If you want to get a handle on your finances and truly start planning for the future, one of the best things you can do is get set up using an excellent budget tracking app. Modern home budgeting apps include features that, previously, were only seen in business-grade accounting software. Now, these features are at your fingertips, making these apps more powerful while still being easy enough for anyone to use!
However, this is a crowded market, and many budget tracking apps are competing for your attention. Which will best suit your needs? Here are some key features you should look for:
Essential Features Your Budget Tracking App Must Include
1. Future forecasting
Mediocre budgeting apps only give you historical data. The best budgeting apps also provide future planning. With the complete picture of your future in mind, you can analyze the ups and downs of your money and plan for it. For example, household energy use changes between the seasons, or you may have seasonal income. Your financial app’s power is shown by how well it helps you plan for high-use seasons or low-income periods.
2. Customizable categories
When a spreadsheet is simply lists and lists of transactions, it can be tough to identify specific transactions and critical periods in your finances quickly. You want a budgeting app that allows you to create color-coded categories. This enables you to customize the visual display to fit your needs. In addition, you can use your categories for the basis of analysis and future forecasting as well.
3. Tracking spending against categories
Another benefit of custom categories is that you can track spending across multiple expenditures at once. You may have a broad category for “utility bills,” which makes it easy to see whether your overall home expenditures are going up or down over time. This can help you refine your budget and planning.
4. Repeating transactions
Do you have bills such as mortgage payments which are the same from month to month? You shouldn’t have to enter those by hand every time. Find a budgeting software app that lets you quickly define repeating transactions to project into the future, saving you the hassle.
5. Due date reminders
The best budgeting apps don’t merely show data; they can also act as personal assistants. You should be able to attach due dates to transactions—especially repeating transactions—and receive reminders when those due dates are coming soon.
Our Budget Tracking App Can Help
CalendarBudget is a top-tier budget tracking app with the features you need to plan for the future. Click here for a free trial!