Okay, let me tell you that no one enjoys thinking about, let alone, preparing
a budget. Yes, that chore-like process that each person will tell to do but
none like to follow through with. It’s the same as brushing our teeth or
ironing clothes—we know it is necessary and beneficial, but it does not
make us excited. And in this glorious digital age, aren’t budgeting apps the
same and supposed to make everything easier, right? They make big boasts,
ensuring to change us into ‘smart shoppers’ within the shortest time
possible, starting with just a click. Luckily for its audience, this show has
not disappointed in addressing this very concern: Is it really worth to
subscribe to these services because, for Studentyopes, the subscription
costs are just getting higher and higher?
Alright, let’s get this show on the road and find out how much you actually
need a budgeting app for your budget!
- It often makes you wonder whether these budgeting apps
actually do anything at all.
It’s always wise to know what you will be paying for before being asked to
pay for a subscription. In general, a budgeting application refers to a
smartphone or computer application that provides assistance in tracking
spending, setting a saving menu and checking expenses. They can sort out
your bank accounts and credit cards to categorize purchases based on your
spending—oh, you didn’t tell me I spent so much on coffee last month.
With features like reminders for bill payments, budget limits for different
spending categories, and cute graphs, they’re meant to make budgeting less
of a “bleh” experience and more of a “yay, I’m responsible” one.
Some of the most popular ones—like YNAB (You Need A Budget),
Mint, Goodbudget, and PocketGuard—offer premium features that
come with a subscription fee. But are these paid features really
life-changing, or are they just adding up to one more line item on your
budget? - What Do You Get for Free?
The good news is that the majority of the above-stated budgeting
applications have their free versions. Here’s what you usually get:
Basic Budgeting Tools: Keep abreast with how you spend your money,
make some targets, and observe your money behaviors.
Expense Categorization: Splits your transactions for you—and sometimes
they even do it wrong—but at least they’re trying.
Account Syncing: Connects your bank accounts for accurate monitoring.
Spending Alerts: Alerts you when you are, let’s say, $2 away from your
fast-food allowance.
The free versions are more or less okay, particularly when you are exploring
the use of such systems. However, there is hope: if you are not willing or
able to spend any money, the bare-bones features can be met with the free
versions of these apps, which, given the subject matter of the apps, is
actually kind of deliciously on theme. - When does it make sense to pay?
Okay, then when is it appropriate to go premium? Here’s a quick look at
what you’re getting with that subscription cost:
Okay, so let’s say we have finally found that spot where you need to go
premium: Here’s a quick look at what you’re getting with that subscription
cost:
Goal Setting & Tracking: Personal attributes such as more improved
features for planning relating to certain objectives, such as the vacation
fund or the escape from the 9-5 plan.
● Debt Payoff Plans: Some apps have fancy tools that give you
personalized plans for tackling debt.
● Investment Insights: If you’re a finance nerd, some apps give
insights on how you’re investing or even a breakdown of your net
worth (cue existential crisis).
● Customer Support: Imagine actually being able to talk to a human
if you’re stuck. Mind-blowing, I know.
If you’re someone who’s already halfway decent at budgeting but wants to
go all-in with every feature under the sun, the subscription might just be
worth it. - The Subscriptions: Are They Budget-Friendly?
To be honest, subscriptions can quickly turn into more than you ordered
cups of morning coffee. Budgeting apps fully understand this too, and they
are more than willing to let you pay between $5 and $15 on each month.
For instance, YNAB costs about $14.99 per month, but people who have
used it will be glad to attest to its effectiveness. That’s roughly the cost of a
single avocado toast in a café or a pack of instant noodles to get through the
week.
If you’re already operating on the borderline or on a strict budget, it may be
out of the question to spend a few more bucks on an application that can
help you track your spending and savings. But if the idea was to save
money, how effective can a budgeting app be when you have to spend some
cash to gain access to it?
But hey, at least it makes you work harder to budget, and hey, the price you
paid for the app could be worth it! - Don’t these so-called ‘Helping’ Turn Every Investment into a
Nightmare?
Well, as a result, we have the following numbers (as you know, when it
comes to the budget). Here’s a quick example:
Suppose you say you are paying $10 a month for a budgeting app. That’s
$120 a year. If this saves $200 per annum or any amount that makes you
refrain from spurting the impulse, then you are eighty dollars up. - But What If You DIY It?
Fun fact: people survived for centuries without budgeting apps. I
know—shocking!
If the idea of paying for an app doesn’t sit right with you, there are DIY
methods to consider:
● Spreadsheet Magic: Spreadsheets are like the OG budgeting app.
Google Sheets even has budgeting templates, and they’re free. You
can customize it as much or as little as you like, and there’s no
monthly fee.
● The envelope system: Withdraw cash, put it in envelopes labeled
with your categories (groceries, coffee, rent), and only spend from
those envelopes. Once the envelope is empty, you’re done for the
month. It’s old-school, but it works.
● The 50/30/20 Rule: Allocate 50% of your income to needs, 30% to
wants, and 20% to savings. It’s simple, it’s free, and there are no
hidden fees. - Reviews: The Good, the Bad, and the Hilarious
Budgeting apps have no shortage of reviews, and let’s just say—people have
opinions. Here’s a mix of what people love and loathe:
● The Love: “YNAB changed my life!” “I actually paid off my debt!”
“It’s like a mini-therapist for my finances.”
● The Hate: “Why is it so expensive?” “Half my budget goes to the
budgeting app.” “Honestly, I could’ve just made a spreadsheet.”
● The Hilarious: “I didn’t need a budgeting app until I got one and
realized how bad my spending was.” “I’m paying a monthly fee to be
reminded of my student loans. Fun.” - Our Verdict: Worth It or Nah?
At the end of the day, budgeting apps are like gym memberships. You pay,
hoping it’ll keep you motivated. Some people will swear by them, while
others might find themselves avoiding the app notifications like unread
emails.
If you’re genuinely struggling with managing finances, the right budgeting
app could help bring some structure to your spending habits. But if you’re
already disciplined or just getting started, there’s no shame in sticking with
a free version or a DIY method.
Remember: budgeting apps are tools. They help you help yourself, but they
won’t magically make money appear in your savings account.
The Bottom Line (TL/DR)
● Budgeting apps are great if you’re serious about organizing your
finances, but they can be pricey.
● Free versions are often good enough for basic budgeting, so try
before you buy.
● Subscription perks like goal tracking, debt payoff plans, and
investment insights are worth it if you’ll actually use them.
● DIY methods like spreadsheets or envelope systems still work just
fine for those who want to save on subscription costs.
So, are budgeting apps worth the subscription cost? The answer depends on
your habits, goals, and commitment to that sweet, sweet financial glow-up.