Millennials often find themselves juggling multiple financial responsibilities, from paying off student loans to saving for a home. While budgeting is often the key to getting your finances organized and planning your spending around your goals, having the right tools to manage your money can make all the difference.
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Here’s an overview of six best budget apps for millennials and how they work.
Simplifi by Quicken
Simplifi by Quicken is designed to give you a complete picture of your finances. It helps you track your spending, set goals and monitor your progress — all in real-time.
The app easily links with your bank accounts and credit cards, providing automatic updates on your spending habits. You can categorize your expenses, create budgets for different categories, and set reminders for bill payments. Simplifi also offers personalized insights and tips to help you make smarter financial decisions.
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YNAB (You Need a Budget)
You Need A Budget, commonly known as YNAB, is a popular choice among millennials for its proactive budgeting approach. It operates on the principle of giving every dollar a job, ensuring your money is allocated to specific expenses or savings goals.
The app connects to your accounts and helps you track your spending, but even goes beyond that. YNAB teaches you how to budget effectively by following four key rules — assigning jobs to your dollars, breaking the paycheck-to-paycheck cycle, aging your money, and rolling with the punches when unexpected expenses arise.
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PocketGuard
If you’re looking for an app that makes budgeting simple and straightforward, PocketGuard is worth considering. PocketGuard helps keep tabs on your spending by showing you exactly how much money you have left after accounting for bills, goals and necessities.
The app’s user-friendly interface allows you to link your accounts and track your transactions in real-time. PocketGuard categorizes your expenses, highlights recurring bills and provides insights into your spending habits. Its “In My Pocket” feature even shows you the amount of money available for discretionary spending, making it easier to stick to your budget.
Goodbudget
Goodbudget takes a traditional approach to budgeting by using the envelope system. This method involves allocating portions of your income to different spending categories, or “envelopes,” to ensure you don’t overspend.
You can manually enter your transactions, or import them from your bank accounts. Goodbudget provides visual representations of your spending, helping you see where your money is going and where you might need to cut back.
EveryDollar
Developed by financial expert Dave Ramsey, EveryDollar is a zero-based budgeting app that ensures every dollar you earn is accounted for. The app’s straightforward approach to budgeting helps you take control of your money and work toward your financial goals.
EveryDollar allows you to create a personalized budget by allocating your income to different expense categories.
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Monarch Money
A budgeting app that is great for couples who want to manage their finances together, Monarch Money allows you to link your accounts and create shared budgets with your partner. One of its standout features is its ability to track joint expenses and contributions from both partners. This makes it easier to split bills or keep track of shared financial goals. The app also offers personalized insights based on the spending patterns of both people.
Whether you’re just starting out on your budgeting journey or looking to refine your financial strategy, these apps provide the tools and insights you need to succeed.
With the right budgeting app, you can regain control of your money, reduce financial stress and work toward a more secure financial future. Many of these apps have free trials that allow you to test out the features to see what works best for your needs. Just remember to choose something that you can stick with and manage long-term.
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This article originally appeared on GOBankingRates.com: 6 Best Budget Apps for Millennials in 2024
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