Using an app in order to create and maintain a budget is actually one of the more logical uses of a phone and its related software. There are apps that do literally thousands of programmatic functions, many of which are completely extraneous. How many times have you actually used your star naming app?
On the other hand, budgeting via your phone is easier due to the fact that your phone is always with you. It is with you when you make purchases and spend money, thereby making it easier to record your outgoings more accurately.
Money Tracker : http://bit.ly/16PaJOQ
This app allows you to keep track of your money by recording your incoming and outgoing money. You can set up expense categories so that the app is more personalised, and you can look at your previous history to monitor and keep a track on your spending.
Pocket budget : http://bit.ly/lOTPil
This app is a little more sophisticated than it may first appear, and one of its best features is its recurring expenses and income functions. They help you to set up a degree of budget autonomy so that you do not have to keep adding recurring expenses and income into your budget routinely. It is available for iOS and Android, and you may find the visualizations useful if you are trying to monitor your budget progress over a certain time period.
Quick money recorder : http://bit.ly/17uKdQY
This is somewhat of a basic app, but that is intentional in order to make the budgeting process a little quicker. The app works on the principle that it is easier to maintain a budget if you are not forced to spend very long updating it. Even the fact that it has large buttons and quickly processed visualizations makes the app easier to use swiftly. An experienced user will input an expense within around two seconds, and like many apps of this ilk, it also has a function to store photos of your receipts so that you may input the pertinent data later. This app works for the iOS and Android.
Debtors : http://bit.ly/1f5K1qI
This is a budgeting app, but it has a primary aim of helping you manage the money that you owe people. It takes into account things like interest rates, and how interest rates will fall if certain debts are paid off sooner. It is a good app for people who are not reflective enough about their financial situation. It may do some people good to have them consider their debt situation a little more often. This app only works for the Android, but this may not be a permanent situation, as the company that built the app also has many other apps on the iTunes store.
Evernote : http://bit.ly/16orymL
This app works for just about every mobile and desktop computer there is. It gets a mention because you can use it to record debts that people owe you, as these are sometimes hard to classify on budgeting apps. Note down your one-off payments that you are still owed and mark them off as they are paid to you (a function that few budgeting apps have). You may also set reminders to put your purchases into your budget, as you cannot always note down expenses in full whilst on the move.
In conclusion
Not only do budgeting apps add a convenience factor, they also add a certain enthusiasm into your budget. If you are aware that you have to record your expenses onto your phone after you make them, then you are often less likely to purchase needless items and make needless purchases. Regular contact with your budget will also help you to become more invested in it, which makes you more likely to keep your budget up and not simply ignore it or forget it.
Alongside these handy phone apps there are many websites that can help with budgeting and keeping track of your spending. For example this site has a wide range of resources on how to budget.
Claire is a keen blogger who likes to write about money advice topics.
Image taken by kenteegardin on Flickr
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