Hello, beautiful people from across the lands! I am a strong advocate for having a written budget. Most of us need to develop our money muscles to practice self-discipline in money management. I believe starting out with a written budget in the beginning really helps to build the foundation for personal finance. It is 2020 however and there are some Apps that can simplify this process that is worth sharing. I will say after budgeting has truly become a habit then you can graduate yourself to using apps. In this post, we’ll discuss Mint vs YNAB that are out and their key features! 

Mint

Mint is a free app that allows you to balance your budget, money goals, credit score, and others. There is a pro version that offers additional features. The goal is to help make managing your money simple and seamless. Currently, it connects to US and Canadian financial institutions. It has a 4.7 star rating with 24 million users in the Apple App Store.

Key Features

  • Bill Payment tracker
  • Budgeting Goal Tracker
  • Free Credit Score
  • Budget Alerts

Pricing 

  • Free Account
  • Upgrade to Pro for $16.99 a month 

YNAB

YNAB stands for You Need A Budget. The YNAB follows a proven 4-Rule method that will help you get out of the paycheck to paycheck cycle, get rid of debt, and increase savings. The four rules state to give every dollar a job, embrace your true expenses, roll with the punches, and age your money. YNAB has a 4.8 rating in the Apple App Store. 

Key Features

  • Bank Synching– easily connect to your accounts in one place
  • On the Go– provides real-time access to finance data
  • Debt Paydown– tools and teaching on how to get out of debt
  • Goal Tracking– set and track financial goals
  • Reporting– detailed spending and trend reports
  • Personal Support– support team available via email or live chat in the app plus 100+ free workshops

Pricing

  • Free for 30 days then an annual subscription 

Action Steps to Take NOW

Step 1: Develop your money muscle by starting off with a written budget if you have not started budgeting at all. Click here for a free template to get you started. If you have successfully done so for at least 3-6 months move forward to step two

Step 2: Choose one of the budgeting apps that appeals to your financial situation best and try it out. If you find yourself getting off track consider going back to a written budget and coming back to this step

Step 3: Compare which method works best for you and choose which one keeps you consistent

Conclusion

Budgeting sets the foundation for building financial freedom. Without mastering this step it will be very difficult to reach your financial goals. I recommend starting out with a written budget to help build discipline and habit. Click here to download a free template to get started today. However, if these budgeting apps fit your financial situation, by all means, get started. Try following the steps listed above to get you onto a strong start.

Do you prefer a written budget, app budget, or even both? Let me know your thoughts.

Until next time dream, believe, and achieve.