Budget apps are just meant to manage your finances. Even if you are on a stable budget, it is intelligent to make it more efficient. Budget apps are a way to manage, learn, and invest your finances most effectively. You can operate a budget app as your banking as well. It’s always to have a second option. And in case of unstable finance, they can be very valuable, given most of them are free to use.
Why is it Necessary?
For students who are or planning to study abroad, your finances will be a significant aspect to manage. In case of misfortunes, it takes more than months to make it go away. Moreover, living away from home, you do not have as many options and support. In these situations, you must remain sturdy on your finances.
We know how much it costs to be a student. From assignments to projects, materials to extra curricular, every day is a spending day. There’s only so much you can ignore. So instead of trying out different options to deal with your unstable finances, opt for a budget app instead. Even if you are not smart enough to work it out, many of these apps contain tips and tricks. Even they connect you to financial experts for assistance.
8 Budgeting Apps if You Are Planning to Study Abroad
Living abroad, if you neglect your financial management, you can face some real complications. Transferring money overseas many times proves to be a painful task. It takes weeks for payment to go through, plus copyrights and trademark issues with banking. Here are eight budget apps that will help you manage your finances if you are planning to study abroad:
Mint is the most common and popular choice among students. You can link your bank account to the budgeting app, and you are good to go. It will provide your best-detailed budget analysis and management. Not only that, Mint constantly provides tips on how to increase your budget efficiency. The only drawback is; you can link only one bank account at a time.
Albert is as brilliant of a budgeting app as it sounds. It is an idle budget app for those not familiar with managing budgets and finance. Albert connects you to financial experts from the industry itself. If you like, you can review your budget plans and make them better. A professional approach to managing your finances can not be wrong.
Mvelopes is an effective tool for old-fashioned students. It comes with pre-set envelopes. Different envelopes to assign differently. All you have to do is allocate the proper amount of your budget for different tasks. At the end of a cycle, you can learn where you are spending more or efficiently. Mvelopes comes with SSL/TLS encryption, the same encryption used by major banks.
Splitwise is made by keeping a student in mind. Often students go out, and usually, one or two people pay for the whole group. Later, it becomes embarrassing to ask for shares to settle. With Splitwise, you can add people to a group. Enter the amount in this budgeting app while paying, and it will sync to everyone in the group. Also, if you are due to pay, you can avoid shame.
How many times have you faced a situation where you are not sure whether to buy something or not? With PocketGuard, you can rest assured of the possible consequences. PocketGuardanalyzes your budget and tells you whether buying particular stuff is intelligent or not. It is like a virtual guard of your pocket, hence the name.
Now MoneyBox is a little different. Along with managing your finances, it makes investments on your behalf. Whenever you pay through this budgeting app, it will automatically add up the amount to even you up. With the remaining amount mainly in decimals, MoneyBox invests it in companies like Google, Amazon, Disney etc. The amounts are so small; you do not even notice.
Unlike Mint, with Simple, you can link your multiple accounts to this budgeting app. And if you are sceptical enough to be concerned about linking all your finance to an budget app, rest assured. Simple comes with Safe-to-Spend®. The most imminent feature of SImple is, it provides results daily. So, you do not need to wait for a cycle.
Wally is for those who are concerned with their privacy and security too much. Where other budgeting apps are known to offer the best services by linking your bank accounts, Wally does not. Wally is best known for its budget management system without linking your bank accounts. However, you need to enter each transaction manually.