Financial Tracking That I Can Share With Multiple People
Keeping a simple working budget is something that is very important to my family. I know that budget apps are very useful for that purpose but most apps are single-user. In order to really manage a family budget, I needed an app that allowed for multiple users. This list is a result of that search.
So here are some family budget apps for multiple users:
- Wally
- GoodBudget
- PocketGuard
- Mvelopes
- You Need A Budget (YNAB)
- Wallet by BudgetBakers
- Home Budget with Sync
- Spendless
- Dollar Bird
- Honeyfi
- Spendee
Why A Family Budget Is Necessary
As a family, it is important that a budget of some form is established. The budget gives us a way to understand not just what we spend, but what our financial health really is at any given time. Without a budget, we may be less aware of how much we spend and where we are financially speaking.
Benefits of A Family Budget App For Multiple Users
Certainly, if we are working together as a family then it makes sense that we are all plugged into the same app. A budget app, first of all, may be more palatable to individuals that are not keen on a written (paper and pen) budget. Then an app is easy to use when you are busy and on the go.
A family budget app for multiple users is especially important to gain the input of all parties who are spending or otherwise impacting the family's finances. A family budget multi-user app will allow everyone to be on the same page provided the app is being used correctly.
Clearly, nothing works unless you not only use it but use it well and consistently. So let's look at some of the features of the apps I found.
1. Wally
Cost: Free
Multi-user capability: Create groups to manage joint accounts and shared spending with family, friends or household
Track and manage your finances and set budgets to reach your financial goals.
Features:
- Connect all bank accounts or manually track your cash, checking, savings, credit and loan accounts.
- All transactions automatically categorized and placed in your financial calendar.
- Add tags and notes and scan receipts.
- Manage foreign currency accounts and transactions.
- Set reminders for upcoming payments and shopping lists.
2. GoodBudget
Cost: Free Plan, Premium Plan $5/mth or $45/yr
Multi-user capability: Shared login one profile. Register your Household and then have your family member login to Goodbudget using the same user name and password. Any changes made by users should sync automatically.
Based on the tried and true envelope system Good Budget allows you to make envelopes for all of your spending categories and set aside money for each. So you spend only what is in that envelope. Goodbudget does not automatically sync to your bank or financial institution. That means any money that comes in or goes out of your bank accounts must be entered manually.
Features:
- Sync and share household budget across all your iPhones and Androids. This way everyone is aware of the status of finances.
- Create saving envelopes for big purchases like cars, vacations, etc. With these, you can plan to squirrel away money to achieve your dreams.
3. PocketGuard
Cost: Free Basic Plan, Paid Plus Plan $3.99/mth or $34.99/yr
Multi-user capability: You and your spouse or another family member can use the same PocketGaurd profile on different devices. You just need to use the same email and password to login. It would be best to create a new email for this common purpose. Using # hashtags allows you to differentiate user spending. For example, is you and your partner buy books often and you want to track spending separately then you would add a note to the transaction along the lines of #Mary_books and #Jeff_books.
PocketGuard is designed to track your spending and therefore lower your expenses. Based on your input the app will automatically create a budget. This will be generated based on income, expenses and the various goals you have defined. When you set up your "In My Pocket" you are ready to go. Their algorithm can make a calculation based on your bills, expenses, and income to then tell you how much you can spend on everyday spending. Basically what is left "in my pocket".
Features:
- Offers one-stop functionality by allowing you to add credit cards, checking and savings accounts, investments, and loans. So you see all of your finances in one place.
- Transactions are updated as they occur.
- "In My Pocket" is designed to show you what you have left to spend after all of the essentials are taken care of.
- Allows you to set up spending limits
- Offers bill due reminders
- Helps you find savings across a wide group of financial services. Like finding opportunities for you to negotiate lower bills etc.
4. Mvelopes
Cost: Free 30 day trial, Basic Plan $4/mth Plus Plan $19/mth, Complete Plan &$59/mth
Multi-user capability: Multiple users are able to log into Mvelopes at any given time. So everyone can be equally informed with no disruption.
If you've ever heard of the cash envelopes system by Dave Ramsey then you will get the gist of what Mvelopes tries to accomplish. So if you've ever been tempted by cash envelopes but just can't get into it, this might be right for you. Essentially it is designed to pull and assign given amounts from your income to various categories (representing the envelopes). It does not, however, help you manage or track investment accounts.
Features:
- The app walks you through a four-step setup process to 1. Add accounts, 2. Define incomes (which allows for multiple income streams. 3. Create a budget and 4. Fund envelopes
- Envelopes can be added, deleted and customized to whatever name you desire.
