Best Apps to track the amount of money you are spending each month

This post shows how to track the amount of money you are spending each month.

People on average spend more than what they are earning — housegrail.

The more you grow, the more responsibilities you have — usually. After graduating, you are expected to start a family of your own. Not immediately though. At first, you have to look for a job and then start paying some bills here and there.

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I remember getting my first real job in the first week of January 2022. It was exciting, the idea of being independent. 5 months later, I was questioning where all the money I was earning went. My friends and family were asking the same question. Beats me that I had no clue where it was going. So I decided to find out starting in July 2022.

How did I do it? By using an app on both my PC and Android phone! It is a multi-platform app that synchronizes on all devices. As long as you are signed in on the devices, all your recent changes are seen.

Below are some apps to track how much money you are spending each month:

a) Track your spending with Mint

Mint is free-to-use software that shows income, expenses, savings goals, credit score, investments, and net worth. This app can be linked to your bank account, which makes it all the more resourceful.

You can download it on the Apple App Store or Google Play Store.

Pros

1. It is free to use
2. It alerts you when you exceed your planned budget

Cons

1. There are cases when some users complain about bugs in the app
2. There are also some ads that are annoying when using the app

b) Track your spending with YNAB (You Need A Budget)

YNAB with its simple four-rule method will help you organize your finances, demolish your debt, save piles of cash, and reach your financial goals faster. 

Pros

1. Excellent cash flow management
2. Its iOS app is user-friendly (It also has an Android version)

Cons

1. It is not free to use
2. It takes longer to use than other apps

c) Track your spending with QuickBooks online

This software tracks your business expenses as they happen, as well as your income. It is available both on iOS and Android.

Pros

1. It has a lot of useful features
2. It synchronizes to square, PayPal, and bank accounts

Cons

1. Its user interface is not so friendly
2. It is not free to use

d) Track your spending with Expensify

This app allows people to scan their receipts and the app automatically reads the receipt then translates it into a logged expense.

Pros

1. Has a 6-week trial for unlimited scans
2. It synchronizes to your bank account

Cons

1. It is not free to use
2. Its user interface is not so friendly to some people

e) GoodBudget

This software lets users plan their household spending using the envelope method. Whereby they allocate a specified amount of their income into categories like groceries, rent, and debt payoff.

Users are only supposed to spend what is in their envelopes and if they go beyond their budget the envelope will show red to indicate that they overspent.

Pros

1. Users can customize their envelope categories according to their needs
2. It is safe to use

Cons

1. It is not free to use
2. It does not synchronize to your bank account

Those are some of the apps that will help you track the amount of money you are spending each month.

Conclusion

Budgeting is important. It helps you plan for the future, and emergencies, allows you to spend on what is important, and stop spending on unnecessary things. We all know that we should plan how to spend. But it is hard. These apps will help you ease that process.