What is budgeting? In simple words budgeting is the process of designing, implementing and operating the budget.
Budgeting is a fancy term for keeping track of how much money you are earning and how much you are spending and how much is left over. Ideally, you would want to spend less than what you earn so that you can save the rest, or put it aside for a rainy day.
The forecast is a mere estimate of what is likely to happen during budgeting. The budget is all about cutting costs and living a cost-effective life. Budgeting is about balancing your income with your expenses. Budgeting provides you a forecast which will result in an estimation of how much you will be spending and how much you will be saving. Simply projections of future expenses.
Why is Budgeting Important for Students
For students, budgeting might seem restricted or a little bit of an overwhelming process. But if you do it in the right way budgeting is simple. So now the question is what is the right way? Well, there is no such thing as the right way, Budgeting is all about making the ends meet at the end of every month so that you don’t spend all of it at once and then worry about what you are going to do for the rest of the week or month.
So who needs budgeting most are those people who spend their pocket money or their earnings more than they earn or are constantly scraping the bottom of the piggy bank to make ends meet, then maybe it’s time to do something about it.
The B-word might sound daunting but having a budget doesn’t have to mean missing out. With careful planning, a budget can be your best friend. A budget will help you spend smarter and identify opportunities to keep your money simply in your pocket by modifying your spending behavior. A budget can see to you the tricks of clever spending that you didn’t learn in school.
Few Budget Management Applications For Students
while managing your money seems easy enough, sometimes you can lose track. So many people have no idea where their money is going. Are you constantly missing out on opportunities to build on your savings? Maybe it is time to have a helping hand in the form of budget management applications.
Here are a few Budget Management Apps that would make managing your budget and life little easier :
- Mint Application
Mint can help you manage your money in three ways, which are Budgeting tools, Bill Reminders, Net Worth Monitoring.
The first big ways that mint can help boost your finances are by helping you build a better budget and enabling you to easily monitor your spending. Mint is a budgeting app meant to help people track their spending and see where they can cut back. To argue it’s also much more than that but this is the star feature of the tool and is where it really shines.
However, there may be a few times when you need to edit certain transactions to ensure that they are displaying where you want them to. Mint app is free with ads.
- Pocket Guard
Pocket guard tracks all your spends and shows you where the money is going and it even predicts how will you end up the month. Pocket guard will help you to reduce your card debt and shows you some cool ways to reduce your bills and spending.
- Clarity Money
There are few great features that really make clarity money stand apart from the crowd. The first thing that differentiates the clarity money from other personal finance apps is its feed design which utilizes the bunch of widgets to give you at a glance information. While clarity has a couple of other tabs, the main feed is real start here and offers that same widget feel.
It has the inclusion of company logos, this may be a small touch but it actually makes it easier to see where your money going as you view your spending.
Wally allows you to manually put in how much money to spend in a day. wally is a free app that allows you to set a savings goal and set your budget and income while it also uses your location so you can see where and with who you spent what money.
The app also features infographics of your spending but cooler yet is its the ability to take a picture of a receipt for your records when you add a new expense. Just scan and save the receipt. It is available on both Android and IOS devices.
Fudget is a basically simplified budget app as you are going to get. It is perfect for those of you who have a good sense of your finances but just want a simple way to see everything in one place and stay organized. There is no connecting accounts here, just a basic way to track your daily expenses or say set up a short-term budget.
YNAB( you need a budget app) helps you to plan your expenses and then to see how you did at spending in a way that you planned. YNAB is a paid subscription app $54 for a year which comes with a free trial of 34 days first.
Anytime you purchase something you just need to add it into your logbook so you can keep track of it. You can also manage multiple accounts. You can manage different bank accounts too.
- Monefy by Monefy App
This app has a beautiful interface with soft pastel colors and stencil-like icons as well as many useful functions. One of the things users like most about money app though it’s ease of use. The main page displays all of your expenses for the day, week, month or year and the pie chart lets you straight away where all your money is going.
Adding both expenses and income is a breeze as you can simply tap the buttons and you are good to go and it does come with a calculator too. It has a free trial period if you want to try.
- Expense Manager
Expense manager is an app which is available for Android users only. This app allows you to manage your expenses and income. First, you need to register your income amount and you can choose your payment methods too. You can add expenses in your expense tab and you can also categorize expenses like food, entertainment, groceries, health care, etc. You can also transfer the amount directly from the app by adding accounts and by syncing.
Budget management might seem difficult at first but when you get the hang of it, It is the easiest and beneficial way of saving money. We all have different types of expenses which we need to keep track of.
Generally, we do this by noting them in some dairy or some piece of papers but we might lose them. It is also not a practical way to go where nowadays everyone has smartphones.
So I have mentioned some of the apps above that
might help you make budgeting easier and fun by exploring the individual apps.
Even if you’re a student studying abroad or thinking of studying abroad these apps are surely gonna beneficial for you. There’s going to be pros and cons to every different type of app so keep that in mind as you are testing these out, you might be going into one app and you might not like it but do not let that get into your way of trying another app. It might be perfect for you.