Getting the family finances in order is typically one of those pesky resolutions people make at the start of the year. Unfortunately, not everyone gets around to it. Family spending can get out of control pretty quickly. According to Forbes, red flags the family is spending more than they’re earning include always carrying over a balance on credit cards, picking which bills to pay, and making less money than everyone is spending. If your family finances have warning signs like coming up short at the end of the month, it’s probably time to have a family meeting and get everyone’s spending habits under control. Don’t worry. It’s not as scary as it sounds because of course, there is an app for that.
One of the first things money management experts tell you is to do is sit down and prepare a budget. A budget isn’t just important if you’re saving for a house, car, or that dream vacation. Having a budget is an important component of controlling spending and avoiding debt. Money saving apps can help take the confusion out of setting up a budget and also help families to understand where they’re overspending. By tracking spending with family money saving apps, you are able to determine where the best areas are to cut back or save. Here are seven of the top money saving apps for families that can help dial back any overspending.
Mint is an online version of a classic budget which sets up categories for spending including food and dining, entertainment, clothing, utilities, and more. Users link their bank accounts, any loans, and credit cards to the app and then break down their spending into the above categories. The app then sets up a budget. Breaking the monthly spending into categories quickly shows how much those daily Starbucks runs or weekly takeout actually adds up. Mint is free to download and highly recommended for families new to the concept of budgeting.
If you’re looking for a money saving app for your family that does more than budget, Pocketguard fits the bill. Much like Mint, Pocketguard connects to your banking accounts, credit cards, and loans to hammer out a budget. The app shows users just how much they’re spending on travel, food, utilities, and more. One of the great things about Pocketguard is that it allows users to set spending limits. This is a great feature if the family spending has gone off the rails. Pocketguard sends warning notifications when users are about to step over those spending boundaries. The app is free to download and an ideal option for families looking to rein in spending.
If your family is looking to create a budget while getting a realistic look at spending and saving, Wally is the answer. The free app is simple to employ and creates a budget based on the family income, bills, and spending patterns. Wally is basic budgeting on the go with some insights into your long term savings goals.
The principal behind Albert is similar to Wally. It creates a personalized budget after analyzing family spending, income, and bills. Albert also provides users with alerts when the spending goes array or higher than normal monthly bills are on the way.
If paying bills on time is an issue, Prism can help put stop to those nasty finance charges and late fees. This money-saving app assists users in paying bills on time by bringing all the monthly expenses in one place along with your accounts. Doing so helps users pay bills on time while seeing just where their monthly income is going.
YNAB or You Need A Budget is a great money saving app for families with separate accounts. If you and your partner don’t keep all the family income in one place, YNAB can help you make sense of a family budget that’s a little more complicated. The app includes online money management workshops and works in conjunction with your Amazon Alexa if you have one. The catch here though is the app with its extra features isn’t free. YNAB does offer a free trial before users decided if they want to pay a monthly or yearly fee to help get their finances back on track.
Zeta is another budgeting app specifically designed for couples. The unique feature about Zeta is that the app helps all types of family situations regardless if the incomes are joint or separate. Zeta allows users to link accounts and track spending. The app is free to download.
If your family’s finances are in turmoil, you don’t need to wait until the start of a new year to try to get spending under control. Creating a family budget based on income and expenses is an important step in managing money. Budgets allow families to see where overspending occurs as well as where to cut back. Money saving apps like Mint, Wally, Albert, Prism, YNAB, Pocketguard and Zeta all help you to set up a budget based on income. If overspending is a major problem, an app like Pocketguard or Albert that lets users know when they’re close to reaching spending limits is a perfect pick. YNAB and Zeta are ideal for partners with separate accounts. Most money saving apps for families are free to use.
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