According to various research, Americans are now struggling with their finances more than ever in the past century. Going by data released in July 2022 by the US Census Bureau, around 91 million American adults have stated that they are finding it somewhat or very difficult to cover typical household expenses. Moreover, the same Census data showed that 40% of the nation’s residents have issues paying their bills, the highest percentage since the Bureau began releasing this information in August 2020. Even more worrying is that this figure rises to 59% for those with annual incomes under $50,000, with Latinos seeing more hardship than any other ethnic and racial group. So, it should be no surprise that a recent Capital One Mind over Money survey showed that today, more than three in four Americans feel anxious about their financial situation.
While financial stability is a dream of many people, most fail to accomplish this during their lifetime. That primarily gets owed to poor money management skills, evident by the fact that in 2021, the average American adult lost around $1,389 due to poor financial planning. This accounts for more than $352 billion wasted in the US, primarily because of a lack of financial literacy.
Building self-discipline, reading, and handling personal finances properly are essential. However, that is only possible for some, as many people have trouble controlling their cash flow, setting quantifiable goals, and sticking to them. Though, the principles for allocating funds are virtually the same regardless of if the activity is shopping or whether a person is looking to implement adequate blackjack bankroll management in their gaming sessions. The same concepts and steps can be used in all money budgeting practices, and here are five apps that have helped millions get a decent grasp on their spending habits.
YNAB stands for You Need a Budget, and this personal budgeting platform went live in 2004, based on the envelope method. It is available for the Amazon Echo system, Apple watches, iPads, and Android and iPhone devices, working on the theory of giving every dollar a job. Note that this is paid software, costing around one hundred dollars a year, but it promises to save each user thousands in return. It helps its customers by allocating their income towards multiple categories for saving and spending. The idea here is for people to get more intentional with their finances and change individuals’ relationships with them.
Founded by Rob Foregger, Louie Gasparini, Bill Harris, and Paul Bergholm in 2009, Personal Capital is an online financial advisor based out of multiple US cities but headquartered in Redwood Shores, California. Its free app claims that it can aid people in expanding their chances of retiring confidently by providing them with present and future net worth calculators, investment checkups, and market news. It utilizes high-end encryption, is certified as A+ from the world-renowned Qualys SSL Labs, and Personal Capital has a private bug bounty program that seeks to minimize issues with this top-notch finance software.
Mint is the most renowned personal finance and budget app. It gets used by those looking to reach financial goals and veteran gamblers, who combine it with free expected value calculators to discover if they should claim a bonus. Mint has over ten million downloads on Google Play, has the Editor’s Choice badge, and has attained the same honor from PC Magazine, which touts its automation and AI tech. Mint’s development team keeps this software ahead of the competition by leveraging machine-learning technology to produce a more automated and personalized experience.
Goodbudget advertises itself as the ultimate budget tracker for the modern age. It is affordable, intuitive, supports multiple devices, and lets users import bank transaction files. Fans of graphs and charts will have a ball with Goodbudget, as it can generate loads of these providing a clear view of how users can progress towards set goals. The free version of this app has various limitations but is still decent. Though, it and the paid ones require that everyone manually log their expenses. They do not provide automatic syncing as competitors do.
Many users like to say that EveryDollar is a budget app that gets back to basics, implementing the famous finance guru Dave Ramsey’s system, specifically, his seven-baby-step approach. EveryDollar can be purchased along with Ramsey+ all-access membership or as a stand-alone product for $79.99 per year. But it has no net worth tracking or retirement planning. That said, it has a capable free version that features income and expense monitoring. Bank integration is possible in the paid iteration, but it has no credit-score monitoring or tax preparation and only delivers email customer support.