Budgeting 101: 6 Tools for Students to Manage Their Finances

Managing finances can be challenging, especially for students who are just entering adulthood and becoming financially independent. Yet, with the right tools and resources, it is possible to develop good financial habits and achieve financial stability. 

If you want to improve your financial literacy, avoid financial stress, and achieve long-term financial stability, we can help. There are many tools and resources available that can simplify the budgeting process. Today, we’ll go over six budgeting tools that students can use to manage their finances effectively. Continue reading to find out more!

6 Best tools for students to effectively manage their finances

Mint

Cost: free

Platform: Android, iOS

Mint is a money management app that helps you keep track of your finances in one place. With Mint, you can connect all your bank accounts, credit cards, and bills to see your balances and transactions in real time. The app also categorizes your spendings. Thus, you can see where your money is going and make adjustments to your budget accordingly. 

In addition, Mint provides personalized insights and advice to help you save money and reach your financial goals. Whether you want to save money to hire dissertation help, a music production course, or a new pair of shoes, Mint can help. It is a powerful tool for anyone looking to take control of their finances and improve their financial well-being.

PocketGuard

Cost: free, with the possibility of switching to a premium plan

Platform: Android, iOS

PocketGuard is a bill organizer and budget planner that will help you stay on top of your expenses. The app syncs with your bank accounts and credit cards, categorizes your transactions, and shows you exactly how much money you have left to spend. You can set up custom spending limits for different categories and receive alerts when you’re approaching your limit. Groceries, entertainment, and transportation are examples of such categories. 

PocketGuard also assists you in saving money by finding ways to lower your bills. For example, by switching to a lower-cost cell phone plan or negotiating a lower interest rate on your credit card. Whether you’re looking to save for a big purchase, pay off debt, or just stay on top of your bills, PocketGuard has everything you need to stay organized and in control of your finances. 

YNAB (You Need a Budget)

Cost: free trial for 34 days, plans start at $8.25/month

Platform: Android, iOS

The You Need a Budget app, or YNAB, will help you change your relationship with money. The app’s philosophy is centered around the idea of giving every dollar a job. This means that you allocate your income to specific categories such as rent, groceries, or entertainment. By doing so, you gain greater control over your finances and avoid overspending in any one area. 

Additionally, YNAB offers a range of educational resources to help you build good financial habits. Thus, you can save money and achieve your long-term financial goals faster. So, whether to save money for the best research paper writing services to lighten your university workload or pay off student debt, YNAB will help you take control of your finances. Be sure to give it a try and see how it can benefit you.

Acorns

Cost: plans start at $3/month

Platform: Android, iOS

The Acorns app is a little bit different from all the other apps we’ve looked at. It is more than just a money-saving app. Acorns is an investment app that helps users save and invest their spare change. The app rounds up purchases made on linked debit or credit cards to the nearest dollar. After that, it invests the difference in a diversified portfolio of exchange-traded funds (ETFs). 

With Acorns, users can start investing with as little as $5 and set up automatic investments to help them reach their financial goals. Thus, you can save for your future, kids, or retirement. The app is backed by investors like Blackrock, PayPal, Dwayne Johnson, and Ashton Kutcher. So, you don’t have to worry about the safety of your money.

Splitwise

Cost: free, with the possibility of switching to a Pro plan

Platform: Android, iOS

Next on the list is Splitwise, which can be especially useful for students who share space with others. With Splitwise, you can keep track of your shared expenses and balances with housemates, trips, groups, friends, and family. Moreover, the app allows you to set reminders for payments and settle debts through various payment methods. 

Splitwise takes away the hassle of manual calculations and helps you avoid any misunderstandings or conflicts over shared expenses. Therefore, if you want to maintain transparency in your financial dealings with others, you should definitely give Splitwise a try.

Honeydue

Cost: free

Platform: Android, iOS

Last but not least is Honeydue. This one will come in handy for budgeting with a partner. Honeydue is a mobile app that allows couples to track their spending and budget together. It allows you to create joint accounts and synchronize bank accounts. Thus, both partners can see all transactions and account balances in real-time. 

Honeydue can help eliminate any surprises or disagreements about money and help couples work towards their financial goals together. Additionally, Honeydue offers useful features that make budgeting even easier. These include bill reminders and the categorization of expenses. 

To sum up

Budgeting is an essential skill for students to learn in order to manage their finances effectively. With the help of these seven tools, you can easily track your expenses, create a budget, and save money for the future. 

By making small changes to one’s spending habits and utilizing these tools, students can achieve their financial goals and avoid unnecessary debt. It may take some time and effort to get started, but the long-term benefits of budgeting are well worth it. So, take control of your finances today and start budgeting like a pro!

James Ewen

James is the head of marketing at Tamoco