention to security. Your information safety is guaranteed by password, special PIN code, data encryption and ability to change password through web-interface in case you lose your phone.