Budgeting Is Easier With Applications

  • 16-01-2019 |
  • Courtney Millhouse

If you have difficulties with money management or if you do not face such problems, anyway, I believe, you will be interested in this article centering around the ways to save money. I mean we are going to consider a range of budgeting applications developed just for that purpose. That is an important issue in particular after the New Year and Christmas holidays when we usually spend a lot on festivities, gifts, travelling and buying the things on white sale.

Why is Budgeting Important in Everyday Life?

I used to be involved in the budgeting of the large companies and understand the importance of money management very well. That is a condition for success. First, when you consider your incomes and expenses, you have the complete idea of your financial state. Thus, you will pay your bills on time, devote funds for investment and charitable giving. You will understand how your desires meet your possibilities. And there is another moment being worthy of your attention. With a budget, you can identify your future financing needs and evaluate your perspectives.

And you know what? If you have too much spare cash left, that is not too good, as they say. Though, I would prefer such a variant. The point is that you should distribute your profit in accordance with your needs and make the rest money to work on you. But, as you understand, it is much worse if the balance is negative, meaning that you are not able to live at a normal level with a current profit or your insatiable appetites.

Finally, the efficiency of budgeting in much depends on how well you are able to stick to that financial plan, but this is quite a different story. Now, I would like to develop the theme of free software allowing efficient arrangement of measures aimed at reasonable commanding of money. All of them can be used both on iOs and Android.

Chip – simple and useful for making savings

This application helps to save your cash, which is kept within a number of banks, for instance, in virtual account with Barclays – investment bank with headquarters in London. It should be connected to this regular account. Chip calculated how much its user can afford to put away taking into account his incomes and spending. Then it stashes a certain amount into its savings account for this user. The transaction is performed automatically.

There is an in-app messaging service allowing to update the app.

Cons: I would not say that this is a drawback but rather something embarrassing. When you keep your funds on the savings account, you get zero percent interest. There is a kind of bonus equal to a maximum of 5 percent per year if your friend starts using the app.

Cleo – smart assistant

This application is a kind of a virtual assistant with artificial intelligence which will answer any your question as to your budget. Can you afford shopping or just dinner in this restaurant? Ask the software on Facebook Messenger. It will analyze the accounts of both credit and debit cards and offer you a lot of useful tips represented in various formats: graphs, messages, figures, and even funny GIFs. It recommends the changes in spending habits which can allow you to save more. It really helps to stick to the budget. In addition, it pledges to compensate losses of up to £85,000 causing by the app.

Drawback: You have to provide this app with full access to your online banking. And that can be not very convenient. The app is cool and fun really, but if there are some problems there can be difficulties with contacting the customer service. I heard, people complained.

Emma – forget about bank charges

This app also analyzes the accounts of a user, but it does not provide you with storage for cash. What I really like about this software is that I can integrate it with almost any digital banks, even with those who have been launched recently. Another nice feature – there is no add within this software. Security is guaranteed with fingerprint authentication and a security protocol which is applied by banks. The utility is really reliable.

It takes your week’s spending and examines the sums, showing the most expensive day and other performances. It sets budget constraints, helps to improve spending habits and to avoid overdrafts suggesting the needed control over a user’s finance. You can be sure that it pays off your debts and saves your money by developing your budget and tracking the way you stick it. And you will see how easy it is to make more efficient decisions with your budgeting.

Drawback: You cannot compare your spending week by week and month by month. Though, in my opinion, such analysis is very telling.

Goodbudget – use with a partner

If you do not want to let any application use your existing accounts, I recommend to consider Goodbudget – a powerful budget tracker. It does not require access to your money. It plans your financial results which can be shared with other users, though, the second user will have to pay for his account. Moreover, there are some versions of this app and the premium one is also chargeable.

The utility is developed for being used every day. But, as you understand, it cannot analyze your spending habits without basic data, and as far as it is not connected to bank accounts, you have to enter all information by hand. And this is hard work, I would say. Instead, it will suggest really strong pieces of advice concerning planning out the budget and provides a lot of graphs which you will understand even if you cannot boast of economic education. Being updated in a regular manner, it is always full of helpful features and remains simple at the same time.

Drawback: manual operation.

Oval Money - best for fun ways to save

This application saves your money. But the accumulated sum is not saved with this application. Sorry for tautologism, but you understand what I mean. Oval transfers the money into a digital Barclays account. So, it is secure enough even without special guarantees. You can earn here if your friend starts using the app. Each person will provide you with a profit amounting to £5. Well, it is a pleasant bonus. But the key features are connected with budgeting. It offers digital wallets where you can save cash. There are fun ways to arrange that. You can set up transferring money to your savings at the moment you post on Facebook. The developer promises that soon when the app will be connected to a Fitbit, you will be able to save in accordance with a number of kilometers you’ve run. The software tracks the transactions, and when you start to spend more, it saves more.

Drawback: The savings can be returned to the current account in rather a long period of time: from 5 to 10 days after you inform that you need them.


So, budgeting is a plan allowing you to understand if you can afford the things which you need or want in the context of the current income. If you develop this plan in a thorough way, you can be sure that you will always be able to manage your money efficiently. You can make a budget yourself or use modern applications which are helpful and able to ease your life. But here you should decide on your targets. If you need only tips as to budgeting and some analytics, then you should look through the utilities which are not connected to your current bank accounts, thus, they cannot control the purse strings. But if you need some strict approach with limits and automatic transactions, you have a chance to find such pitiless money saver choosing reliable ones.