Budget trackers are a very helpful way to stay on top of your expenses and help you get into a habit of being wise with your spending. However, aside from the basic budget tracker programs and applications, there are other financial and budgeting tools you can use to help you become more financially responsible. This article will highlight some of the options available.
1. For Simplified Budgeting: PocketGuard
Many budgeting tools can be overwhelming. They add tons of bells and whistles that only a fraction of the users will ever use. PocketGuard may be a good option if you are looking for something stripped down to the essentials. After your monthly expenses, it simply tells you how much money you have left to spend for the month. Since your monthly expenses will largely stay the same each month, you really need to keep an eye out on your spending money. This budgeting tool is best for someone who has a simple budget.
2. For Tracking AND Paying Your Bills: Prism
One common bad spending habit is not paying your bills on time. Prism allows users to do make sure they never miss a due date by paying their bills using the app. Prism is only built to be used on a smart phone, so if you want to pay your bills using computer, you won’t be able to do it. It’s not a budget tool as much as it just makes paying your bills a breeze. You can choose to automate the bill paying process or choose to review your bills before payment. We recommend viewing your bills to make sure they are accurate.
3. For Comprehensive Financial Investment Information: Personal Capital
While Personal Capital is a program which can do budget tracking, most people use it to get their entire financial picture. This includes their investment portfolio in addition to their bank and credit card account information. While the other tools are more for sticking with a budget each month, this program is about planning for the future and expanding your current wealth over time.
4. For Building Your Own Budget Spreadsheet: Microsoft Excel or Google Sheets
Microsoft Excel and Google Sheets aren’t designed specifically as budgeting tools, but both do have templates for budgeting. They are the great options especially if you do not want to share your logins and passwords with any of these apps and software programs. They are also good options if your finances are not complicated, i.e. a recent college graduate. A major benefit of not being specifically designed for budgeting is that you can track whatever you want. Most computers have Excel, but if you do not have access, Google Sheets is free to anyone with a Google account. It behaves similarly to Excel.
Other than Microsoft Excel, which may need to be purchased, all of these apps and programs are free to use. Pick whichever one best fits your needs and get started on becoming more financially responsible and saving for the future. If you need professional help with personal budgeting, contact The Alexandrite Group today.