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The concept of financial awareness has come as nothing but a blessing to everyone who has woken up to the concept. From investing to savings and even reaching monthly goals, we have certainly created an extra layer of security for ourselves financially with budget planners.
Nevertheless, budget planning can become increasingly difficult to navigate using nothing but your human brain. It is rather tasking, and it is not new to see someone using a pen and paper for budget planning just to keep up.
In recent times, however, a budget planner has been introduced specifically to plan budgets to your needs and along the course of this article, we will be telling you all about them. We will also be letting you know about the best budget planners.
However, is worth noting that this post may contain affiliate links.
A budget planner is a tool, document, or software whose sole purpose is to help you plan and map out your budget.
First, agreat budget planner is holistic in the sense that it has sections that cater to most of your needs and even leaves space for more.
In any case, budget planners range from anything between a pen and paper or a simple spreadsheet or even management software for your money. Based on your needs and technical prowess, we will examine which one is best for you.
Why Do you Need a Budget Planner?
Besides your needs, a good budget planner helps you ensure your finances are in check.
There is a degree of accountability that comes with mapping out your spending in a budget planner. Those little books called budget planners will help save money you would have mindlessly spent on a normal day.
Now that is settled, we will go into some more information and then go into the many different types of budget planners that exist and you can figure out which works best for you.
What is the difference between financial planners and budget planners?
Nevertheless, that belief is inherently flawed as a budget plan and a financial plan are completely different.
A financial plan is a long-term plan you have for money where you draw some sort of path to lead you to financial freedom. It includes an analysis of your current personal finances, financial goals, and the plans set up in place to achieve those goals. A good financial plan will take into cognizance; your cash flow, savings, debt tracking, investments, insurance, and even retirement planning.
On the other hand, budget planning is a process of financial planning on how to spend money that is within your possession in the now. That plan you will create is called a budget. So for example, most people budget ahead of payday when they will have their salary. Most budgets aim at servicing bills, setting aside money to put in savings and other short-term plans. Budgeting is usually done using monthly income.
A budget planner will help you create your budget in a much more organized manner and ensure you cater to all your personal finance needs.
Types of budget planners
We are now going to show you the different types of planners so that you can know what type works for you.
Paper journals and print forms
It is usually pre-printed with a format that already has all the sections you need in it.
There are so many different ways in which these journals come. While some are updated, a lot of them feature a monthly calendar so that it is divided into months.
Other budget planners of this nature, however, might take on a much more engaging approach. Doodles are used along with personalization and fun coloring challenges just to keep users engaged.
The rise of these types of budget planners cannot be quantified by mere words. If you are the type of person who finds themselves to be more organized by using journals, this type is best for you. Make sure you shop from reputable vendors so you can get a durable planner.
Under this category are also cash envelopes. These are small envelopes that are used to store money for different items in your budget to be spent when the time comes. Cash envelopes are a rather traditional approach to budgeting as you would need to have cash in hand for every single item in your budget. People use cash envelopes and fuse them with bank transfers so if they have money organized for utilities such as gas and groceries in cash envelopes but can keep the money for things that require bank transfers in the bank.
App and software Based
With the rise of technology and how much it is integrating into our lives nowadays, the concept of budgeting is far from being an exception.
There are many mobile apps and software that are created for the sole purpose of being a budgeting planner. There is a plethora of this software on the market today which means you can easily choose from a lot and carry your budget in your pocket.
You also have access to sites that can be used to budget and make plans depending on what you like honestly.
Best budgeting methods
The 50/30/20 Budgeting method
The 50/30/20 rule is a way of budgeting that helps you to better understand where your money is going. This rule states that you divide your income into three categories; needs, wants, and savings/debt.
So when you receive your net income, to implement this method, you put fifty percent of that income into your needs such as housing, groceries, insurance, utilities, and more. That thing you truly can not live without falls under this category.
The next thirty percent want. Those things you would really like to do but ultimately can live without. This can include shopping, dining out, drinks, hobbies, and more. Be careful on this one if you are impulsive.
The next twenty percent goes to saving money and debt payments. You can save money for many different things such as retirement, an emergency fund, sinking funds, student loans and more.
