Best Budgeting Tools for Families

When it comes to budgeting, each family has their own specific needs. It’s important that you find a budgeting tool that works for your family, and not the other way around. But where do you start? With so many budgeting tools available it can be challenging to choose which one will be best suited for your personal needs. And with a family to take care of everybody’s needs are different, so it’s likely you’ll need more than one budgeting tool.

Best Budgeting Tools for Families

Scoro

Scoro combines budgeting features with other tools to manage your entire company in one system. You can also manage expenses and resources, use a financial dashboard, and manage project budgets.

Top features:

  • Budget planning and forecasting
  • Financial reports and analysis
  • Unlimited project budgets
  • Financial KPI dashboard
  • Invoicing and professional services automation
  • Automated revenue stream from invoices

What’s special about this tool: Scoro combines the tools for budgeting, CRM, and project management so that you can manage your entire business in one solution and access all the financial data in one place.

Pricing: From $26 user/month, 14-days free trial.

Centage

Centage is a comprehensive enterprise budgeting software provider that offers different tools called Maestros for budgeting, forecasting, financial reporting, etc. If you’re looking for a highly complete solution, Centage might be the answer.

Top features:

  • Budgeting and planning
  • Forecasts
  • Financial dashboard and reporting
  • Comprehensive analytics

What’s special about this tool: Centage integrates with other widely used enterprise management software like SAGE, Dynamics, and QuickBooks.

Pricing: Upon Reques

Prophix

Prophix says it has created a software solution for corporate performance management, which means that it includes many smaller tools for managing a company’s resources and planning its budgets.

Top features:

  • Budgeting, planning, and forecasting
  • Financial, statutory and management reporting
  • Cash flow planning
  • Profitability modeling and optimization
  • Personnel planning

What’s special about this tool: Prophix wants to offer its users a wholesome product that scales as the company grows.

Pricing: Upon Request

Float

Float is an easy-to-use cash flow forecasting and budget management software that integrates seamlessly with other tools like Xero, Quickbooks Online, and Free Agent.

Top features:

  • Cash flow forecasting
  • Business budgeting
  • Visual reporting

What’s special about this tool: Float is a highly visual and nice-to-use tool that helps to bring more clarity to your company’s budgets and cash flow.

Pricing: Small (1 user account) $35/month, Medium (3 user accounts) $59/month, Large (10 user accounts) $119/month

Planguru

Compared with Centage and Prophix, Planguru is a more simple budgeting software solution, which might be what you’re looking for to manage your small company’s budget.

Top features:

  • Pre-built Integrated Financial Statement Structure
  • Payroll Utility
  • Engagement Tools for Professional Accountants
  • 20+ Standard Forecasting Methods
  • Forecast using Non-Financial Data

What’s special about this tool: Planguru has a separate analytics tool that helps to get a better overview of financials and make better decisions.

Pricing: $99/company/month + $29 for each additional user

GIDE

GIDE helps companies combine budgeting, strategic planning, and rolling forecasts while consolidating projects/companies and business departments within one comprehensive corporate performance management platform.

Top features:

  • Profit/loss statement Balance sheet & Cash flows
  • Capital asset planning
  • Capital structuring
  • Operational data
  • Working Capital

What’s special about this tool: GIDE promises a fast implementation process of two weeks compared to the average of 8 weeks of budgeting software implementation.

Pricing: N/A

Spreadsheets

For a highly customizable way to track income and expenses, use a spreadsheet. “People can download budgeting spreadsheet templates that come formatted with formulas, dates and labels,” Dvorkin says. “This method helps take the guesswork out of organizing a budget, and it can also make it easier to edit a budget and track income.”

Both Microsoft Excel and Google Sheets offer free budget templates to users. You can also create your own, though there can be a learning curve to using the programs. Microsoft provides free online training lessons on its support website for Office products. Otherwise, plenty of tutorials can be found on YouTube.

Worksheets

If you’re making a budget for the first time, a worksheet can eliminate some of the guesswork. These papers often have recommended percentages to indicate how much of your earnings should be spent on each category each month.

Several organizations offer free budgeting worksheets online. American Consumer Credit Counseling, a nonprofit credit counseling provider, has sheets for household budgeting, expense tracking and budgeting for specific needs. Meanwhile, Regions Bank has free worksheets anyone can download from its Next Step Financial Education website, including a personal spending plan worksheet and daily spending tracker.

“The resources and tools we offer through Regions Next Step, like these worksheets, can help people improve their financial skills, stay organized and take the next steps to meeting their goals,” says Joye Hehn, vice president of financial education strategy and implementation at Regions Bank.

