The act of budgeting can and should be unique to each individual, which means it may be different for everyone on the face of the earth. Thanks to the present applications, one can find a suitable app according to how they live. That being said, freelancers, students, families, businessmen, and women are among the examples of individuals who should take full advantage of a budgeting app tailored to match their specific needs.
Budgeting for Freelancers
Due to having irregular income, freelancers need to keep their finances in check, but this is a difficult task to manage. Luckily, several apps are here to cater to this unique financial lifestyle:
QuickBooks Self-Employed
Many self-employed people adore this application, which allows them to manage prices without blending their personal and working budgets. It also provides modules for entering income, car mileage, and any permitted expenses, which is very useful when filing taxes.
FreshBooks
Though it is primarily an invoicing software, FreshBooks provides tools for tracking expenses and preparing reports, which can be very useful for a freelancer who needs to manage the client’s payments and personal finances.
Wave
The software is free, although it provides invoicing, accounting, and receipts, which is perfect for freelancers who need a cheap option. It’s not as stylish as some paid apps, but it does the minimum and links to bank statements for simple expense categorization.
Budgeting for Investors
Investors, specifically, require an app that will accommodate budgeting their finances and allow them to invest and even keep track of their net worth. Here are some great options for investors:
Personal Capital
While Personal Capital excels at tracking investments, it also has budgeting features that can be used to plan cash and savings. It is good for tracking portfolio, spending, and receipt position.
Mvelopes
It combines the features of the envelope budgeting system with the necessary tools for tracking investments. It is perfect for users aiming to cut down their expenditures but who also need to save for the distant future, for instance, for their retirement or to buy a home.
YNAB (You Need a Budget)
While not exclusively for investors, YNAB planning offers a level of detail in funds allocation that can be helpful as funds are shifted from spending to investing. Other goal-setting tools are equally suitable for predicting future investment plans.
Budgeting for Entrepreneurs
Entrepreneurs often need tools that can handle both personal and business finances, along with features for planning and forecasting:
Xero
Small business owner find it as a best option to manage or set up payrolls, medical, or other plans while being able to bill customers and track expenses helps businesspersons monitor company expenses and get ideas on how to set up personal expenses as well.
Expensify
Originally intended for reporting expenses, Expensify is ideal for any entrepreneur who travels often or hosts clients. It includes receipt scanning, mileage recording, and auto-generated expense statements, and it can organize everything.
QuickBooks
For entrepreneurs needing a comprehensive tool, QuickBooks provides everything from expense tracking to invoicing and payroll. It’s ideal for both personal budgeting and managing business finances.
