When it comes to apps, everything seems possible. Shopping, groceries, lifestyle, entertainment, you can do anything on a mobile phone. Budget apps are some of the most valuable tools a mobile user can get. You can manage your budget at your fingertips, access your finances 24×7. It can be the best possible means for your budget.
A student has too many things to handle; academics, projects, assignments, exams, career plans, competition etc. As most of them do not earn while pursuing their studies, finance becomes crucial to look after. The monthly allowance falls short in all cases. Better to plan and manage your budget in advance.
Why Students Prefer These 7 Budgeting Apps?
The apps on the list are not just some essential budget calculator type apps. They are instrumental. You can use them for multiple chores. For instance, you can manage banking and budget within the same app. Or you can invest and earn. They also provide social connections on online mediums. Some of the apps come with pre-courses. Here we have seven best budget apps students love to have:
Just like the name itself, Albert is a smart budgeting app. This app is for those p[particular individuals who suffer from overflowing budgets and do not have much clue about it. Albert assists you in managing your budget by connecting you to financial experts. You can review your budget plan to see if it needs more efficiency. Professional experts and financial minds can provide you with practical insights to improve your budget. So if you are not good with managing your budget and need help planning it, Albert is your choice. Plus, a professional approach can not be wrong.
It’s in the name; Splitwise splits. Do you hate asking your friends or colleagues to settle some spending you did together? It is always embarrassing to keep reminding myself from time to time to pay. With Splitwise, you make a group within the app and add members. When you spend something, you need to enter the amount, and it splits equally. After your trip, all members added to the group have their share informed through the app. The same goes for your rent, bills, loans etc. It facilitates easier workflow and scarves embarrassment. Students often go out together and usually someone spends on everything. Splitwise will handle your settlement.
Mvelopes follow a standard and old-fashioned approach to managing the budget. Within the app, there are pre-set envelopes. You plan your budget by assigning different monthly needs amounts, such as INR 7,000 for groceries. Just like that, all you need to do is calculate your monthly budget and then the amount you require for different tasks and things. By the end of the month, you can analyse which spendings are over the requirement and which are under. Do not forget to assign some amount to emergencies. Mvelopes comes with SSL/TLS encryption, the encryption used by major banks.
Moneybox is a budget cum investment app. It can be used as your budget, banking and investment app at once. A student spends money daily. Small amounts regularly on stationery, food, clothes, entertainment etc. When you purchase something and pay through the app, it rounds off the amount. It is usually in decimals, so you don’t even notice it. That rounded-off amount is then invested in companies like Apple, Netflix, Google etc. As a student, a little investment every day is not a bad thing. You can use the banking, and while doing so, you are investing directly, and you do not even notice.
We sometimes have trouble deciding whether to buy a particular thing or not. Students go through this all the time. Deciding whether to buy or not depending on the budget. With PocketGuard, you can set up your budget to manage it and get a solution for the problem. PocketGuard calculates and provides projections following your budget plan. It will calculate the amount you want to spend on something and projects the outcomes for you. So you will know whether to go for it or not. It always happens when we go out to buy something out of necessity.
Usually, budget apps need to link bank accounts to function correctly. Or they do not deliver adequate performance without it. Wally is for those students who are much concerned with their privacy and security. If you do not want to provide your banking details to an app, Wally is for you. Unlike any other, Wally is known to perform best without linking the bank account to the app. However, you need to enter transactions manually, given not paying via the app itself. Wally analyses the transactions and prepares detailed analyses to give you an idea of your budget. One more benefit of Wally is that you get reminded of your finances now and then when you enter the transaction by yourself.
Simple is widely prevalent among students because of its simplicity. Just like the name, Simple operates simply and cleanses. First, you need to link your bank account to simple. After that, when you make payments, Simple will track your purchases and transactions. By doing so, it will inform you whether you are on your budget or not. Simple enough! Also, unlike other budget apps, Simple continuously analyses and presents your budget results instead of waiting on a timely basis. So anytime you need to analyse your finances, Simple will be available anytime. Furthermore, Simple comes with Safe-to-Spend® free of cost.
There are many other versatile budget apps like Mint, Goodbudget, Track My Spend, Pocketbook etc. Some students prefer a banking budget app, and some prefer an investment budget app. At the same time, some require ap[ps like Albert to assist them with their budget. Mint is the most popular and common budget app, still not included in the list as it is not best for a student. So you need to consider your requirements and decide on an app for your budget.
Author Bio: Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years.
Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, a one-of-a-kind portal with cutting edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.