Budgeting as a student can be tricky, but with the right budgeting apps, managing your finances can become much easier. Many apps are designed with students in mind, offering user-friendly features to track expenses, set savings goals, and stay on budget. Here are the best budgeting apps for students in 2024, each chosen for their ease of use, unique features, and compatibility with a student lifestyle.
Why Budgeting Apps are Essential for Students
Budgeting apps offer many advantages, especially for students who may be new to managing finances. Here are some reasons why every student should consider using a budgeting app:
- Track Spending – Know where your money goes each month and avoid overspending.
- Set Financial Goals – Save for larger purchases, like textbooks or a new laptop.
- Prevent Debt – Stay within your means and reduce reliance on credit.
- Build Financial Habits – Gain valuable financial management skills that will last a lifetime.
Top Budgeting Apps for Students
1. Mint
Mint is a popular budgeting app ideal for beginners and students due to its simple interface and powerful features.
- Key Features:
- Tracks all accounts, credit cards, and expenses in one place.
- Automatically categorizes expenses and provides spending insights.
- Allows users to set budgets and receive alerts when they’re close to overspending.
- Why It’s Great for Students:
- Mint is free and offers a straightforward way to track all finances.
- Notifications help prevent accidental overspending.
- Cost: Free with optional in-app purchases.
2. YNAB (You Need a Budget)
YNAB is a robust budgeting app designed around the principle of giving every dollar a job. It’s great for students who want to take control of their spending.
- Key Features:
- Zero-based budgeting system to assign every dollar to a purpose.
- Tracks goals for specific categories, like savings or debt repayment.
- Offers educational resources to help users improve budgeting skills.
- Why It’s Great for Students:
- Encourages proactive budgeting by requiring users to plan their spending.
- Teaches students valuable budgeting skills through its resources.
- Cost: Free 34-day trial, then $14.99/month or $98.99/year. Students may qualify for a free one-year subscription with proof of enrollment.
3. PocketGuard
PocketGuard is a simple budgeting app that shows how much money you have left to spend after accounting for bills and savings goals.
- Key Features:
- Calculates “in my pocket” amount after essential expenses.
- Tracks recurring bills and shows available cash flow.
- Helps users find opportunities to cut spending and save more.
- Why It’s Great for Students:
- Provides a clear view of discretionary income, which is useful for students with tight budgets.
- Simplifies budgeting by focusing on what’s left to spend.
- Cost: Free with optional premium version at $7.99/month or $34.99/year.
4. Goodbudget
Goodbudget is an envelope-based budgeting app ideal for students who prefer a hands-on approach to managing money.
- Key Features:
- Virtual “envelopes” for categories like rent, groceries, and entertainment.
- Tracks spending and helps prevent overspending by dividing income.
- Supports collaborative budgeting, useful for roommates or shared expenses.
- Why It’s Great for Students:
- Encourages disciplined spending by setting spending limits in advance.
- Works well for students who prefer visual, category-based budgeting.
- Cost: Free for basic version; premium version is $7/month or $60/year.
5. Simple
Simple is a mobile-only budgeting app offering a minimalist experience and focuses on setting aside money for specific purposes.
- Key Features:
- Goals feature to set aside funds for specific expenses.
- Safe-to-Spend feature to show remaining funds after bills and goals.
- Integrated with a Simple checking account, making transfers easy.
- Why It’s Great for Students:
- Helps students manage their cash flow by showing exactly what’s safe to spend.
- Focus on goals encourages saving for upcoming expenses.
- Cost: Free
6. Splitwise
Splitwise is not a traditional budgeting app but is invaluable for students who share expenses, like rent or utilities, with roommates or friends.
- Key Features:
- Allows users to split bills and expenses with others.
- Tracks shared expenses and calculates who owes what.
- Integrates with Venmo and PayPal for easy payment.
- Why It’s Great for Students:
- Perfect for managing shared costs and preventing awkward conversations about money.
- Keeps track of multiple expenses in one place, making it easy to settle balances.
- Cost: Free with optional pro version at $3/month or $30/year.
7. Wally
Wally is a simple expense-tracking app that lets students manually input their expenses to stay in control of their finances.
- Key Features:
- Allows users to set budgets for different spending categories.
- Tracks both expenses and income manually.
- Offers multi-currency support for international students.
- Why It’s Great for Students:
- Straightforward and minimal, Wally is ideal for those who want a no-frills budgeting app.
- Free to use with no premium options, making it accessible for students.
- Cost: Free
8. Fudget
Fudget is a no-nonsense budgeting app with an easy-to-use interface that’s great for quick budget tracking.
- Key Features:
- Simple list-based budgeting with no complicated features.
- Allows users to add recurring expenses and income.
- Offers in-app calculator for on-the-go budgeting.
- Why It’s Great for Students:
- No setup or accounts required, making it perfect for students who want a quick budgeting tool.
- Straightforward and easy to use, ideal for basic tracking.
- Cost: Free with an optional one-time premium upgrade.
How to Choose the Best Budgeting App for You
Consider the following factors when choosing a budgeting app:
- Cost – Many apps offer free versions, but some have premium options with additional features.
- Features – Look for features that suit your financial needs, such as expense tracking, goal-setting, or splitting bills.
- Ease of Use – Choose an app with a layout and features you’re comfortable navigating.
- Automation – For busy students, apps that automate tracking or budgeting can be a great time-saver.
FAQs
Are budgeting apps safe for students to use?
Yes, budgeting apps are generally safe, especially those that use secure connections and data encryption. Apps like Mint and YNAB have strong security protocols in place to protect user information.
Do I need to pay for a budgeting app as a student?
Most budgeting apps offer free versions with essential features, which are often enough for students. Apps like YNAB offer discounts for students, making premium versions more affordable.
How much should I budget as a student?
Your budget should cover essentials like rent, food, and transportation first. Aim to save a small amount each month for emergencies or future needs. Adjust your budget based on your income and spending habits.
If you have any queries feel free to comment down below!
