Keeping up with a monthly budget when juggling all the other responsibilities that come with parenting can be difficult. Thankfully, there are various budgetary tools for parents that can make this task easier. In this article, we provide a list of the most helpful applications available for completing this task:
Creating a budget and remaining true to it after it has been established is a task that can be difficult for anyone, but it is especially difficult for parents. Aren’t there always unexpected twists and turns in life? Especially if you have young children. In addition, it seems as though there are always unforeseen necessities (or desires) that come up over the course of a month.
One of the most effective ways to keep things on track is simply writing down your monthly budget on paper. In this budget, you should account for all of the money coming in, as well as all of your known and recurring expenses. Additionally, you should set aside some of the money in your budget for unforeseen expenses. There are apps that can help with budgeting and staying on track, many of which are particularly suited for parents and families. If the traditional method of budgeting with a pencil and paper is not your style, some apps can help.
According to prominent experts in the fields of budgeting and money management, the following are some of the most useful budgeting apps currently available for use by parents.
Mint is widely regarded as the best mobile application available for managing personal finances and family budgets, and it has been on the market since 2007, making it one of the most well-known apps currently available.
“It’s completely free and covers everything,” Jacqueline said. According to Jacqueline Gilchrist, who was the founder of Mom Money Map says. It connects all your financial accounts, such as your checking accounts, credit cards, and investment accounts. In addition, it keeps track of your budgeting and net worth. It is a time-saving tool for parents because it eliminates the need for them to check a number of different apps and websites.
In addition, Mint will alert you to upcoming bill payments automatically, which can be a godsend for stressed-out parents everywhere, and it will provide helpful insights, such as letting you know when your expenses are higher than usual.
According to Gilchrist, using Mint can help parents stay on top of their bills and finances despite the chaos that comes with day-to-day family life.
Additionally, the savvy shopper Trae Bodge recommendation places Mint at the top of the list.
According to what Bodge shared, “I particularly like it for busy parents, in particular, because it’s very easy to use and doesn’t take a lot of time to set up.” “Once you have loaded all of your accounts onto the platform, Mint will keep track of all of your accounts and can alert you to things like low balances and fees. Additionally, it will keep track of various spending goals, including saving for college.”
2. Daily Budget
According to Gilchrist, the Daily Budget app squarely fits into this category because it is easy to use. Virtually any parent can attest to the fact that finding things that are simple to use is a huge win.
It is perfect for parents who want the process of budgeting to be as simple and straightforward as possible. Explains Gilchrist, “All you have to do to use the app is enter your budget for the day, and if you spend more or less than that, it will roll over and change your budget for the following day.” “When you have children, you can always count on the appearance of new expenses. Using this application for budgeting, it is simple to account for unforeseen expenses and still maintain financial stability.
Adding more category icons or analysis graphs is one of the additional functions that can be purchased for a small one-time payment within the app, as noted by Gilchrist. The app itself is free to use.
One final point to mention, when you use Daily Budget, you are not required to connect any of your financial accounts. This removes any potential cause for concern regarding the theft of your banking passwords or your money.
According to Andrea Woroch, an expert on both budgeting and consumer finance, this particular budgeting app was developed specifically for couples with the goal of making it easier for them to manage their finances together.
According to what Woroch shared, “HoneyFi allows you to view all of your accounts and transactions in one place, track your budget, and set shared savings goals all in one convenient location.” Because parents put their children’s requirements ahead of their own, it’s not uncommon for them to avoid having regular conversations about money. The use of this application will ensure that you do not stray from your intended path.
Creating a budget can be an intimidating task, not to mention a time-consuming one. Mvelopes makes the claim that you can create a spending plan in fewer than 15 minutes using their software.
According to Woroch, “Mvelopes is ideal for time-crunched parents who simply don’t have the luxury of sifting through their finances on a regular basis.” The website states that it employs the traditional envelope budgeting system, in which each expense is classified into a separate envelope so that you know exactly where your money is going each month. “This allows you to keep track of exactly where your money is going.”
Goodbudget is yet another budgeting app that makes use of the envelope tracking system. Gilchrist, the creator of Mom Money Map, has nothing but praise for this particular app.
According to Gilchrist, “this app allows you to virtually separate your cash into envelopes that represent each category of expenditure, such as groceries, and it does so without requiring you to carry around paper envelopes physically.” It is also possible to access the same Goodbudget account from two different devices, which is convenient for couples or families that share a budget.
The basic version of Goodbudget is completely free, and it comes with ten standard envelopes and ten additional envelopes. You also have the option to upgrade for an additional cost if your household requires even more features and envelopes.
The budgeting app known as FamZoo was developed specifically with families in mind. According to Gilchrist, it serves as both a tool for budgeting and an educational product that teaches children about financial matters.
“You can schedule chores and allowances and then split the payments into savings, spending, and giving accounts to demonstrate how to be responsible with money,” explains Gilchrist. “This is one way to teach children how to manage their finances responsibly.” “You can even teach your children about the value of compound interest by paying it yourself and giving them the interest,”
“Your children will have plenty of opportunities to hone their skills in managing their wealth with the help of FamZoo,” adds Gilchrist.
The incredibly helpful FamZoo app allows you to not only set savings goals for your family or yourself but it also enables you to charge your children a fee for borrowing money or for shared expenses such as family cell phone plans. Unfortunately, there is a charge involved. If you pay for a year’s worth of access upfront, the app will only cost you $2.50 per month rather than the standard fee of $3.00 per month.
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