Banking Tools and Apps

Free budgeting tools may be as close as your bank’s website. Bank of America, Chase and even local credit unions are among the institutions to provide customers budgeting resources that can track expenses, run spending reports and export data to spreadsheets or computer software.

“At Chase, we are constantly enhancing our digital banking features to help our customers make the most of their money,” Divilek says. With the Chase Mobile app, customers can use a budget feature to track their spending throughout the month and determine how much is available after bills and transfers.

By paying bills online, banking tools may create charts and graphs that categorize spending, and this information can be used to develop a household budget. Banks may also offer other tools that aren’t specific for budgeting but can be helpful to manage money. For instance, you may be able to set up automatic transfers to savings or receive alerts when account balances are low.

Mint

No list of free budgeting tools would be complete without mentioning the many free budgeting websites and apps available today. Mint may be the most well-known of the internet and smartphone-based budgeting applications, and it offers comprehensive services at no cost.

Mint users can link multiple financial accounts to the service, which then tracks and categorizes spending. It includes a payment tracker with bill reminders, and its calculators allow people to see how their decisions may impact progress toward goals.

Honeydue

Designed specifically for partners who are managing money together, Honeydue helps couples stay on the same page financially. The free app allows people to link multiple accounts to share balances and spending information. A chat feature allows partners to discuss specific transactions if needed.

In terms of budgeting, Honeydue categorizes expenses to make it easy to ensure your monthly spending stays on track. The app will also send bill reminders. For those who are looking for a joint bank account, Honeydue offers those as well, with deposits insured by Sutton Bank.

SoFi Relay

SoFi Relay is another free budgeting app. It allows users to link accounts, review balances and set spending targets. It aggregates accounts and makes it easy to review spending by category.

The app also provides access to VantageScore 3.0 credit scores and makes it simple to connect with a professional to discuss financial goals and strategies. SoFi Relay users are entitled to a complimentary 30-minute call with one of the company’s in-house financial planners.

Goodbudget

This savvy budgeting software is intended for those who like the idea of an envelope cash management system but don’t want the hassle of carrying physical envelopes.

Instead, Goodbudget lets users fund virtual envelopes that are used to track expenses and sync and share budget information across devices. The free version includes 10 regular envelopes, 10 more envelopes, one year of account history and access to community support forums.

Truebill

Reducing expenses is often an integral part of creating a workable budget, and Truebill is an app that helps users identify sources of spending that may fly under the radar. Once you link a bank account, Truebill will automatically search for recurring payments such as subscription services and, if you want, cancel those accounts.

Truebill can also create a budget based on your transactions and monitor your spending. Through its bill negotiation feature, it may be able to lower monthly expenses for wireless, cable and insurance bills, among others. While the app is free to download and use, Truebill will collect 40% of your savings if it successfully negotiates down a bill.

Best Budgeting Tools for Young Adults

Money Under 30

Money Under 30 is a highly important online resource, especially for young individuals, as it covers a wide range of practical financial problems. Money Under 30 cuts through the clutter of more complex subjects you might not be interested in just now and gives straightforward, educational, and approachable content.

Do you require assistance in submitting your income taxes? You may read an article at Money Under 30.

You have a few thousand dollars to invest, but where should you begin? That is where Money Under 30 can help.

You won’t feel patronized or out of your depth after reading Money Under 30. It’s an excellent starting point for learning the fundamentals of financial planning, money management, and investment.

Gen Y Planning

When you’re a young adult, it could be necessary to look outside your parents for a financial counselor who can relate to you, your lifestyle, and your objectives and aspirations. lover of karaoke and fine food Sophia Bera, the founder of Gen Y Planning, is a young adult who strives to offer her peers the finest counsel and direction possible. Check out this list for more millennial and young adult financial planners.

Start Planning for Retirement

Retirement seems like a distant goal while you’re in your twenties, if you really consider it at all. Even if you don’t know what the coming week may hold, starting to save with your very first paycheck is a terrific approach to start making plans for the future. If your employer offers a 401(k) plan, sign up as soon as you can and make the maximum contribution, particularly if your employer matches contributions. You might have to forgo a few lunches or expensive bottles of wine each month, but in the long run, you’ll be extremely happy you did.

Wally: Track Expenses as You Go

Planning and budgeting need knowing where your money goes each month, especially if you are paid for costs associated with your job. Making a spreadsheet to plan your spending is fine, but seeing what you actually spend can serve as a wake-up call and inspire you to be more aware of your wasteful expenditures (those lattes add up). An app called Wally makes it simple to see how much money you spend each day. With Wally, you can do a lot of things, such log costs and take pictures of your receipts.

