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Who says you can't learn money management at any age? Get a headstart on financial literacy by getting good at budgeting, even as a student. Since you live in the digital era, you might as well take advantage of all the budgeting apps at your fingertips. Try these 100% free options with unique features that make budgeting fun and easy. Plus, get tips for saving and spending your money wisely.
5 Free and Fun Budgeting Apps for Beginners
Setting a monthly budget involves listing your income sources (such as part-time jobs or school allowances) and categorizing your expenses (like food trips and shopping). You’ll know you’re budgeting efficiently when you're living within your means, free of debt. Ideally, you should also have money left over for savings, emergencies, and future goals.
Digital tools like these free budget apps help make tracking your money more seamless and stress-free. Check them out on iOS, Android, and Google Play app stores.
1. GoodBudget
GoodBudget is one of the best budgeting apps for visualizing where your money goes. The concept is simple but effective: it takes the old-school envelope method and makes it a digital system.
You stash your money in virtual "envelopes" for various categories, like baon, study dates, and barkada hangouts. Whenever you spend, log it in to subtract from the affected envelope. After some time, the app breaks down your spending patterns to help you see if you're getting better at budgeting.
2. JamJars
JamJars is the new-gen version of stashing cash in jars, but all the magic happens on your phone. You create these "virtual jars" to save up for whatever you want. The app tracks how much you've saved and shows % progress on your goals.
If you set deadlines, it can break down how much to save each day, week, and month. The interface is aesthetically pleasing, easy to use, and ad-free for minimal distractions.
3. Fortune City
Do you wish your budget tracker app were more like a game? Give Fortune City a shot. It blends the basics of budgeting with a simulated city-building mechanic. The developers proudly claim it will "get you hooked on recording expenses to build good habits."
Like other finance apps, you input your expenses, savings, and income for accurate tracking. But here's the cool part: each expense you log builds a part of your virtual city instead of just being numbers on a screen. The more you keep track, the more your city grows, motivating you to stay on top of your budget.
4. Wally
Wally is "the world's first GPT-powered personal finance app." Like GoodBudget, it helps you track expenses, set budgets, and understand how you spend your cash. But its AI features mean it also doubles as a virtual money guru.
Think of WallyGPT as your "financial assistant," ready to answer all your money-related questions. It dishes out simple, personalized answers to help you learn as you go. Whether it's setting goals, getting saving tips, or learning about beginner-level investing, this app has you covered.
5. GCash
While GCash isn't strictly a budget planner app, it offers numerous services that simplify money matters. Want to save? GSave helps stash your cash securely in a bank account. Need to pay bills pronto? The Pay Bills feature ensures you're always on time. Thinking about growing your money? GFunds and GStocks are your go-to for getting into investments.
For those who are 17 years old or younger, there's GCash Jr. All you need is your phone with the app, a valid ID (student IDs work!), and a parent or guardian with verified GCash status. After all, it's never too early to develop good money habits.
3 Smart Tips for Effective Money Management
Downloading an app helps, but it's only one part of the equation. There’s more work to do to keep your finances in order. Here are a few more budgeting tips to get you on the right track.
Tip 1: Set realistic goals for savings.
Set short-term goals (like saving for a trip with friends) and long-term goals (such as building your emergency fund). Having these targets fosters discipline and encourages consistency.
But it's essential to be realistic about the milestones you want to hit. Otherwise, you may become discouraged and develop a problematic relationship with money. If you're saving for a Christmas vacation, gather funds as early as January to give yourself enough time.
Tip 2: Delete or mute notifications for shopping apps.
Do you ever get those flash sale alerts that tempt you to purchase things you don't need? Muting them can save you from splurging on regrettable impulse buys. With fewer tempting distractions, you can focus more on mindful spending and budgeting. No holiday sale is worth losing sight of your financial goals!
Tip 3: Take advantage of student discounts.
Being a student comes with perks, like discounts on food, entertainment, websites, and more. Do your research to find out what you can score at slashed prices and how they enrich your life.
For example, YouTube offers a student plan for its Premium service, giving you access to ad-free videos for only ₱95/month. Use it to study, learn more about finance, and upskill for future jobs!
Sharpen your money management skills by following these tips and maximizing digital tools that make financial literacy fun. Here's another life hack for students strapped for cash: maximize prepaid promos, like the Globe's Go59 for Students. For only ₱59, you get 5 GB for all sites, plus 1 GB for GoLEARN&WORK apps!
