With the rise of gig-based careers, budgeting in 2023 looks much different than it did just a few years ago. Fortunately, the best budgeting apps for freelancers have evolved to meet these demands – helping you stay on track with your money goals and make sound financial decisions.
In this blog, I’ll share my top picks for the best budgeting apps of 2023, so you can find one that fits your unique needs!
What is a budgeting app?
A budgeting app is a beneficial tool that helps individuals stay on top of their finances by creating and managing a budget. Budgeting apps are available in free and paid versions, with features typically based on performance. They allow users to set goals, track expenses, set up bills and payments, transfer funds between accounts, and save money without having to worry about things like overdrawing accounts.
Additionally, many budgeting apps offer something called “envelope budgeting,” which is a budget strategy wherein users allocate a certain amount of money for different purposes or categories each month in advance. This helps ensure that money goes where it is intended to go and keeps users from overspending.
Additionally, some budgeting apps offer financial planning services like investment tracking or retirement planning advice. No matter what type of user you are – whether an experienced budgeter or someone just starting out – there is a budgeting app that can help you save time and, most importantly- money!
How budgeting tools help freelancers
Budgeting tools are invaluable for freelancers who are looking to succeed and expand their businesses. As a freelancer, it’s important to stay on top of your finances, and budgeting tools can help you do that. Budgeting tools provide a way for you to monitor your finances, set goals, and track expenses. They also help you manage cash flow, create plans for the future, and save money.
There are many budgeting apps available, ranging from free services all the way up to paid services with additional features. With any budgeting app or service, you’ll want to make sure it has the features that will work best for your individual situation. Here are some of the key benefits of using a budgeting tool:
- Track spending in real-time: One of the biggest benefits of using a budgeting app is its ability to track spending in real time. This means that you don’t have to manually add each transaction to your budget every month – instead, everything is updated automatically.
- Automate payments: It’s easy to forget about bills when they pile up during busy times. Modern budgeting apps can make automatic payments for recurring expenses like loan payments or utilities, so you never have to worry about missing a bill again.
- Monitor savings goals: Most budgeting apps allow you to set up savings goals, so it becomes easier and more enjoyable to save money each month. You can also use the app’s analytics features to keep track of how well those goals are being achieved over time.
- Generate reports: Most modern budget apps can generate comprehensive reports about your finances with just one click – information like total income/expenses over time or average monthly spending by category can be incredibly helpful when assessing long-term financial health or making financial decisions in future months or years.
Making smart decisions on how finances are used as well as sticking within planned budgets is essential for freelancers looking forward to 2023 – taking advantage of available resources, such as specific planning tactics related to freelance activities, will allow individuals to gain greater control over their finances which will no doubt herald success due continued growth.
Key features of great freelance budgeting tools
As more and more people move to freelance and gig work, budgeting tools are becoming increasingly important. For freelancers, there are some key features to look for when choosing a budgeting app:
- Ease of Use: The best budgeting app should be easy to understand and use. Look for an app that has simple menus, clear instructions, and is free of unnecessary distractions or complicated jargon.
- Automation: Automation is key for freelancers who may not have the time to manually track all their finances. A good budgeting tool should include features such as automated bill reminders, personal savings goals tracking, spending history analysis, etc., that make it easy to stay on top of one’s finances without having to spend a lot of time tracking them manually.
- Security: Any data entered into a budgeting app should be secured with encryption technology so as not to risk compromising user data privacy. Good security measures also help protect users from fraud and other potential financial threats online.
- Cost and Availability: Some budgeting apps are more expensive than others, so the cost can often be a deciding factor when choosing the right tool for your needs – especially if you’re on a tight budget yourself! Additionally, check which platforms the app works on (Android/iOS/Web) in order to make sure you’re able to access it wherever you’re working from (desktop or mobile).
Top 5 free budgeting apps for freelancers in 2023
With the increasing popularity of freelance work, there is a growing demand for budgeting and expense-tracking solutions tailored to freelancers’ unique needs. In 2023, there are dozens of different budgeting apps out there – both free and paid – so figuring out which one is best for you can be an overwhelming task.
To help you find the best fit for your needs, we have compiled a list of the top 5 free budgeting apps currently available for freelancers in 2023 based on their ease of use and breadth of features. Whether you’re looking to track income and expenses, create budgets and forecasts, or simply get an overview of your financial health all in one place – these budgeting apps offer something for everyone.
- Goodbudget: Goodbudget offers a variety of handy features like envelope-style budgets that make it easy to separate out different types of expenses (like rent payments versus food costs). It also allows you to share budgets with others and sync across multiple devices, making it great for collaborative planning with family or roommates.
