Financial gurus are continuously telling us that simple budgeting is the key to managing our finances. However, if it was that easy, why aren’t more people doing it? Maybe budgeting isn’t as simple as experts make it out to be.
Budgeting involves focusing on your spending all of the time, recording your purchases. Budgeting is not a one-hit-wonder, you need to do it every day, and you need to get your head around this fact. Now we’ve established the cold truth about budgeting, and we can move on to how applications can help you with your daily finances.
There are a host of tools available to improve budgeting skills, from apps linked to your bank, to stand-alone calculators. The common ground between these tools is that they all can help you improve your budgeting, whatever level you’re at.
Revolut – A Revolution In Budgeting
The Revolut app has over eight million users, mostly attracted by the app’s no-nonsense approach to finances. Revolut can quickly access their accounts, and its ease of use means that you may never need to go to a high-street bank again. However, you will need a Revolut account, as only Revolut products can be used with this application.
Revolut is a complete finance app, allowing you to do all of your financial management from one place. It comes with a built-in budgeting tool that provides you with immediate notifications of your account deposits or withdrawals. It also keeps track of where your funds are leaking. If you are finding it difficult to save, Revolut also includes an automatic savings tool to help you stash some cash.
The standard version of the Revolut app is free to use. Several paid versions provide additional functionality. For instance, the Revolut LoungeKey Pass will provide you with overseas medical insurance. Their Metal plans give you card transactions and a concierge service. If you are a frequent traveller and want somewhere to conduct all of your financial management, the Revolut app could be the perfect app for you.
Nationwide – The Straightforward Budgeting Calculator
Many budgeting calculators can be confusing to use, mainly when they are unclear about how to input your data. Nationwide allows you to input pretty much all conceivable types of expenses and income.
The Nationwide calculator is fully-customisable and allows you to alter the frequency with which you input income and expenses. Having worked through the calculator’s process, it then works out your surplus or deficit.
Nationwide is a great budgeting calculator if you are not too sure about categorising your spending. It would suit people who have multiple sources of income, or if your spending and income vary from month to month. The calculator can be reset easily, allowing you to input new data, rather than rely on a static spreadsheet.
Beginners and experienced budgeters will find Nationwide to be a straightforward and useful budgeting calculator.
Money Dashboard – Helping You Boost Your Savings
One of the most useful features of the Money Dashboard app is that it provides you with a function to view all of your accounts on one dashboard. This feature is even available if your accounts are with different providers. With Money Dashboard’s budget planning feature, you can refine your budget to create space to make additional monthly savings.
Money Dashboard is free to use, and it is compatible with more than sixty banking and financial institutions, including providers of credit cards, savings accounts, and current bank accounts. The app has a handy progress tracker that gives you a visual indicator of where you are in the pursuit of your financial goals. Money Dashboard is an excellent app if you want a single point to manage your finances from all of your accounts.
Tandem Budgeting – Develop a More Straightforward Budgeting Approach
Tandem also provides a messaging app, so if you are trying to find it, make sure that you include ‘budget’ in your search term to make sure you get directed to the correct tool.
The Tandem budgeting app is only available to Tandem account holders. It offers Their customers access to a range of budgeting tools, such as regular and anticipated spending in real-time.
Tandem’s budgeting app offers a straightforward and minimalist approach to budgeting. So if you like your life to be clutter-free, this app might be a good solution for you. Tandem account holders can also get access to a fixed savings account and a credit card.
Other handy features of the app include payment alerts, a snapshot of anticipated spending, and an estimated balance. It also highlights aspects of your budget that are increasing and alerts you to this situation.
Budgeting doesn’t need to be complicated or cumbersome. If you find yourself struggling with aspects of your monthly budgetary management, try one of these apps to get you onto a better financial footing.