Posted Nov 7, 2014
Best Budgeting Apps for Young Renters
You’ve got everything lined up–a sweet job in the big city, a cool pad to call home and a new favorite restaurant. Unless you just sold your startup for a billion bucks, you are probably living within some sort of budget.
With so much going on in your life, it’s hard to find the time to adequately handle your personal finances and monitor your spending. To help you live with better financial peace of mind, we’ve compiled a list of the best five budgeting apps for renters.
Mint.com Budgeting App
The personal finance app from Mint.com is one of the most comprehensive ones out there. It’s free, and you can sync the app across a variety of devices–from your smartphone to your laptop. The app doesn’t let you or anyone else transfer money; it simply connects to all your accounts, and monitors your overall spending.
The app aims at organizing every dime you use so that you can see how much you spend on various categories, such as transportation, dining and nightlife. It will also alert you if one or more of your accounts is low and of upcoming payments.
One great feature of the budget app from Mint.com is the option to create personal finance goals, which can include anything from cutting down student loans to saving for a vacation. To achieve that goal, the app provides advice, encouragement and reminders.
Toshl Finance Budget and Expense App
The cartoon monsters on the Toshl app do enhance the fun of handling your personal expenses, but that’s not the best thing the Toshl app has to offer. This versatile app showcases a clean interface that makes entering expenses, syncing accounts and tracking income much easier.
Now you can understand clearly where your money runs off to each day. The app is full of features, and you can do anything from set up repeat bills and paychecks to export monthly reports to Google Docs, PDF or Excel. You can even look at your finances in a multitude of ways, such as infographics and charts. Budgets can be set for any time frame, from daily to yearly, and you can move extra money into your next budget period.
Toshl also boasts a travel feature that enables you to budget your expenses while vacationing and is compatible with 160 different currencies.
Level Money App
If you don’t wish to make your personal budget a complex arrangement of charts, the Level Money app may be the one for you. This app deliberately keeps it simple. Each month it takes your estimated income and subtracts bills such as rent and Internet, a monthly savings rate and other necessary repeat expenses from the bottom line. It then shows how much you can spend for that day, week and month.
While it doesn’t monitor cash spending, the Level Money app is the closest thing you’ll find to a wallet. It’s like looking at a fuel gauge, which makes knowing when you need to cut spending or have extra money available simple.
You Need a Budget App
The name says it all. Using Cloud Sync, the You Need a Budget App enters transactions at a super fast rate across all your devices. This app also has some features that set it apart from other popular budgeting apps. You Need a Budget App has PIN access, which ensures no one will be able to access your personal info, even if you lose your phone or tablet.
It also lets you separate various budgets, such as personal budgets and business budgets, which allows you to prioritize necessary expenses, such as rent and groceries, and see how much you have leftover for unnecessary expenses, like cocktails at the local pub. You can also view all your purchases in one convenient list.
The option to organize your favorite categories is another notable feature. You can allot how much you want to spend on something over a certain time period, and the app will help you to track how much dough you have left to spend in that category.
If you have a calendar hanging on the fridge in your new apartment, this may be the budget app for you. The Dollarbird app aims at providing you with an aerial view of your income, expenses and savings. To do this, they use a calendar to update you on where you are with your budget for that month. Additionally, charts to organize budget categories as well as income and expenses provide you with an even clearer picture.
A cool feature is that the Dollarbird app provides you with a yearly view that shows whether you went above or below budget each month. Green means you have extra money leftover, and red means you spent a little too much.
Have an app that helped make budgeting for you a breeze? Tell us about it. You can comment below or catch us on Twitter by tagging @Lovely.
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Photo Credit: Jason Howie