You Need A Budget

It’s time to begin preparing a little more carefully after you have a better understanding of where your money is going. An app called You Need A Budget makes creating and maintaining a budget simple, if not effortless. You Need A Budget is able to assist with:

  • Planning expenses
  • Planning savings
  • Adjusting your goals
  • Understanding the potential results

Home Budget for Families

Couples and young families just starting their lives together as adults have many financial worries. Of course, daily expenses are always a priority, but thinking ahead to their children’s futures gives them a new perspective on money. A collaborative software called Home Budget enables everyone concerned to contribute to the planning, assessment, and budgeting of family funds. Home Budget is an excellent platform for those who want hands-on experience and want to be very proactive in their planning because it has many possibilities for tailoring the program to your own needs.

Mint Budgeting

Mint is a budgeting program that includes a variety of functions to aid with spending planning and tracking, bill negotiation, and even credit monitoring. Although Mint’s owner, Intuit, mainly relies on advertising to make its service free, it does provide an ad-free paid tier as well as a premium tier that offers additional features—both of which are reasonably priced.

Here’s everything you need to know about Mint and whether it would be a good fit for you if you’re considering using a budgeting app to help manage your finances.

How the Mint Budgeting App Works

Although there are other budgeting apps with free features, Mint may have the most extensive selection. You may link all of your financial accounts to receive a complete financial picture, plan and track your income and expenses using resizable categories, and gain knowledge about potential ways to enhance your money management.

Along with a VantageScore credit score, Mint also provides a credit monitoring service. Though the VantageScore might provide you a good picture of your credit health overall, bear in mind that 90% of the biggest lenders utilize the FICO Score, which is generated in a different way. To put it another way, your credit score may not necessarily reflect the same situation that lenders perceive when you ask for a loan.

Helpful Tools

Mint comes with several helpful tools you can leverage to make the budgeting process go more smoothly and also to make better decisions about your money. Here’s what you can expect:

  • Direct import: When you connect your financial accounts, Mint will automatically import transactions as they post, so you don’t have to check each individual account every time you update your budget.
  • Automatic categorizing: When transactions get imported, Mint will automatically categorize them for you based on transaction data. You can make changes if you need to, but the automatic feature can save you a little time whenever you review your spending.
  • Goals: If you have a savings goal, you can set it up in your Mint account and track your progress toward it. Ideas include a vacation fund, holiday spending, a down payment fund and other short- and mid-term savings objectives.
  • Alerts: Mint will notify you when the cost of your recurring subscriptions increases, your bills are due, there’s unusual spending, your account balances are low and more.
  • Investment tracker: Mint can help you keep track of your investment portfolio and even spot unnecessary fees your investment advisor, 401(k) provider or broker may be charging you.
  • Resources: Mint offers a wealth of resources, including calculators to help you with retirement, paying off debt, investing and more, as well as articles that can educate you on just about any personal finance decision you need to make.
  • Paid features: While most of Mint’s features are free, it does offer a premium version, which comes with a modest monthly fee. With that, you’ll get help with canceling subscriptions you no longer need, spending projections to help you avoid overspending and money spotlights to help you understand your spending habits as they compare to other Mint users.

Pricing

The majority of Mint’s features are available for free. However, the budgeting software has numerous adverts, which might be bothersome. You must pay $0.99 a month if you don’t want to see advertisements. The monthly fee for Mint’s premium version, which can make your budget even more effective, is $4.99, which is still less than what many other budgeting apps charge.

Security

Owner of both QuickBooks accounting software and TurboTax tax preparation software, Intuit, which also owns Mint, is well-versed in data protection.

The business employs a number of security precautions, such as multifactor authentication, security scanning with VeriSign, biometric authentication, security notices, and others.

You can remotely wipe your data from the app if you misplace your device. Your information will also be removed if you opt to close your account.

Pros

  • Very easy to set up and use
  • Once your accounts are connected, the approach can be very hands-off, meaning you can come back anytime and catch up
  • Connects with an exceptionally large number of financial institutions, making almost all U.S. and Canadian accounts connectable
  • Free to use

Cons

  • Can only set a budget for the current month
  • Because Mint can be used in a more hands-off way, it may not prove effective for some users in saving money, paying down debt, etc.
  • Web interface design is less attractive and user-friendly
  • Web and mobile interface includes ads and offers

Best Budgeting Apps

CountAbout

A personal financial and budgeting software program is called CountAbout. It is noteworthy since it is one of the few systems that can import data from Quicken or Mint. You are urged to do that as soon as you join up, and there are some helpful instructions that lead you through the process.

