I have a friend who earns a good income and he is very generous in giving treats to his friends. Of course, through his generosity, he attracted many friends most of which are there because of the free treats. Even though he could afford to be generous in giving free treats but at the end of each month, he hardly had any balance in his bank account. He only came to his senses when he sees his friends and colleagues, some even earning less than he is owning houses and properties while he is only capable of maintaining one house and he was then only a bachelor.
Finally, he realized that he needed to budget and track how he spent his money. He came to know about free expense management app from a colleague and he went online in search of one that will suit his needs. First, he tried out a few of these free apps until he found one that is easy to understand and use during the free trial period. Even though the free trials, he learned many things about budgeting and money tracking. If he had known these, he would have a big balance in his bank account. All these while, he had spent carelessly and had never kept track of his spending.
Anyway, all is not lost. It is better to be late than never. Now he has a budget app iphone to do the budgeting and management of his bank account. After linking his bank accounts, credit cards, income and the amount he wants to save, the app will calculate and give him an amount that he can afford to spend each day according to how he wants to spend it. Since then, he has seen a steady increase in his saving in his bank account.
Depending on the app that you choose, some apps enable you to easily compare your month to month spending and helps you keep track on your purchases and where most of your spending go into. Most apps will inform you on the amount you have spent for each day and what bills are coming up, etc.
For those who tend to overspend, the best financial planning app will help you create a day to day budget, a weekly or monthly budget, also including a holiday budget with a specific amount. Certain apps will show you the allocated money to spend in each category e.g. entertainment or groceries and also shows the amount you have left by the end of the day.