These apps help keep your finances in check and your wallet happy.
So much of our lives relies on apps these days. As a busy college student, using apps to streamline your day-to-day activities could be a lifesaver, especially when it comes to keeping track of your finances. With limited resources, tight schedules and academic pressure, managing money can be a real challenge for students. That’s where the right budgeting app can step in, offering a simple and efficient way to track expenses, save money and make smarter financial decisions.
In this article, we’ll explore the best five expense monitoring apps for 2024 that are student-friendly. These tools are easy to use, affordable and also designed to help you stay on top of your finances without distracting you from your studies.
1. Rocket money
Image from Rocket Money website
Formerly known as Truebill, Rocket Money is a practical budgeting app that helps users track spending and manage bills efficiently. A standout feature is its ability to automatically categorize transactions—for example, food and dining, bills and utilities and subscriptions—which gives students a clear picture of where their money is going. This feature is particularly useful for those who don’t have the time or inclination to categorize each expense manually. The app also alerts users to upcoming charges or low account balances, helping them avoid overdraft fees.
Rocket Money has a premium subscription at US$6-12 per month that includes additional features like a subscription cancellation assistant and a smart saving account. However, most of the app’s functions are already available through the free account, making it an attractive option for students who want to keep tabs on their finances without spending extra money.
2. PocketGuard
Image from PocketGuard’s website
PocketGuard simplifies budgeting by offering a snapshot of your disposable income after covering bills, goals and other necessities. You can connect the app directly to your bank accounts and credit cards for real-time tracking of expenses and income.
A unique feature Pocket Guard offers is “In My Pocket”, which calculates how much money you can safely spend after all your financial commitments are met. Moreover, the app provides financial literacy resources that can help students understand budgeting concepts better, promoting long-term financial health.
The free version of PocketGuard covers the basics, but you can unlock more features like debt payoff planning, transaction exports and custom categories by upgrading to the premium version for US$7.99 per month.
3. Goodbudget
Image from Goodbudget’s website
Goodbudget utilizes a digital version of the traditional envelope budgeting system to help users manage their finances. This approach divides income into specific categories, or “envelopes”, allowing users to allocate funds for various expenses like rent, groceries and entertainment. The balance of each envelope is presented in colorful visual indicators, so you can easily see how much money is left across all categories at a glance. Once the allocated amount is spent, no further spending can occur in that category unless funds are reallocated from another envelope.
Goodbudget offers a free version that allows users to create up to ten envelopes and manage one financial account. This is particularly appealing to students who may have limited budgets. If you need more robust features like automatic bank syncing, unlimited envelopes and accounts and shared budgeting, you can subscribe to the paid version at US$10 per month or US$80 annually.
4. Oportun
Image from Oportun’s website
Previously known as Digit, Oportun is an app that automates savings, tracks spending and assists with budgeting. Along with typical features like setting saving goals and overdraft protection, it also offers investment accounts tailored to different risk tolerances for users who want to grow their savings.
Oportun’s most standout feature is saving automation. By connecting to your bank accounts, it uses machine learning to analyze your income and spending habits and automatically transfers small amounts from your checking account to savings. This feature allows users to save without actively thinking about it, which can be especially helpful for busy students.
However, Oportun is not free and operates on a subscription model, charging US$5 per month after a 30-day free trial. Overall, its ability to effortlessly build a financial cushion without interrupting daily spending makes it a valuable tool for budget-conscious students.
5. Spendee
Image from Spendee’s website
With nearly three million users globally, Spendee is a top choice for students, especially those managing shared expenses with roommates or friends. Its key feature, the shared wallets, makes it easy to track joint costs like rent, groceries and other utilities. The app’s intuitive interface and visual spending insights offer a clear breakdown of where money is being spent, making it easier to spot areas for saving.
The basic version of Spendee is available for free. For those who need more features like unlimited bank account connections, automatic categorization, e-wallet (e.g. PayPal) and crypto-wallet integration and shared wallets, you can upgrade to the the premium plan for US$2.99 per month or US$22.99 per year.
Why managing your money matters
For students, financial discipline is a key life skill. Learning how to keep track of your expenses, budget effectively and steer clear of unnecessary costs can protect you from financial stress during college. Moreover, developing sound money habits as a student can set you up for financial success in the long term, enabling you to save for emergencies and invest wisely.
Besides simply monitoring your spending, there are many strategies to stretch your dollars further in college. From meal planning to swapping items with peers, small changes can add up to significant savings. And with the convenience of online shopping, it’s essential to take a moment and think critically before you click “buy’”—especially on impulse purchases. This thoughtful approach to spending can make a big difference in your financial health.
Also read:
- 10 Clever Ways to Save Money as a Business Owner
- Top 4 Billing & Invoicing Software to Streamline Your Business
- 5 More Apps (Android & IOS Ver.) To Survive College Life in 2022
Header Image by Freepik
