BluPeak Weighs in on Your Favorite Personal Budgeting Apps

By Reeves Simmons.
Updated Dec 21, 2022

SAN DIEGO, Calif. (PRWEB) December 21, 2022 - The inflation weve been experiencing recently has convinced even some of the most budgeting-averse to try to change their ways, in hopes of offsetting higher costs for everything from food and fuel, to rent and travel. The great news is that getting a solid handle on your personal budget now will pay big dividends long after todays inflation is in our rearview mirror.

Getting finances in order and preparing a budget to stick to is a popular New Years resolution, said Margarita Guerra, Senior Vice President and Chief Financial Officer at BluPeak Credit Union. A basic budget plan is a great first step toward achieving financial wellness. BluPeak provides many easy-to-use tools to help you manage your personal finances, as well as free resources to keep you on track.

But whats the best way to start a personal budget?

For many, online is the answer. But tons of options exist, so we break it down here, sharing some of the most popular online personal budgeting toolsalong with tips on how to start your own personal budget.

How to start a personal budget

An online-budgeting tool can be really useful for identifying and categorizing all of your income and spending. But the basic principles of personal budgeting are old school, and dont require new tech.

A budget is nothing more than a spending and savings plan, where you specify all your sources of income on one side of the ledger and list all of your essential and discretionary expenses on the other. Because most of us dont have unlimited funds, budgeting is crucial for figuring out how much we can set aside each month for financial goals like building an emergency fund, paying down credit card debt, buying a car, and saving for retirement.

Hopefully, when you add up what you earn and what you spend, some money will be left over at the end of the month for your bigger financial goals. If not, or if theres not enough to reach the financial goals youve set, a personal budget call it a spending plan is a crucial tool for getting ahead.

Best Personal Budgeting Tools

Wed be doing you a disservice if we didnt begin with BluPeaks own Money Management, a free tool that members can access through either online banking or our mobile app. Set a budget, track financial goals and spending in various categories, and link all of your accounts to get a complete picture of your personal finances. Its super-simple to use and convenient, especially if youre already using one of our digital options for day-to-day banking and bill payment. You wont be bothered with pesky third-party advertisers trying to sell you stuff, and if you decide you dont want to keep it up, you wont have shared your private financial information with any other entities.

Around since 2006, Mint was purchased by the financial-software giant Intuit in 2009 and claims over 30 million users. So, if youre looking for the popular choice, Mint is probably it. And its free, though, you will have to wade through ads and offers from Mints partners, which may or may not be good deals for you. But Mint has a lot going for it, and is a solid all-around choice thats easy to use. The app was one of the first to enable users to link all their accounts in one place and track spending. It also offers a robust suite of tools, calculators and tips, along with a bill negotiator called Billshark that aims to lower your payments on phone, cable and a handful of other services. (Note: When Billshark negotiates for you, it takes a hefty bite out of any savings it identifies for you.)

The niche GoodbudgetTM has carved out for itself is families and couples sharing a budget and finances. The idea is that you create a budget together, separating the months income into virtual envelopes in the app, and linking your financial accounts. You both spend out of those budget-category envelopes, ideally stopping each category of spending when theres nothing left in that envelope. Because all your transactions are categorized and synced across your mobile devices and the web, it can be especially useful for keeping couples on the same page financially and helping to prevent overspending. The hitch, of course, is that because Goodbudgets envelope-style system doesnt use actual cash, it cant actually prevent overspending. You can get a stripped-down version for free, and upgrade to the $8 per month (or $70 annually) version if you like it.

YNAB, a.k.a. You Need a Budget, is a different type of personal-budgeting tool. While most others are fairly simple and undemanding, YNABs premise is that users need to completely reorient their thinking about budgeting. Basically, it asks you to give each dollar you earn a job at the beginning of the month and then seeks to hold you to it so you dont overspend. The app has some huge fansthe term life-changing has been thrown around. But the approach may not be ideal if you cant devote a significant amount of time to the YNAB process. Plus, after the 34-day free trial, youll pay $14.99 a month or $99 for the annual plannot a tiny amount, so youll want to be sure it fits your lifestyle. Also, if youre a gig worker, or are someone whose income fluctuates a lot, YNAB could be challenging to implement.

Similar to YNAB, PocketGuardTM is really focused on giving you tips and alerts as you go, in hopes that real-time financial tracking will help you avoid overspending. Unlike YNAB, PocketGuard offers a free version, though it doesnt offer access to premium features like the ability to create your own spending categories. One criticism that hopefully will be addressed soon is the lack of clear terms about the cost for PocketGuard PlusTM. Currently, it appears to be $7.99 a month or $79.99 for the annual plan, or $99 for a lifetime membership.

About BluPeak Credit Union

Founded in 1936, BluPeak Credit Union empowers its nearly 60,000 members to achieve financial wellness through a full range of financial products and services, including checking and savings options, credit cards, loans, mortgages and more. BluPeak has more than $1.2 billion in assets and members can access their accounts through six California branches, nearly 30,000 surcharge-free ATMs nationwide, and 24/7 online and mobile banking.

BluPeak membership is open to all Californians who live, work or worship in Alameda, Sacramento, San Diego, Santa Clara and Yolo counties, as well as those employed by the state of California, and California university employees and students. Formerly known as University & State Employees Credit Union (USECU), we changed our name to BluPeak in 2022. The new name reflects our California roots, is more inclusive to our field of membership, and better conveys our passion for going above all others in our relationships with members.

As a community leader, BluPeak partners with local causes, events and organizations that speak to our commitment to health, wellness and inclusiveness. Learn more at BluPeak.com. ###