- Assigns amount either by flat figure or as a percentage of income to each category so you don't overspend on any one category
- Imports bank transactions and automatically assigns them to categories
- Any category that has exceeded it's set amount will be displayed in red along with a reminder to refill the envelope.
5. You Need A Budget (YNAB)
Cost: Free 34 trial, Paid Plan $6.99/mth or $83.99/yr
Multi-user capability: Shared login one profile. YNAB is not strictly a multi-user app. However, to share you can use the same email and password to log in. It would be best to create a new email for this common purpose.
Features:
- Syncs with accounts from just about all banks
- Allows you to set goals and track them
- Detailed reports on spending and trends to help you track your progress
- Follow YNAB's four rules for success. 1. Give every dollar a job. 2. Embrace your true expenses. 3. Roll with the punches. 4. Age your money.
- Customer service support via email and live chat.
6. Wallet by BudgetBakers
Cost: Free (for single-user) Premium $21.99/yr (for multi-user)
Multi-user capability: With a Premium plan you can become the Admin and create a group where you will manage a list of members who will have access. Have up to 10 people in your group. Each person will have their own personal account in which they will be able to see any groups shared with them. The person would then be able to switch from the personal account to the group in order to make entries.
Features:
- Automatic bank updates
- Import or manually update bank account
- Plan and save money for the future with the integrated finance manager
- Easy to understand graphs and reports
- Sharing selected accounts with family friends and colleagues
- Upload your loyalty and rewards codes to wallet so you do not need to carry them around
7. HomeBudget with Sync
Cost: $5.99/mth
Multi-user capability: Form a group that includes all devices and computers for household members. The group will have its own name and password which each member will use. The device that creates the group is the primary device and all other devices are secondary. whenever a member updates the budget, each device will then sync to reflect that update.
HomeBudget will help you track your income and expenses and design a budget.
Features:
- Track your bills and payments due
- Track your account balances and credit card balances
- Set home currency
- Add recurring expenses
- Attach photo images of receipts
- Search expense entries
- Trend reports
- Includes family sync. this allows members of the household to automatically sync their devices when expenses and income are entered together on the same budget.
8. Spendless
Cost: Free
Multi-user capability: Create an account and share it with family and friends.
Features:
- Multiple bookkeeping
- Manage money with friends and family
- Easy budget planner
- Generate simple set reports
- Multiple wallets
- Works online or offline
- Real-time syncing across device
- Customize expense and income categories
- Create and manage multiple wallets
9. Dollar Bird
Cost: $4.99/mth or $39.99/yr
Multi-user capability: there is an option to collaborate with your partner family or friends.
Dollarbird uses a calendar to which you add events. this allows you to have a basic overview of your financial situation and thereby manage your money.
Features:
- A simple calendar based interface
- Add keep track of visualize your transactions on calendar
- Auto categorization of entries
- You can manage your finances and keep abreast of common money issues
- Daily automatic balance calculation
10. Honeyfi
Cost: Free for 30 days Paid-$9.99/mth or $59.99/yr
Multi-user capability: Just link your separate accounts to the app, choose what you want to share with your partner, and see your finances in one place. This is great for new families and partnerships.
Honeyfi is marketed as a couple's finances and budgeting app.
Features:
- Save for anything from vacation to wedding to home
- Automate your savings so you can save more and faster
- Automatically sync your individual and household accounts to the app
- Honeyfi will automatically suggest a budget based on your previous spending
- Add comment and reactions to transactions
11. Spendee
Cost: Free Plan, Plus Pan $1.99/mth Premium Plan $2.99/mth
Multi-user capability: Spendee has a shared wallet feature that makes it possible for multiple users to be on the account. The shared wallet feature is available under the Plus or Premium plan. Decide what you would like to share and then use "add new" followed by the user's email address. The user will then accept the send invitation.
Spendee is a great household budget planner for the family to control income and expenses. track your money and budget without the hassle.
Features:
- Connect securely and automatically with your bank accounts or
- Add cash expenses manually in just a few seconds
- Bill tracker so you never forget to pee your gas water etc.
- Use multiple currencies
- Create shared wallets with your friends and fam
- Comprehensive household budget planner and manager
So there you have it, the list that I came up with for choosing a family budget app for multiple users. I personally use a family budget and have used various apps though I tend to keep a written budget in my planner. I would encourage anyone who isn't using a budget to consider doing so.
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Financial Tracking That I Can Share With Multiple People
Source: https://kellyonpoint.com/family-budget-app-for-multiple-users/
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