Incremental Budgeting
Incremental budgeting is a method that takes your last budget and adds or subtracts a certain percentage to make a new budget.
It is quite easy to understand but one can get easily confused. We advise you do some research.
Value-Based Budgeting method
This budgeting method has a much more interesting approach than the other methods we will speak about today.
This method looks out for a high standard of living and prioritizes value. You would take your budget planner and make a list of all the important things to you on which you spend money on.
For example, if you are a traveler, you allocate money to travel because that is what you love.
This budgeting method will also help you meet your financial goals but it is not very feasible considering that the whole point of budgeting is to organize your money. We recommend you use this method within the amount of money allocated to your wants and still sort out your needs so you do not end up without a roof over your head.
10 Best Digital Budgeting planners
In this section, we are going to be sharing with you ten of the best budget planners that exist in today’s world.
This can vary from a full-on budgeting planner to something as little as a budget organizer that would lower the cost of living.
Trim- to lower phone and internet bills
The best way to save money is not always by turning off the air conditioner or cutting off the cable. With Trim, you can reach your financial goals and create more room in your monthly budget by simply negotiating your bills and detailed expense tracking.
Even if you are not a master negotiator, you will find some sort of success with Trim. They help you negotiate with your service providers to get you a discount and if that discount is gotten, they take one-third of the money that is negotiated off your bill. Nevertheless, if these budget planners are unable to get you some money off your bill, then they would not charge anything.
There is a paid version that costs $99 a year and then Trim will go as far as negotiating medical fees, bank bills, and even credit card rates. Imagine how much you can save on those.
Let us get into the pros and cons.
Pros
-Works for utility bills, internet, and phone bills.
-The paid version will give you access to a personal finance expert.
-It will help you cancel subscriptions and track little, unnecessary expenses.
Cons
-You are not hundred percent certain that you will get a bill reduction
-There is no mobile application
-The negotiation success fee is charged upfront
MoneySpire- finance tracking and budgeting
This is the best budget planner for solely tracking your accounts. It also thinks for you as it is a monthly bill organizer which means reminds you of your outstanding bills. It has built-in savings trackers and tools to ensure that all your finances are in order.
This budget planner is pretty straightforward so let’s just get straight into the pros and cons.
Pros
-Easy-to-use interface
-Free version available
-Free trial available
-Wide range of uses
Cons
-Not compatible with android or Linux
Digit- Automated savings
This budget planner is designed to help you save without hassle at all times which makes it one of the best budget planners to organize your money.
These micro savings will be taken out of your monthly expenses and serve as an emergency fund, a vacation fund, or whatever you would like.
Pros
-Help you reach your savings goals
-It will automatically create a bill for your budget
-Availability of ETF investment options
-Zero fee debit card
Cons
-Limited investment options
-$5 monthly fee
-It is not sophisticated enough for pro investors
Truebill – lowering bills
Truebill is now known as Rocket Money and this budget planner is designed to help you save as well. They do so by helping you budget, finding ways to lower your bills, and cancelling subscriptions.
More so it only costs $3 a month but there is even a free version for those who do not desire to pay.
With this budget planner, you can track your credit score and automate savings. You can also set a budget. The list is endless honestly.
Pros
– It indeed gathers all your recurring charges in one place
-Easy to use
-Bank level encryption is integrated to ensure that your data is safe
Cons
-To unlock the full potential, you would most definitely need the premium version
-Thirty percent of the money they negotiate off bills is a bit of the high side
Budget Boot Camp- Budget coaching
This coaching curriculum was designed by someone who is a frugal living expert, you already know what to expect.
This service was created by Jordan page to help others who are just getting started with the concept of frugal living to enjoy it and be accomplished in it.
Pros
-A comprehensive training program designed to help you budget
-Free Spouse access
-Money back guarantee
Cons
-You will not get rich taking this course like the publicity implies
-The course costs $149 which may be a big part of your budget
-You have to repurchase the course once a year passes
PocketSmith- budgeting
The path that leads to financial liberation is often riddled with one too many concepts. From debt tracking to monthly spending summaries, savings, investments, and even credit card payments, it can be a lot on your little plate and that is why pocket Smith exists.
What this budget planner does is that it takes all those complexities and puts them in one place for you to be able to sort them out.
Even though that sounds like a blast, it is not the main reason this budget planner is so popular. Pocket Smith is said to be able to project the future of your finances as well. It can put you on track to reach your financial goals by giving you forecasts. What forecasts in turn do is position you to reach those goals. That is as satisfying as it sounds.
Pros
-You can link different accounts that exist in different countries
-Monthly calendar to help you track bills
-Financial forecast is a rare feature to find
-Customization of expenses
Cons
-The free version lacks the best features
-Limited investing options are available
Money patrol
Very much like the name implies, Money Patrol evidently monitors your money. This means that it tracks, monitors, alerts, and creates your monthly budget.
Money Patrol is a great budget planner for people who have a hard time keeping up with the money. It also works well for people who are only just beginning to experience frugality.
Pros
-Offers a lot of features in regard to budgeting.
-You can create numerous alerts for a good number of actions
-Can link lots of accounts
Cons
-Publicized as monthly payments but in reality, are billed annually
-No mobile app
-Inability to name individual accounts
HoneyMoney
Honey Money is an expense tracker and bookkeeping software. If you have tried dozens of software and you can’t just seem to find the right one, then honey money is for you.
HoneyMoney is as easy to use as a regular notebook while having functions that leave room for long term planning. The best bet for a beginner, I would say.
Pros
-Extremely convenient
-Suitable for people who earn an unpredictable income
-It is suitable for beginners
Cons
-Poor PR which makes it difficult to fully ascertain the credibility.
Personal Capital
For those who are in need of a good budget planner for their high income earnings, we have finally reached the budget planner for you.
Considering that they have a minimum balance of $100,000, you can easily tell that they mean business. They will help you manage your money in the best way possible and even go as far as giving you financial advice.
Personal Capital is an amazing option for your needs when you are on the comfortable side of things but there are some downsides.
Pros
-Completely free money management resources
-Live customer service option
-User friendly
Cons
-High management fees
-A minimum fee of $100,000
Best budget planner books
A budget book for your needs is a tale as old as time. Most people find that they do better when they use a physical budget planner rather than a digital one.
In this section, we are in fact going to look at a few budget planners that you can use.
Go Girl budget planner
The GoGirl budget planner is one of the best budget planners.
It has debt tracking pages, expense trackers, spending trackers, and more.
You can also organize your bills and receipts along with payments, debt, cash flow, bills, and more with the gogirl budget planner.
You can even have a reminder for upcoming purchases so you can plan. The only con however is that this budget planner has no monthly calendar.
Limitless mindset Budget Book
This book is much bigger than most budget planners and that makes it one of the best budget planner books for couples and families.
The limitless mindset budget planner features a durable, fake leather cover and they have budget pages, income pages, debt tracking pages, and more to keep your money organized.
This budget book also features a cash envelope system that consists of three envelopes for your due bills and other things you need cash for.
It also projects forward to two years in advance with two pockets for bills and receipts but the only con is that there aren’t enough tips to get around it but that isn’t a big problem.
Legend Budget Planner
The legend budget planner is one of the best to use as a monthly budget planner.
Unlike most other budget books, they offer a money back guarantee. This is a budget planner notebook that consists of stickers bleed resistant pages and more. Nevertheless, it is rather small and there isn’t enough space for debts or in between months.
The legend budget planner book can furthermore help with Christmas budgeting, organizing debt payments, organizing via monthly calendars, and more.
Best Budget Notebook
Next up, is an expense tracker notebook that can help you with a monthly budget planner aimed at helping you organize your monthly financial goals.
It has ninety pages and also consists of a money back guarantee. You can download it instantly as well. The categories consist of savings tracker pages, vacation tracking, emergency fund tracker, and more. It is an excellent budget planner for people who want holistic planning.
Bottom Line/Conclusion
In this article, we aimed at automating your budget planner experience. In addition, we have given you extensive insight into the budgeting methods that exist along with digital and physical resources.
You would most definitely want to check them out and see what finally works best for you! In any case, see you at the top.