February 19, 2025
Wealth Management

Best Budgeting Apps Of January 2025 – Forbes Advisor


The two key inputs for any budget are income and expenses. Your goal is to limit your expenses, including any savings, to no more than your income.

This can be a laborious process. Think of all the transactions you make throughout a month, from utility bills to coffee runs. That’s why a budgeting app can come in handy.

By quickly syncing your credit cards and bank accounts to the platform of your choice, you’ll be able to see how much you spent at which businesses and when. (You can also do this manually with a spreadsheet or a paper and pen if that better suits your preferences.)

But simply tracking your income and expenses isn’t quite enough. A budget, after all, is a plan.

Therefore, you need to have a plan for what you’ll do with the income you expect to earn in a certain month. How much of that income will go toward each of the things you want and need in your life?

A good place to start is to separate your expenses into two categories: fixed (items like housing, child care and debt payments) and variable (items such as food and clothing).

Use recent account statements to see how much you’re spending in these various categories, including savings, and compare that to how much you have coming in. If you’re spending too much, look for places to cut back.

From this foundation you’ll be able to craft a budget where you allocate your income to different areas to achieve your financial goals.



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