Additionally, it links to your other financial resources, which include banking, credit card, and retirement accounts at thousands of different financial institutions. Additional features include support for recurring and split transactions, categories that can be defined, running register balances, and multi-factor login protection. Additionally, it makes advanced budgeting possible by enabling tasks like account reconciliation and register balance monitoring.

The web-based interface of CountAbout allows it to be used on a complete PC in addition to the iOS and Android platforms. Starting with a Basic account, it is accessible through a subscription interface, but transactions must be input manually. A more useful Premium account, on the other hand, can automatically download transactions from your financial institution.

Mint

From the same people who brought us Quickbooks and TurboTax, comes Mint, another mobile-based solution (opens in new tab). It makes keeping track of expenditures and balances simple. By creating an account and linking all of your financial accounts, Mint can analyze your spending patterns and suggest offers for credit cards, retirement rollovers, and savings account deals that could save you money.

Through multi-factor authentication, VeriSign security screening, and the option to remotely delete your financial information in the event that your mobile device is lost, Mint offers protection.

You Need a Budget (YNAB)

A contemporary method of using a budgeting system for personal money is called YNAB (You Need A Budget). The millennial demographic will undoubtedly be particularly drawn to its stylish interface.

The purpose of YNAB is to give every dollar a job by connecting accounts to create a budgeted amount, and then assigning where the money goes by the category including immediate responsibilities like the rent and utility bill, actual expenses like medical and auto maintenance, and debt payments.

The right panel of the interface displays the general budget information, including the total spent last month, the monthly budget, and any underfunded areas, in plain sight. A weekly video, a podcast, and a newsletter are used to promote and teach better budgeting practices. Additionally, it promotes goal-oriented saving for retirement as well as seasonal gifts.

The user interface of You Need a Budget is surprisingly strong and can be customized to meet a person’s demands depending on their financial situation. You are able to immediately import transactions from a bank account after adding one. Naturally, as your updated financial information is entered into the various categories, the overall financial picture will change.

Quicken

Quicken is PC software that can be downloaded. It is unusual in that it supports both Windows and Macintosh platforms, in contrast to other of the more heavily mobile-focused solutions. It is a well-known financial and budgeting tool that has existed since the days of DOS and Apple II computers.

To make things simple and eliminate the need for tiresome manual entries, Quicken operates by downloading all of your transactions. It includes cutting-edge features like integrated Quicken Bill Pay, data export to Excel, the opportunity to create personalized invoices with your own logo, and safe online backup of Quicken files to Dropbox cloud storage.

Different pricing tiers are available depending on the features you need, such as free online bill payment, priority customer assistance, and personalized budgets. There is even a tier that can categorize home and business spending separately and send you customized bills.

A few useful new features were added to Quicken in the most recent update, and the Mac version saw some significant improvements. The Home tab, which provides a thorough summary of your financial situation, is where you’ll start your financial journey. There is also a cool Wizard-style system for beginners.

Moneydance

For quite some time, Moneydance has been a well-liked desktop money management option, and many Mac users are also admirers. Although using it on the Apple OS platform is undoubtedly a joy, this program is also available for Windows and Linux.

Regardless of the flavor you prefer, the software is unquestionably speedy and simple to use. Additionally, if you reside in the US, it has been regularly enhanced to integrate with all of your bank accounts, as well as credit cards and investments, which makes it really appealing.

Moneydance is available for the same price in all of its variants, including the Windows and Linux editions as well as the Mac OSX edition. For individuals who choose a mobile solution, there are other editions available with variations for iOS and Android.

The good news is that Moneydance does really come with a demo edition that you can use to familiarize yourself with its features and capabilities before making a purchase.

Pocketguard

Using Pocketguard is ideal. You frequently find yourself feeling little anxious about how much money you’re spending. There is a desktop version of this financial management tool in addition to versions for Mac OS and Android.

However, the mobile edition of this bundle is absolutely worth trying if you’re seeking for a convenient quick reference guide to your finances at any time of the day or night.

With its primary In My Pocket star feature, it’s accessible for both the US and Canadian markets and enables you to consolidate all of your incomings and outgoings into one practical location. As a result, budgeting becomes much more effective.

There is a free basic edition of Pocketguard available that is nevertheless quite feature-rich. If you’re sufficiently taken with what it does, you could want to upgrade to the Pocketguard Plus model, which has a monthly or yearly subscription, in order to increase the usability.

Conclusion

Families are always on the move, and they need to be sure they’re taking advantage of all the budgeting tools out there. From checking your spending patterns to tracking your income, it can be hard to keep track of where your money is going. Here’s how to make sure you’re getting the best bang for your buck when it comes to budgeting for families!

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