Most people are living paycheck to paycheck never getting ahead. One peek inside their finances and you will see that their hard-earned dollars are slipping through their fingers like water. The good news is, there is a solution. Simple personal budgeting software can change your life…
You probably already use personal budgeting software. You just might not know it. Tens of millions of people in the United States alone rely on a number of free, open-source personal budgeting software (PBMS)for their money management needs. Whether you’re just looking for a few simple ways to track your spending habits or want to delve into the world of robust, feature-rich financial planning, there’s a PBMS out there for everyone.
Budgeting software can help you start saving money, track spending and help you meet your savings goals. In this post we look at the Best Free Personal Budgeting Software Applications to calculate and plan your monthly budget.
This article will cover some of the best personal budgeting software available today. Personal budget software is a great way to get a handle on your finances. I’ll give you a few recommendations and provide an overview of each product.
Assess your current financial situation.
The most important thing to do before you start budgeting is to assess your current financial situation. This means:
- How much money do you make?
- How much money do you spend?
- What kind of debt do you have, if any? (i.e., credit cards, student loans)
- How much savings do you have in a bank account or other investments (i.e., 401k)?
Set up a budget.
Now that you know what your financial goals are, it’s time to get serious about them. The first step is to set up a budget.
The easiest way to create a budget is by estimating your costs for each category, then defining which costs are fixed and which are variable. Fixed costs don’t change from month-to-month—for example, rent or car payments—while variable costs do change—like food or gas.
After you’ve estimated all of your expenses, go through them one by one and assess their necessity: Does this need to be in my budget? Can I cut back on this expense? These questions will help you determine if some of the things in your life really belong there or not. It’s important that when creating a budget for yourself or others (such as children), consider whether an item belongs in each category before adding it; otherwise mistakes can result in overspending and unnecessary stress later on down the line when bills come due!
Remember that needs should always come first when planning out finances. These include essentials like food and shelter as well as personal care items such as shampoo/conditioner/makeup etc.. Wants typically fall under entertainment costs such as tickets/admission fees at theme parks etc..
Budgeting means making choices.
Budgeting is a way to make sure that the money you have goes to the things that matter most to you. It’s a skill that can be improved over time, and it helps you keep track of your finances.
When used effectively, budgeting is a tool for achieving your goals. For example: if you have a goal of saving up $1,000 by the end of this year, then figuring out how much money is coming in each month (your income) and how much should go toward paying down debt versus saving up for an annual vacation ($1k x 12 months = $12k), then some more math about whether or not there will be any savings left over at the end of those twelve months ($12k – expenses = savings) will help determine how quickly (or slowly) we’ll achieve our target goal. That last step—adding up all those numbers—is called budgeting!
Make adjustments as needed.
Budgeting is not a static process. It’s more like a living document—a tool that you use to help achieve your financial goals. And if you’re not achieving them, make adjustments as needed!
For example: Your goal might be to save up enough money for a down payment on a house by early next year, but if your savings rate isn’t where it needs to be, consider making some changes in order to get there faster.
Creating a budget is the first step toward living the life you want.
A budget is a plan. It’s a way to prioritize your spending and get the most out of your hard-earned money. By creating a budget, you’ll know exactly what you have to spend each month on everything from rent and food to entertainment and savings. This can help control your finances so that they’re working for you instead of against you.
Creating a budget also allows you to plan for the future—whether that means saving up for an upcoming vacation or paying off debt more quickly than usual (and feeling better doing it). Finally, building good financial habits will help keep things running smoothly—so when something unexpected happens, like getting in an accident or having an emergency medical procedure done at the hospital, there won’t be any surprises about whether or not there’s enough money in the bank account to cover it all
The best free personal finance software is easy to use and helps you improve your money management.
The best free personal finance software is easy to use and helps you improve your money management.
Mint is the first budgeting app many people think of, but it’s not the only good option out there. Personal Capital is a robust budgeting app that offers many features for free (including automated savings goals), while PocketGuard is an intuitive option for people who don’t want to spend time creating spreadsheets or entering data manually.
We’ve researched and tested the best budgeting apps and budgeting software to help you get in control of your personal finances.
With a budgeting app, you can track your spending and get alerts when you go over budget. You can also set a monthly limit to help you stay within your means.
Our top choice is YNAB (You Need A Budget). It’s been around since 2001, and it’s the best-known budgeting software on the market. Our personal favorite feature is how easy it is to set up automatic transactions: With just one click, money will come out of your account each month for bills and other recurring expenses like rent or student loans.
Best free personal finance software
Quicken is a well-known personal finance software that allows you to track your spending and budget. The Quicken app lets you get started on the go, with a streamlined dashboard that displays your latest transactions, upcoming bills and scheduled savings goals.
It syncs with the desktop software so you can use both platforms seamlessly together. You can use it to track your investments as well as accounts from thousands of financial institutions such as banks, credit unions and investment firms.
Mint.com is one of the most popular personal finance apps on the market, and with good reason. It’s free and easy to use, plus it integrates with nearly all major banks and credit cards. Mint will help you track your spending while also projecting how much money you’ll have leftover at the end of each month—a feature that’s especially useful for people who like to know exactly where their money is going before they make purchases or plan a budget.
In addition to being able to manage every aspect of your finances in one place (which no other app does), Mint also comes with several unique features such as “smart saving,” which tracks certain purchases based on past history so that you’re less likely to spend money unnecessarily (for instance, if you’ve spent $50 every week at Blue Bottle Coffee Co., but not lately, Mint will remind you that there are cheaper alternatives nearby). The only downside? This software only works with American banks and credit cards; however, it still offers an excellent overview of how much money comes in each month versus how much goes out—making it ideal for both those looking for a new job or those who just want some extra cash flow!
