Managing money –both income and expenses can seem challenging.
However, admittedly, managing a budget has become easier in recent years. What used to require manually calculating expenses with a register and pen can now easily be done with the help of an app directly from your phone.
In truth, managing your expenses has never been easier.
Helping your employees manage their expenses can help motivate them to save more –once they understand just where their money is going. Tracking expenditures opens the doors to many new opportunities –allowing them to save up for a vacation, a big purchase, or an investment. Budgeting offers numerous benefits, including giving you control over your money, rather than having your money control you. As motivational speaker John Maxwell once said, “A budget is telling your money where to go instead of wondering where it went.”
In addition to saving you from getting to the end of the month and realizing that there aren’t enough funds left in your account, a budget also frees you up to spend money guilt-free on things that you enjoy –or help you to decide if it’s worth sacrificing short-term enjoyments, like that daily coffee, for a bigger purchase.
If you’re looking for some practical ways to help your employees manage and track their expenses, here are a few apps you might consider showing your employees.
While it’s certainly no replacement for a financial advisor, Mvelopes, is an award-winning system that allows you to easily track, manage, and create a budget online. It also allows you to sync up your bank accounts and track your spending in a simple-to-use format. Much like an old fashioned envelope budget system, Mvelopes helps you track how much you have left in your budget for specific categories each month.
Mint is a popular app that has everything you need for successful money management. It easily allows you to sync your accounts, giving you the ability to view everything on one easy-to-use interface. It also works if you use cash, but of course, you’ll have to input the data manually. Mint shows you clearly where you’re at with each category of your budget and also allows you to access to your credit score. In addition to the standard budgeting tools, Mint also analyzes your spending, showing you potential areas where you can save.
LearnVest is a simple way to categorize transactions by type, and also makes it easy to keep track of your financial goals. While the app itself is free, you can pay $19 a month for a LearnVest professional financial planner.
Wally’s a great tool for those who prefer to input their expenses manually –for instance, if you’re unsure about syncing up your bank information and your phone. Manual input is made easy with location tracking, helping to ensure nothing gets forgotten.
Another great app for those who prefer manual input, Fudget is a no-frills, simple, list interface that’s ideal for those who already have a handle on their finances, but are in need of a way to stay organized. This app is good for tracking short-term budgets or work expenses.
“Meet Penny, your personal finance coach.” Penny is a handy app that talks to you and helps you to make sense of your financial situation. A virtual financial coach, Penny helps to keep you up to speed with your accounts, informing you about upcoming expenses, telling you about changes to direct debits, and more. Penny allows you to be on top on your finances –spend smarter, and save more.
As you can see, there are a lot of great tools that will help you and your team to keep on top of expenses. Why not give one of these apps a try today –and gain a better understanding of your finances –and spending habits.