Okay, so maybe you’re not that interested in budgeting, but you know you need to save money and cut down on your spending. How about trying out these two simple budgeting apps? We promise, they’re a breeze to use and completely fuss-free.
Words by Calvin Yeo
Budgeting is a very simple concept but we understand it can be a very tedious process. This is because it requires a lot of discipline to monitor your spending accurately.
While there are tons of budgeting apps out there, many of them suffer from the same problem: trying to pack too many features under the hood. Some apps have a very complicated user interface. Some have fonts so small; you’d have to squint to read the screen. Others ask for way too many details for every transaction recorded.
All the resources you'll ever need as an investor
We've gone ahead and done the work. Compiled here are all the resources you'll need as an investor.
So, the DrWealth team set out on a noble mission: to comb through all the latest budgeting apps in cyberspace – over 50 of them! – to find the simplest budgeting app that anybody and everybody can use.
We judged each app based on the following criteria:
- Simple, uncluttered interface
- Easy to use and understand
- Ease of entering transactions
- Attractive graphics
After much deliberation, here are our top picks.
Best Simple Budgeting App (for Android): Monefy
Monefy has such a friendly, intuitive interface that many budgeting newbies figured out how to use it straightaway with little or no instruction.
Looking at the main screen, it’s plain to see why it’s so simple to use. The icons are big and legible, making navigation a breeze. To get started, all you have to do is to tap on any of the spending categories and a screen pops up, asking you to input the transaction amount. Swiping left and right brings you to other months for easy comparison.
After keying in the value, press the “Add” button below to save. And…it’s done! All in less than 5 seconds. This is unlike other apps which request for many other details before you can save the transaction, like selecting an account, payee, payment description etc.
Return to the main screen and you’ll see a summary of how much you’ve spent and how much balance you have left in your budget. This can be viewed according to day, week, month, or year.
While the app is simple, it is by no means lacking in features. You can define new categories, link your spending to a specific bank account or credit card, and even automatically sync your data with Dropbox.
Best Simple Budgeting App (for iOS): Expenses OK
On the Apple App Store, we narrowed down our choice to Expenses OK, an excellent expense tracker that helps you keep an eye on where all your money is going.
Like Monefy, Expenses OK presents you with a clean home screen with several built-in spending categories to help you get started more quickly. These include categories like food, lunches, clothes, fuel and more.
The main difference here is that the keypad is located right on the main screen. So all you have to do is enter the value and then select the category below.
By default, expenses entered are applied to the current day, but you have the option to pick a different date for those times when you forgot to add in an expense.
Scroll down the screen and you’ll be able to see the total amount spent from your budget, as well as the breakdown daily.
Switching to the pie chart view gives you a colour-coded overview of your spending patterns, complete with percentages and dollar amounts. Here, you can view by day, month or year.
The only qualm we had was that to view different months, you’ll have to open and select the dates from the scroll interface, rather than simply swiping left and right.
Still, there are plenty of helpful features that more than make up for this slight blip. Apart from syncing with iCloud, you can create a backup of your data, export it to a .csv file or send it via email. For those conscious about privacy, you can even passport-protect the app using a four-digit PIN or Touch ID.
As you can see, Monefy and Expenses OK are our two favourite apps of the moment. Having tested both of them for a few months, we’re glad to say that it has been a great experience so far. Because both apps are so simple to use on-the-go, we found ourselves using them consistently to keep track of our budgets.
So before you complain that budgeting is a pain, go ahead and give these two apps a try! We love them and we’re sure you will, too.
Enjoyed this article? You may also like: