7 Little-Known Perks of Budgeting Apps

Budgeting apps can do more than you probably realize.

Budgeting can give you more control over your money and how you use it. While learning this skill takes time, some resources can make budgeting easier. Many people choose to use budgeting apps to manage their money better. But you may be surprised to learn that budgeting apps can help you do more than just budget.

There are many popular budgeting apps to choose from. While some of them cost money, free apps are also available. Some commonly used budgeting apps include You Need a Budget, Mint, and Goodbudget. Learn about the best budgeting apps for more options and to decide which app would be best for your needs.

While most of these electronic solutions help you set spending limits, they can also help you in other ways. Here are seven little-known perks of budgeting apps.

1. Set financial goals

Some budgeting apps allow you to set goals. For example, if, in addition to budgeting your money better, you also want to hit a savings or debt payoff goal, a budgeting app can help you track your progress as you work to achieve your financial goals.

2. Track your debt

Debt can be costly and quickly get out of hand -- especially high-interest credit card debt. The good news is that budgeting apps can help you track your debt. You can see where your credit card, loan, and mortgage debt stands throughout the month and year.

This feature may help you change your spending habits so you accumulate less additional debt, and it can help motivate you to create a debt payoff plan to eliminate it sooner.

3. Manage money as a couple

Some budgeting apps are set up well for partners to manage their financial affairs together. If you share money and financial responsibilities with a partner or spouse, you should both be in the know. Using a budgeting app with couple-friendly features makes it easier to plan together and stay on top of your individual and shared goals.

4. Monitor your spending

A significant part of budgeting is finding ways to change spending behaviors. Many of us overspend on unnecessary purchases, making it much harder to save for the future. With budgeting apps, you can monitor your spending to see what habits you may need to break.

5. Track bill due dates

A budgeting app can also help you keep track of bill due dates. If yours has this feature, you may also be able to set up notifications to be reminded before important due dates arrive. If you're forgetful, this can be valuable.

Late payments can result in a negative mark on your credit report and can lower your credit score. It's crucial to stay on top of your bill payments.

6. Use built-in calculators

Your budgeting app may also have built-in calculators that help you improve your financial plan. You can use these tools to do essential calculations like seeing how much money you can save on interest by paying off debt faster. With built-in features like this, you can quickly make plans.

7. Know your net worth

A budgeting app can also be helpful if you want to know your net worth. You can list all of your debts and assets to see where your overall financial picture stands.

While it's easy to focus on the negative aspects of money, like our debts, it can be so easy to forget about our accomplishments -- like accumulating valuable assets.

If you're new to budgeting or want to improve your budgeting skills while taking more control over your finances, consider trying out a budgeting app. And be sure to review our personal finance resources for additional money management tips.