Many people do not have enough money from their salary for all their needs and they only dream of having savings. For people with average and high incomes, the roots of the problem are usually in improper planning of income and expenses. However, budget problems can be solved through budget planning and the use of special programs to control expenses. In this article, you will learn about the best solutions to help you achieve your financial goals. You can also use the Rates.fm service as a useful tool for tracking currency exchange rates at Ukrainian financial institutions. The approach to financial control should be comprehensive.
Why Is It Important to Control Financial Expenses?
Budgeting is part of self-discipline. A person motivated to achieve a goal must know how much he receives and spends. Here are five main reasons for this:
- Cost control and analysis. It makes it possible to find out where most of the funds are going and also helps to avoid unnecessary and emotional purchases.
- Basis for savings. The less a person spends, the more he can save. Having a budget allows you to determine what amount of savings you have now and what this amount will be in the future.
- Assessment of financial status. This is necessary to understand whether you will be able to realize your financial plans. This will allow you to understand how to do it: through savings or additional work.
- Distribution of funds. Knowing how much money you need for basic needs makes it easier to divide your income for the entire month.
- Saving for expensive purchases. Without a budget, it is impossible to plan the purchase of a car or, for example, a trip.
Tips to Help You Control Your Budget
Control in this context is the avoidance of unexpected costs, the path to success, and the achievement of a financial goal. To keep your finger on the pulse, you need to:
- Regularly analyze costs and highlight the main categories. Look for opportunities for optimization (especially if these are not essential goods).
- Set financial goals and focus on achieving them (save, earn extra money, set deadlines, etc.).
- Create a realistic budget plan in which income fully covers needs, leaving the possibility of savings.
- Constantly update data and adjust the plan in accordance with current conditions (for example, an increase or decrease in profits);
- Use special programs for budget management, which significantly simplify the processes of control and calculations, and also discipline and in a certain way protect against unforeseen expenses.
The Best Mobile Budgeting Apps
Why do you need expense tracking software? Firstly, it makes it much easier to plan a family or personal budget. It can remind you of the need to set aside funds and make mandatory payments on time: insurance, utility bills, tuition, etc. You can do the calculations manually or in Excel, but budgeting apps make the process easier and faster. The only thing that is required from the user is to promptly enter and update data.
Now there are different financial accounting programs for smartphones on the market: simple and with a lot of functions, free and for a fee. Let’s look at the best solutions on the market today.
1. Money Manager
Support: iOS, Android
This is a fairly well-known mobile application for controlling expenses, which makes it possible to enter information about your own income and expenses, salary, and loan obligations. Any income or expenses can be addressed to specific accounts or thematic categories. They are displayed in the form of thematic pictures.
The application provides convenient viewing of statistical data for a specified period: you can install it yourself. It is also possible to use the program on a computer.
There is a nice opportunity to customize the interface (dark or light, color scheme). You can also configure the option to display statistical data.
2. Bills Monitor
Support: iOS, Android
This is a convenient program for managing finances, the main function of which is to notify you when the payment date is approaching so that users can pay off their obligations on time. The app tracks payments for utilities, loans, etc. For each payment, you can create a profile: enter the amount, end date, and time of payment. At the specified time, the program will send a notification and remind you of the need to transfer funds.
In addition to utility bills, Bills Monitor tracks membership dues, insurance (for example, you can buy Aetna insurance), and other recurring payments. The program also gives access to a summary overview of all payments for the month.
Support: iOS, Android
This is an expense tracking app with an intuitive, user-friendly interface. On the main screen, it shows categories (in the form of thematic images) as well as a cost breakdown chart. The user who has entered the relevant data can immediately understand which category itself takes the most funds. Reporting periods can be adjusted: day, week, month, etc. It is also possible to distribute payments made by Visa/Mastercard cards and cash.
The application also has a paid version. It allows you to create your own categories, change currencies, and synchronize the program with other devices.
Support: iOS, Android
This is a fairly popular budget management app that helps users track their expenses and savings.
The free version of Goodbudget allows users to create up to two budgets and 10 spending categories. And in the paid version there are no restrictions, there is access to additional functions:
- expense reports;
- payment reminders;
- support for multiple users.
Goodbudget uses a cash deposit method to help users track their spending. This involves entering data on income and expenses into the application immediately after the transaction is completed. This way you can see how much money you currently have and what you are spending it on.
The planning process provides financial stability and helps you achieve financial goals, avoid debt, build savings, and invest for the future. Planning also helps you determine long-term goals and allocate money for important purchases, such as buying insurance or car repairs. We also recommend using the Rates service to track the exchange rate of currencies (dollars, euros, etc.) in financial institutions of Ukraine. The service is available around the clock from anywhere in the world, be it Los Angeles, Berlin, or Hong Kong.