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Pros & Cons of using an App vs a Spreadsheet for Budgeting

Updated: Aug 17, 2022

Differences between using an app vs a spreadsheet for budgeting and which option might be right for you.


happy couple looking at a phone

Sections:

+ Pros and cons of budgeting in an app

+ Pros and cons of budgeting in a spreadsheet

+ Which method is right for you?


Pros and cons of budgeting in an app

Apps like Mint have become so popular in the past few years and for good reason. Budgeting used to be a very manual process - think back to when people used to balance their checkbooks by hand in order to figure out how much they had left in their bank account. Now, we've gotten to a point where we can just connect all of our accounts in one place and have an app aggregate our data to tell us our credit score, monthly expenses and even net worth.


A few of the biggest pros of using an app:

+ Connects all of your accounts easily: it was extremely easy to connect all of my accounts to Mint. All you needed to do is login to your account once and Mint will stay connected and capture expenses as they come in.

+ Auto labels all of your expenses (though this can be a con as well): this is nice, unless you had the experience I had (see the negatives).

+ Can easily glance at net-worth very quickly: if you are looking to build your wealth, this easily keeps track of your net worth and keeps track of the evolution of your net worth so you can see the fruits of your labor!


But as easy as it is, there are quite a few drawbacks as well: