Managing finances can be a daunting task, especially for young adults who have just started to make some money. However, with the help of the best budgeting apps for young adults, keeping track of expenses, setting financial goals, and managing money can be made easier and more efficient.
From tracking daily expenses to monitoring investments and savings, these apps offer a range of features that can help you to take control of your finances and make better financial decisions. So, let’s get started!
Top 10 Budgeting Apps for Young Adults to Track Their Finances
There is a popular quote by Benjamin Franklin that says, “Every penny saved is a penny earned.” This quote emphasizes on the importance of budgeting and saving money and reminds us that every small amount saved can add up to significant savings over time.
But to save money, it is important to track your money and make an effort in the direction of using it efficiently. For that, mapping your money via a budget is a must. Here is a list of the best budgeting app for young adults.
Walnut is a popular money-tracking app in India that simplifies the process of managing personal finances. It offers a range of features that help users keep track of their monthly expenses, stick to their budget, pay bills on time, and save more each month.
The app analyzes the data in the user’s SMS inbox to identify expenses, bills, and travel reservations and provides insights into their monthly spending and saving habits. The app also offers personal loans to eligible users; its ‘Walnut Prime’ feature provides an instant line of credit that can be used for various purposes such as bill payments, shopping, and travel.
Overall, Walnut is an excellent budgeting app for those looking to take control of their finances and achieve their financial goals.
- Users can use UPI to transfer money
- Easy to track different expenses such as entertainment, travel, etc.
- Helps locate the nearest ATMs quickly
- Walnut Prime lets users access a line of credit
- Access to expenditure reports to understand spending patterns and habits
2. MoneyView App
MoneyView helps users keep track of their expenses, budget their finances, and save money. The app offers a range of features that make managing personal finances easy and efficient, including automated expense tracking, bill reminders and payments, and budgeting tools.
With the app’s advanced analytics, users can gain insights into their spending patterns and identify areas where they can cut back. The app also allows users to set financial goals and track their progress towards achieving them.
In addition, MoneyView offers various financial services, including personal loans, credit score checks, and investment advice. The MoneyView app is an excellent tool for young adults in India who are looking to take control of their finances and achieve their financial goals.
- Allows automated expense tracking
- Tracks bills and sends reminders on a regular basis
- Ability to check and see bank balance and transactions
- Monthly reports help track and manage money efficiently
- Access to loans and credit scores while getting advisory services for making the most of investments
3. Wally App
Wally is a personal finance app that helps users manage their finances more effectively. The app offers a range of features that make it easy to track expenses, set and manage a budget, and save money. It is one of the best free budgeting apps for young adults.
With Wally, users can scan their receipts and categorize their expenses automatically. The app also allows users to set financial goals and track their progress. In addition, Wally offers useful tools like currency converters and calculators that can help users plan their finances better. The app is free to download and use and is available on both iOS and Android.
- Automatically tracks and categorizes expenses based on scanned receipts
- Allows users to manage and track their bills and receive reminders
- Offers a currency converter that can be used to convert different currencies
- Lets users sync their data across multiple devices
4. ET Money App
ET Money is a popular personal finance app that helps users manage their investments, savings, and expenses in one place. The app offers a range of features, including automated expense tracking, bill reminders, payments, and investment recommendations.
With ET Money, users can track their mutual fund investments, set and achieve financial goals, and access a range of financial tools and calculators. The app also provides a new product called “Genius” that offers customized investment advisory based on the goals and risk profile of users.
In addition to this, ET Money offers various financial services, including personal loans, insurance, and credit score checks.
- Allows managing and tracking of bills and sends reminders
- Automatically tracks expenses and provides insights into spending patterns
- Offers personal loans to eligible users at competitive interest rates
- ‘Genius’ provides personalized investment recommendations based on user goals and risk profile
- Access to credit score and personalized recommendations to improve it
5. My Expense Tracker App
My Expense Tracker is a simple and user-friendly personal finance app that helps users keep track of their daily expenses. With this app, users can easily track their income and expenses, set a budget, and monitor their spending habits.
The app provides detailed reports and charts that show users where their money is going and how they can improve their habits. Users can also set reminders for bill payments and other financial obligations to avoid late fees or penalties.
- Ease of tracking daily expenses and income
- Detailed reports and charts to understand spending patterns
- Allows setting reminders for financial obligations like bill payments
- Easy to navigate and use dashboard, with a straightforward interface
- Allows backup and restoration of financial data to avoid losing important information
6. Goodbugdet App
Goodbudget is a personal finance app that allows users to make a budget and track their spending habits. The app is based on the envelope budgeting system, which involves allocating funds to different categories and keeping track of expenses in each category.
With Goodbudget, users can set up virtual envelopes for different expenses, such as groceries, entertainment, and transportation, and track their spending in real-time. The app also allows users to sync their budget across multiple devices and share it with family members or roommates.
Goodbudget is a great app for anyone looking to get a better handle on their personal finances and stay on top of their budget. It is free to download, making it one of the best free budgeting apps for young adults.
- Create virtual envelopes for different expenses and track spending in real-time
- Tracks bills and sends reminders to avoid defaults.
- The app can be synced across multiple devices
- Allows setting spending limits for each envelope to avoid overspending
- Ability to connect bank accounts to the app to automatically import transactions
7. Bishinews Expense Manager App
Bishinews Expense Manager is a personal finance app designed to help users track their expenses and manage their budget. The app offers a simple and easy-to-use interface for users to manage their money more effectively. It comes with many features that makes managing finances easier for users.
The app allows users to easily record and track their expenses, categorize them, and set up recurring expenses. Additionally, users can manage multiple accounts, including cash, credit cards, and bank accounts, all in one place.
- Ease of tracking and managing expenses
- Allows users to set up and manage their budget for different categories of expenses
- Provides detailed reports and charts to help users analyze their spending patterns
- Lets users manage multiple accounts from one place
- Simple user interface and navigation
Wallet is another one of the best budgeting apps for young adults. It allows users to manage their expenses and create a budget in a few simple steps. With its user-friendly interface and useful features, Wallet is an excellent choice for anyone looking to improve their personal finance management skills.
Some of the key features of Wallet include expense tracking, budget management, bill reminders, account management, goal setting, and detailed reports and analytics. Users can link their bank accounts, credit cards, and other financial accounts to Wallet to track all their finances in one place.
The app is designed to help users make informed financial decisions by providing insights into their spending habits and helping them stay on track with their financial goals. It’s available for both iOS and Android devices and is free to download and use.
- Offers goal-setting tools that allow users to set savings targets
- Budget management tools that allow users to set and monitor their spending limits
- Ease of tracking expenses by category and date
- Allows linking bank accounts, credit cards, and other financial accounts to Wallet
- Provides detailed reports and analytics to understand spending patterns
9. Realbyte Money Manager App
Realbyte Money Manager is a personal finance management app that helps users track their expenses, create and manage their budgets, and plan their financial goals. The app offers a range of features to help users gain control over their finances, including expense tracking, budget management, bill reminders, and more.
One of the standout features of Realbyte Money Manager is its ability to automatically categorize expenses and income, making it easier for users to see where their money is going. The app also offers detailed reports and analytics, allowing users to track their spending and make informed financial decisions.
Realbyte Money Manager also has a user-friendly interface and is easy to use. It’s available for both iOS and Android devices and is free to download and use. The app has received positive reviews from users who appreciate its simplicity and effectiveness in helping them manage their finances.
- Ease of easily tracking expenses and income and categorizing them
- Allows users to set financial goals and track their progress
- Offers reports and analytics to gain insights into their spending habits
- Simple user interface and easy navigation
- The app is free to download and use
Fudget is a simple and easy-to-use budgeting app that allows users to easily track their expenses and income. The app is designed to be user-friendly, making it easy for anyone to get started with managing their finances.
With Fudget, users can create and manage their budgets by adding individual items, including expenses and income. Users can also set up recurring payments to help keep their budget up-to-date automatically.
The app also provides a daily, weekly, and monthly summary of your expenses, allowing you to easily track your spending and identify areas where you may need to cut back. Fudget is available for free on both Android and iOS devices, with a premium version that includes additional features such as custom categories and the ability to export your data.
- Enables you to create and manage your budget with ease
- Allows setting up of recurring payments
- Provides daily, weekly, and monthly summaries of expenses
- No ads or in-app purchases in the free version
- Can be used offline without an internet connection
In conclusion, there are a variety of budgeting apps available for young adults in India to choose from, each with its own unique set of features and benefits. Whether you are looking for a simple and easy-to-use app or a more comprehensive money management tool, there is sure to be an app that meets your needs. By taking advantage of these budgeting apps, you can gain control over your expenses, save more money, and achieve your financial goals.
1. Why is it important for adults to have a budget?
Having a budget is important for adults because it allows them to effectively manage their finances, control their expenses, and save money. By creating and sticking to a budget, adults can avoid overspending, reduce debt, and build savings for future goals such as buying a house, starting a business, or retiring comfortably. In addition, budgeting helps individuals to develop good financial habits, increase their financial literacy, and reduce financial stress.
2. What is the 50/30/30 rule in budgeting?
The 50/30/20 rule in budgeting is a popular method that suggests individuals allocate 50% of their after-tax income to essentials such as housing, utilities, and groceries, 30% to discretionary spendings such as entertainment, dining out, and hobbies, and 20% to savings, debt repayment, or investing for future goals.
This rule provides a simple framework for creating a budget and helps individuals balance their spending and savings. However, it is important to note that the 50/30/20 rule is not a one-size-fits-all solution and may need to be adjusted based on individual circumstances.
3. What is the best budgeting app out there for young adults?
It is difficult to name one app as the “best” budgeting app for young adults. Each app has unique features and advantages, and the choice ultimately depends on the individual’s preferences and needs.
Some popular apps for young adults include Walnut, MoneyView, Wally, ET Money, Goodbudget, and Fudget. These apps can help users track their expenses, create budgets, and achieve financial goals. It’s recommended to try out different apps to find the one that works best for you.