Best mobile focused and Internet connected budget solution
Reasons to buy
+Supports multi-factor authentication +Can import data from Quicken and Mint
Reasons to avoid
-Premium subscription for automating data imports -More features than you might need
CountAbout is a personal financial and budgeting software solution. It is notable as it can import data from Quicken, or Mint, and is one of the few solutions that can do this. When you sign up you’re encouraged to do that early on, and there are some decent instructions that walk you through the steps.
It also connects to your other financial assets, including banking, credit card and retirement accounts, which includes thousands of financial institutions. Additional features include multi-factor login protection, categories can be customized, running register balances, and support for recurring and split transactions. It also facilitates advanced budgeting, via activities such as account reconciliation, and tracking register balances.
CountAbout is available for the iOS and Android platforms, and can also be used on a full PC via the web-based interface. It is available via a subscription interface, starting with a Basic account, but requires transactions be entered manually, or a more usable Premium account can automatically download transactions from your financial institution.
You also get an easy access Account Maintenance option, which during setup means you can choose to have transactions automatically downloaded from the financial institutions you deal with. Once you’re into the main working area you’ll find that the interface is clean, fuss-free and easy to navigate.
The interface is additionally impressive in that it can be customized to suit your individual needs. For example, any kind of additional category can be added into the left-screen menus, while others that you don’t need can be removed. The ability to add in and manage invoices is another boon, especially if you’re a small business owner.
4. You Need a Budget (YNAB)
The You Need a Budget (YNAB) budgeting software is a great tool for those who have trouble sticking to their budgets. It is geared toward people who are trying to get out of debt and stay on track with their finances. YNAB uses something called the “envelope system,” which forces users to allocate funds for different expenses each month so that they don’t overspend. The program automatically pulls in your bank statements, categorizes your spending and then allows you to see where all of your money is going at any given moment.
YNAB also includes features like importing transactions from banks, credit cards and other financial institutions; reporting tools; mobile app access so that users can keep track of their budgets anywhere; reminders for bill payments; reconciles accounts between banks in real time; customer support via email or phone calls.
5. AceMoney Lite
AceMoney Lite is a free personal finance software that allows you to manage your finances by tracking your investments and multiple accounts. The program is easy to use, allowing you to enter transactions quickly with an intuitive interface.
The free version of AceMoney Lite allows only two accounts, whereas the paid version ($19.95) offers unlimited account support as well as other benefits such as:
- Manage multiple accounts
- Track your spending habits and set budgets
- Set bill due dates and scheduled transactions
- Track investment accounts including stocks, bonds, mutual funds and CDs
Banktivity is the only personal finance software for Mac that is not subscription-based. It has a beautiful interface and is a very robust piece of software, making it a great option for Mac users.
Banktivity’s strength lies in its simplicity, which makes it easy to use and understand. The goal of Banktivity is to help you manage your money easily while providing you with all the tools necessary to get there.
HomeBank is a great option for users who want to enjoy the benefits of a personal finance software without spending a dime. HomeBank is completely free, and it can run on MacOS, Linux and Windows operating systems. It’s also cross-platform compatible with Ubuntu Touch devices such as Jolla Tablet or Android devices like Nexus 7 tablet or Samsung Galaxy S3 smartphone (with USB OTG cable).
HomeBank offers in-depth reporting features that are not available on other free apps. It allows you to generate reports with graphs and tables so you can easily track your finances. You can also configure the software to show full report only once at the end of each month, instead of daily updates which may be overwhelming if you aren’t used to looking at numbers all day long!
Some users complain about lack of support from developers though so keep that in mind before making any final decisions on whether or not this will work for your needs!
PocketGuard is a tool that allows you to see the amount you have left to spend each day, week or month. It also helps you track your spending and find the best credit card for your needs. You can even use it to find the best loans for your situation.
PocketGuard gives you a clear picture of your finances by showing how much money is coming in, how much is being spent and where it’s going each month right on their dashboard.
One of my favorite features of PocketGuard is that they provide a breakdown of all expenses by category so I know exactly where I’m spending my money and what categories are costing me more than others! This makes it easy to cut costs when necessary without sacrificing quality of life (think: cable vs Netflix).
Moneydance is another great option for managing your personal finances. It offers many of the same features as Quicken, but it also has some unique benefits. For example, Moneydance can be used to track investments and exports your data to TurboTax or TaxACT so you can file your taxes without a problem.
Moneydance also comes with robust security features that use encryption technology to protect your financial information from hackers and thieves. Plus, if you want more control over how much personal information is shared with other apps on your device (such as other banking apps), Moneydance lets you customize what gets shared between apps in Settings > Security & Privacy > Manage Data Sharing Permissions
The best free personal finance software is easy to use and helps you manage not just your money but also your life
The best free personal finance software is easy to use and helps you manage not just your money but also your life. It has features that help you create a budget, track spending, save for retirement, invest in stocks and bonds (if you’re ready), pay bills online, and more.
Some of the most popular personal finance tools are Mint.com, Wesabe, You Need A Budget (YNAB), LearnVest and Personal Capital. All of these tools offer the basics—a dashboard where you can see how much money is coming in and going out each month; graphs that show how much debt or savings you have; an alert system that warns when an account gets low on funds or when bills are due; a feature for tracking expenses like groceries or gas so you can identify areas where there might be room for improvement (or at least know what’s working).
But beyond those basic functions they also include other helpful features that make managing your money easier:
Budgeting is a complex and personal task. Different people have different needs, therefore you need different features from budgeting software. I’m going to share with you my top picks for free personal budgeting tools so you can start saving money right away.
Personal budgeting software has been around for many years and continues to be one of the top money management tools. If you’re thinking about creating your own financial software program, or want the best personal budgeting software that’s completely free, check out this site.