It might be tough to keep track of your personal money while in college, but it is necessary. Personal finance management can help you avoid going into debt or spending more than you can afford, allowing you to build a solid financial foundation for the future. A student budgeting tool may help you manage your bank account and keep your spending in line during your college years, from books to meals and other costs.
On different platforms, such as tablets and smartphones, a variety of budgeting applications are accessible to download. What’s the best way to figure out which of these money-saving applications will work best for you? Before deciding on one or more to utilise for money management, it’s crucial to examine the characteristics of each and understand more about what they have to offer. The applications listed below are some of the best budgeting applications for college students.
An excellent college student budgeting tool may assist you in managing your finances and identifying places where you may save money. Given the abundance of budgeting applications available, this post will focus on only five of the best budgeting applications for college students. Check out these five applications that stand out from the pack if you’re seeking strategies to keep your finances in line.
1. Mint
Mint is a well-known free programme that makes it simple to set and stick to a budget. This programme allows you to create a budget based on many categories such as college books and other materials, as well as weekly dining expenditures. You may create your categories and set spending limitations for each of them. Mint keeps track of your spending for each category in a spreadsheet when you connect the programme to your bank account. This is a quick method for you to see how much you’ve been spending in each area at a glance, so you’ll know where to make budget modifications.
2. Wally
Wally is a free budgeting programme for college students that allows you to keep track of your money. However, unlike other applications, it does not automatically record your transactions, so you’ll have to put them in as you go. On the bright side, Wally does not require you to connect your bank account in order to get the most out of it, which might provide security assurance. You may enter each transaction you make into Wally to check how you’re doing on your budget. Being able to examine your budget at a glance might make it simple to identify areas where you might be able to save money.
3. Personal Capital
If you’re planning to invest or save for retirement in the future, Personal Capital is a smart money-saving software to utilise. This software allows you to view your investments on your dashboard and calculate your net worth using an asset allocation tool. Personal Capital may also help you keep track of how much you’ve saved and spent over time, allowing you to better your personal finances. This app may tell you how you’re performing based on information from all of the accounts you connect to it if you’re planning ahead and utilising it for retirement savings. This data can assist you in deciding where to cut costs and where to save, allowing you to change your budget as needed.
4. EveryDollar
EveryDollar is a budgeting programme that helps with zero-based budgeting, which entails deducting all of your spending from your income until you reach $0. This software uses Dave Ramsey’s Baby Steps to help college students save money and cut back on spending, such as saving away $1,000 for an emergency fund and up to six months’ worth of bills. This programme can assist you in avoiding debt or paying it off if you currently have it, allowing you to focus on a secure financial future. You must manually enter transactions in the free edition, but the upgraded version does so for a charge.
5. Albert
Albert is a money-saving tool that does more than just keep track of your spending and finances. When you download Albert to your devices, you’ll also get recommendations on how to save money in certain areas, such as cancelling a subscription you don’t use very frequently or cooking more often instead of eating out. Albert also allows you to send SMS to money professionals, who can assist you in making intelligent spending decisions. For example, depending on your budgeting information, you might be able to ask an expert whether or not you should make a given purchase.
6. Dollarbird
Dollarbird is another budgeting programme, but it differs from many other money-saving applications like Mint in how it operates. Instead of categorising purchases, this programme uses calendar algorithms to keep track of them. This method may make managing your personal money on a daily basis, rather than weekly or monthly, much easier. To utilise this app, you’ll have to put in your transactions rather than having them entered automatically. Dollarbird also forces you to confirm recurring transactions, which helps you keep track of how much money you spend on a daily basis. You’ll have a better understanding of how well you’re sticking to your budget or what you’re spending using this function.
7. Goodbudget
Goodbudget is a budgeting programme that uses digital envelopes to help you create and manage your budget over time. Depending on how many envelopes you use, this software may track your costs for a year or longer. You may also manage your budget from many devices with this app. Goodbudget allows users to link two devices to one account, making it easier to keep track of your spending at home on a tablet or laptop, or on the go on your phone. Goodbudget also features a debt tracker that can show you how much money you’ll need to get out of debt and how far you’ve come toward paying it off.
8. Simple
Simple is a budgeting programme that syncs with your bank account and lets you design and track your spending. The app provides a simple method to check how much you’re spending and how close you are to exceeding your spending limit. Instead of having to manually enter your income and expenditures, you can use this software to automatically track them. Simple has a function that tells you if you’re sticking to your budget or whether you need cut back on your expenditures. Its integration with your bank account allows you to manage your banking and budgeting in one app rather than having to switch between two.
9. PocketGuard
PocketGuard helps you keep track of your spending so you can stay on track with your budget. This software keeps track of your transactions depending on how you set up your budget, so you can see if you’re on track to go over budget or whether you’re in excellent financial position. PocketGuard also gives tips on how to cut costs if necessary, which may help you better manage your budget. There’s also a function that lets you see if you can afford anything based on your financial situation. You may prevent making large purchases on your credit cards or incurring unexpected penalties that push you beyond your budget by using this software.
10. Chip
Chip is a money management tool that can assist you in saving more money over time and avoiding overspending. When you link Chip to your bank account, you have access to various services, such as spending analyses, establishing savings targets, and keeping track of saving streaks to see how long you’ve been able to save. You may also use the app to determine how much money you should set aside for savings each pay week. Keep in mind that Chip is only available to specific banks, so check to see if yours is one among them.
