Baby boomers balance numerous budgetary responsibilities. Nearly half of boomers live paycheck to paycheck, and many approaching retirement have little saved for their after-work years. Living on a budget is essential to achieving goals in retirement and avoiding stress over money. Thankfully, there are tools to help you manage your finances.
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Here are six of the best budget apps for baby boomers. Also check out what frugal baby boomers never buy.
YNAB
You Need A Budget, known as YNAB, is one of the more popular choices for seniors desiring budgeting help. YNAB connects to your bank accounts to make tracking your spending a breeze.
The platform operates with the philosophy of giving every dollar a job. It builds on that by helping users identify their true expenses, dealing with surprise costs, and aging their money. With that, you assign a particular dollar amount to each spending category you have. You can consult its list of common categories to avoid overlooking any categories.
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Goodbudget
Do you like a more classic approach to budgeting? If so, Goodbudget is a fantastic budgeting app for baby boomers. Goodbudget digitizes envelope budgeting, which allocates cash to virtual envelopes for each spending category. The Goodbudget app visualizes where your money goes each month.
You can connect the app to your bank accounts, or manually enter transactions. It even helps you make a plan to attack debt if needed. A free version is available, but a paid account is required to unlock the top features.
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EveryDollar
EveryDollar is the budgeting app from personal finance guru Dave Ramsey. The app is good for beginners as it provides a free budget template. Unsurprisingly, the app follows Ramsey’s philosophy of zero-based budgeting, which gives each dollar you earn a task.
Various options are available, although the free plan requires users to manually input all data. Paid accounts include access to Ramsey’s popular Financial Peace University and Baby Steps tracker.
PocketGuard
PocketGuard is a helpful budget app for seniors saving for goals on a tight budget. The app uses a SMART approach to budgeting to help guide spending so you can save for what you really want.
PocketGuard lets users monitor real-time spending by linking to their bank accounts. The “In My Pocket” tool shows how much you have for discretionary spending so you don’t risk overextending yourself.
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Empower
Empower, formerly known as Personal Capital, is one of the most robust budgeting apps for baby boomers. The platform lets users connect bank accounts, along with a variety of investment accounts.
You can track your budget via the interface, but where it stands out is its net worth tracker and retirement tracking analyzers, which help people lower the cost of investment fees.
Empower is free to use. Financial advisory services are available, but that carries a cost.
AARP Money Map Budget Builder
If you’re not always on your smartphone, the AARP Money Map Budget Builder is a suitable option. The app lets you create a budget and track your expenses via its app, but you can also do so on the AARP website.
Unlike other budgeting apps, the AARP Money Map Budget Builder doesn’t connect to bank accounts. All information must be input manually. The AARP website says it believes that it’s beneficial for users to help people see what they’re spending. The platform is free to use for both AARP members and non-members.
Budgeting is a helpful way to manage your resources and achieve financial goals, even for baby boomers. With nearly 80% of seniors owning a smartphone, these apps offer the tools necessary to thrive. Furthermore, all of the platforms provide bank-level security.
Living on a budget may feel intimidating. Thankfully, with a helpful budgeting app, you can confidently manage your finances and make informed decisions. Most apps provide free trials, so you can see if they’re for you. Don’t hesitate to try several until you find one that works best.
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This article originally appeared on GOBankingRates.com: 6 Best Budget Apps for Baby Boomers for 2024
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