A budget planner helps you keep track of your income and expenditure. It provides a bird’s – eye view of one’s personal expenses against your earnings. This is critical to your ability to increase your savings, pay down your debts and achieve financial independence.
There are plenty of financial budget planner apps on platforms like App Store and Google Play. We will highlight the features of our favorite and what we consider the best budget planner, GuardianWealth budget planner app, later in the article.
However, before we delve into that let us start with the general characteristics of a financial budget planner and factors we considered in choosing our best budget planner for your money. The first thing one needs to know is which expenses qualify as personal expenses.
The main expense categories than fall under personal expenses include;
Personal expenses are a lot to keep up with let alone budget for. As a result, most people end up neglecting some vital expenses. Worse still, others live beyond their means and end up deep in debt and with shockingly poor credit scores.
Unfortunately, financial literacy is a subject that was and remains ignored in most education systems. That explains why most people struggle with managing finances well into adulthood.
The best financial budget planners help fill the gap in financial literacy. They help one make a budget based on their income stream and most importantly adhere to personal budgets.
Tracking your expenses is the first step towards financial freedom. It may seem daunting, but, with a money budget planner, it is not as hard as you think it is.
As previously stated, there are plenty of financial budget planners available on mobile app stores. Some are free while others require either a monthly or annual subscription.
Different budget planners also focus on different elements of income and expenditure like budgeting, digital money envelopes, credit scores, and investment.
They also have different ancillary or support features to match their primary purpose. Budget planners focus on the activity in the credit card, debit card, checking account, or online wallet to which the app is linked.
Some may even compare how well you manage your income from month to month.
Now that we know what a budget planner is, let us look at why it is important to have one. Below are some general benefits, we take into consideration to determine our best budget planner.
The income-tracking feature is particularly handy for people with multiple income streams. You may have more than one job or have a job and one or two income-generating side hustles.
A budget planner will help you have a clear picture of how much you earn from each revenue stream. It also tracks money that comes in at irregular intervals or in under a month; like weekly or fortnightly.
A financial budget planner keeps tabs on all activities linked to a checking account, a credit card, debit card, or a digital wallet it tracks. It does so by tracking receipts from both deposit and withdrawal transactions.
No more wondering “Where did all my money go? I just got paid last week” The budget planner app will have a record of those cinnamon rolls you can’t keep away from and even those shoes that are clearly above your pay grade.
Receipts create a sense of accountability by identifying poor spending habits.
A budget planner app also creates a budget that is designed to cater to all your pertinent bills. It sets an expenditure limit for various personal spending categories.
The budget planner gives priority to basic-needs related bills and savings. Most budget planner apps alert you when you are about to or when you hit your expenditure limit for a specific category.
A budget planner demarcates the difference between personal and business expenses. This feature is particularly useful for people who run home businesses. It makes it easier to file personal and business taxes.
The receipts that a budget planner keeps tabs on are also vital when filing taxes.
A budget planner uses the data generated from tracking your spending habits to generate graphs and pictograms that highlight your spending habits. Budget planners can generate analytical data on your spending over different periods like weekly or monthly.
You can compare your spending habits between different periods and even identify triggers for poor spending habits. By generating an analysis of your spending habits, a budget planner will help you avoid unnecessary spending.
Analytics also help one make sound financial decisions and keep you motivated to stay on the straight and narrow.
People crave financial freedom but lack a saving culture. The greatest impediment to savings is not a limited income; it is poor saving habits.
Most financial budget planner apps include a savings category in your budget. Some budget planners even go further by recommending how to cut down spending and increase savings.
Unlike a personal accountant, who has limited working hours, you can access a budget planner at any time. The accessibility keeps you on top of your budget all the time.
We promised to highlight our best budget planner. Let us get started with our best budget planner of choice, the Guardian Wealth budget planner.
The GuardianWealth Budget planner offers all the aforementioned benefits of a budget planner, and then some.
The GuardianWealth budget planner app was created with one main goal; achieving financial security for each user. The personal expense tracking app is designed to empower each user with the know-how and discipline to overcome poor spending habits.
It also teaches and encourages saving habits that will help secure each user’s financial future.
Another selling point for the GuardianWealth budget planner is that it is 100% free. The GuardianWealth budget planner is like your own personal accountant minus the pricy retainer attached to an MBA.
There is no getting baited with a free-trial period and then getting cajoled into a budget planner app subscription when you are trying to save money. All the information, resources, and services in this budget planner are free.
Another convenient feature of the GuardianWealth budget planner is that it is a one-stop-shop for all your financial resources.
First, you can link or manage all your financial accounts from the app. Some budget planner apps only track digital accounts, other bank accounts, etc. The GuardianWealth app, however, tracks them all without any extra charges.
Second, the GuardianWealth budget planner also offers a host of personalized tools and resources to help each user achieve financial independence. The tools and resources are aligned with the data generated from the app’s analytics after tracking spending habits.
Most financial budget planner apps require a premium subscription for access to their financial health guides. With the GuardianWealth budget planner, however, you get expert financial advice free of charge.
The financial tools and resources in this budget planner focus on how to generate sustainable wealth. They also give tips on how to make your money work for you and secure your financial future.
Optimum savings is one of the pillars upon which the GuardianWealth budget planner is based. While the app does not charge for access to resources on good saving habits, they charge a small commission once you start saving on the app.
A personal expense app may have all the resources in the world, but if it is difficult to navigate, its usefulness is hampered. Another plus for the GuardianWealth budget planner is that it was designed with user experience in mind.
Below are some interface and navigation features that make this app, the best budget planner, unique and easy to use.
a) All the data generated from tracking your expenses is available in a simple and clear format. All the information you need is right in front of you.
The data generated from this budget planner app is also relayed in such a manner that it is simple and easy to interpret.
b) The GuardianWealth budget planner app’s interface also features pre-existing categories of personal expenses. Personal expense categories; including the ones listed above are pre-programmed in the app.
This makes it easier for one to identify cost-cutting or saving opportunities. It also ensures that one does not forget to list any expenses.
c) You can also set your monthly budget in this budget planner app. That helps you plan your short-term and long-term financial goals.
d) The GuardianWealth budget planner app also allows you to set a spending limit for each personal expense category. The app notifies you each time you spend 90% of your spending limit. The budget planner, therefore, helps you adhere to your set spending limit and increase your savings.
e) In line with point (a) above, this budget planner app features a review trend analysis of your spending patterns. Looking at spending patterns enables one to identify poor spending habits and work towards changing them.
f) The GuardianWealth budget planner also has a feature that allows one to compare your spending analysis for each category with peers. By so doing, one can borrow tried-and-tested methods of minimizing expenditure from peers within their demographic. For instance, if you are a millennial, find out how other millennials living within your income range save money.
A budget planner app is an essential tool for any person looking to achieve financial freedom. Your current seemingly limited income should not make financial freedom seem like a pipe dream.
A budget planner app like the GuardianWealth app will help you make sound financial decisions today and live worry-free tomorrow. The GuardianWealth budget planner will also help you cultivate good spending and saving habits that will last a lifetime.
Download the GuardianWealth budget planner app today and get started on your journey to financial freedom.