- Mint: Mint by Intuit is a well-known provider, offering flexibility in customization without being overwhelming. This app has robust features such as cash flow management capabilities, making it a great choice if you need help getting a better understanding of where your money is coming from or going each month. It also provides an automatic categorization system that tracks spending trends over time – ideal when trying to spot opportunities to save or invest more efficiently.
- PocketGuard: PocketGuard focuses on ensuring users stick within their allotted spending limits each month by tracking actual spending versus planned budgets tracked over time in customizable real-time charts. It also automatically updates balances based on incoming payments, so you always have accurate data at your fingertips.
- You Need A Budget: The aptly named YNAB is designed specifically around building up savings rather than keeping track primarily of expenses – this encourages users not only to look closely at how much they’re spending but also at what they could save instead. YNAB promotes setting “Goals” as well as tracking transactions across multiple accounts so everything can be managed under one roof – great if juggling multiple projects/clients means you don’t have the time or mental space to keep everything straight!
- BillShark: BillShark not only helps freelancers manage personal finances, but it can also scan through bills so irrelevant fees are removed from the total cost – saving money each month before it even leaves wallets! Additionally, focused metrics like how much money was earned versus spent per week allow users tangible insights into their progress towards financial goals over periods longer than just a single month – great whether a saving goal looks further into retirement saving strategies or simply ensuring children can get to college in 10 years!
Top 5 paid budgeting apps for freelancers in 2023
As a freelancer, it can be hard to manage your income and expenses. Utilizing budgeting software or apps can help you stay organized and save time when managing your money. When choosing the right budgeting app for your needs, there are several factors to consider, including features and pricing. To help with choosing the best budgeting app for your freelancing needs in 2023, we’ve compiled a list of top paid apps and their features.
- MoneyStrands: This budgeting app is simple yet comprehensive, providing comprehensive tracking of banking, bills, and budgeting in one place so you can maintain financial discipline and become debt-free faster. MoneyStrands also provides cash flow forecasting, customized reports based on spending patterns, certified financial advisors to answer any questions or provide helpful tips and tricks, and basic money management tools like a savings rate calculator and loan repayment calculator.
- Wave: Ideal for billing due dates surrounding project delivery timescales especially useful given complexities surrounding simultaneous invoice submission deadlines often associated with multiple projects concurrently undertaken by many self-employed persons at once – Wave Accounting caters specifically to those needs through compiling automated summary reports based on bank transaction history summarising items such pending invoices sent out yet whose respective parties have still failed remunerate appropriately & coming up soon expiring tax deadlines potentially hindering cash flow further down the road if left unchecked together many other useful insights obtainable within its interface Dashboard section also found included within this premium package truly worth investing into should looking optimize business outcomes long run!
- Anna: Anna is a budgeting app designed to help freelancers and small businesses manage their finances effectively. The app offers a range of features, including automated expense tracking, which allows users to easily track and categorize their expenses, and personalized financial advice, which can be used to help users make informed decisions about their finances. Additionally, the app also offers a range of financial planning tools, such as a budget planner and a savings calculator, which can be used to help users plan for the future and achieve their financial goals.
- PocketSmith: PocketSmith is a budgeting app designed to help freelancers and small businesses manage their finances effectively. The app offers a range of features, including automated expense tracking, which allows users to easily track and categorize their expenses, and personalized financial advice, which can be used to help users make informed decisions about their finances. Additionally, the app also offers a range of financial planning tools, such as a budget planner and a savings calculator, which can be used to help users plan for the future and achieve their financial goals. The app also offers a calendar view that allows users to see their financial transactions and bills in relation to their schedule, which can be very helpful for freelancers who need to keep track of their expenses and bills in relation to their work schedule.
One of the biggest takeaways for freelancers looking to budget in 2023 is to choose an app that is designed with their lifestyle in mind. Freelance budgets are often unpredictable, and your budgeting app should be able to accommodate those complexities. Look for an app that offers customizable income sources and spending categories, the ability to track expenses and bills, and even transfer funds between accounts with ease. Some apps also offer bonus features such as goal-setting tools or notifications when you are nearing a budget limit; these can be invaluable for helping you stay on top of your finances as a freelancer in 2023.
However, it’s important not to forget affordability. While it’s tempting to choose an expensive program offering all the bells and whistles, there are plenty of great apps available at more reasonable prices. Don’t forget that many banks and financial institutions also offer unique budgeting programs and mobile apps specifically tailored to their customers – so exploring those options can be another excellent way of finding an affordable budgeting solution for freelance work in 2023.