DeepSummary
The hosts, Brian Preston and Bo Hanson, begin by discussing the importance of budgeting and how it helps build financial discipline. They mention that a majority of Americans struggle with saving and ask their team member, Rebie Harrell, to provide insights on the best budgeting apps based on feedback from their audience and team.
Rebie explains the pros and cons of four popular budgeting apps: EveryDollar, YNAB, Copilot, and Monarch. She discusses their features, pricing, and suitability for different user types. The discussion highlights the trade-offs between hands-on manual budgeting and more automated, passive tracking.
The hosts emphasize that the best budgeting app is the one that the user will consistently use and stick with. They encourage developing the discipline and habit of tracking income and expenses, regardless of the specific app chosen. The key is finding a solution that works for the individual's needs and preferences.
Key Episodes Takeaways
- The 'best' budgeting app is subjective and depends on the individual's needs, preferences, and willingness to consistently use and stick with the chosen app.
- When evaluating budgeting apps, consider factors such as pricing, bank/account integration, user experience, and whether it aligns with your specific financial goals (e.g., debt payoff, saving for a purchase).
- Most budgeting apps offer free trials, making it easier to test and find the right fit before committing to a paid subscription.
- Developing financial discipline and good money habits early in one's financial journey can have lasting benefits and set the stage for future success.
- Budgeting apps can help facilitate the process of tracking income, expenses, and progress toward financial goals, but ultimately, consistency and discipline are key.
- While budgeting is an essential step, it is also important to find a balance and not become overly obsessive or rigid, especially when involving a partner or spouse.
- Budgeting is an essential step in building financial discipline and developing good money management habits.
- There are various budgeting apps available, ranging from manual, hands-on options like EveryDollar and YNAB to more automated, passive tracking apps like Copilot and Monarch.
Top Episodes Quotes
- “If you haven't developed the muscle memory of you've created what I like to call for scarcity or money management plan, where automatically that 25% is going to work, automatically the budget for the new car purchase, like Ribi talked about, if those things aren't happening and you really need to add more components of discipline into your life, please lean into these things.“ by Bo Hanson
- “The answer is the one that works for you, the one that you will stick with, the one where you can put a plan in place, and then you can monitor that plan and you can stick with it.“ by Brian Preston
- “So if you're looking for something that is more passive but still tracking budgeting and expenses, this is probably a good one for you to try.“ by Rebie Harrell
- “And if you are somebody who needs budgeting, has some goals, has some debt to pay off, just wants to get that muscle memory going for you, why not try? They all have a free trial, too, which is nice.“ by Rebie Harrell
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Episode Information
Money Guy Show
Brian Preston and Bo Hanson
2/28/24
We believe that budgeting is entry level personal finance - it’s extremely helpful to building discipline and Financial Mutant muscle memory. We had our team review some of the apps they use and love and Rebie will give us a brief breakdown of each, in no particular order, with what our team loves and who it may be good for.
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