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Top Budgeting Tools To Use In 2023

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Top Budgeting Tools To Use In 2023

Top Budgeting Tools To Use In 2023

Top Budgeting Tools To Use In 2023

Budgeting is not easy. As a result, we sometimes need external help. Fortunately, there are a variety of budgeting tools available to help you manage money more effectively. These tools can help identify spending habits, reduce debt, and help create a savings plan. They can also provide helpful insights into financial trends and provide peace of mind.

A simple search for “Budgeting Tools” will bring up a lot of budgeting tools, so picking the right one might become a challenge. That is why the top budgeting tools to use in 2023 have been compiled for your perusal.

What Is Budgeting Software?

A budgeting software is a program that helps individuals or businesses track their income and expenditures in order to stay within a certain budget. The software typically includes features such as budget templates, expense tracking, and financial reports. This allows users to easily track their spending and identify areas where they can cut back and save money. The software also helps users avoid overspending and helps them keep their budgets in check.

How Much Does Budgeting Software Cost?

 

Budgeting software typically costs between $10-$50 per month, depending on the features and capabilities of the software. Some budgeting software are free, but they may be limited in their features and capabilities. The more expensive budgeting software usually provides more features and capabilities, such as the ability to track your spending and create detailed budgets. They may also provide additional services such as online banking and investment tracking.

What Features Should I Look for in Budgeting Software?

Depending on your budgeting needs, there are some features that you might want to look for in budgeting software. These features include:

 

  1. Ability to create multiple budgets
  2. Ability to set up automated payments and reminders.
  3. Ability to synchronize with financial accounts.
  4. Ability to generate reports and graphs to help you visualize your financial data.
  5. Availability of introductory videos for beginners
  6. Responsive and effective customer care service.
  7. Access to financial tips and advice.
  8. Availability of an investment tracker.

Top 5 Budgeting Tools For 2023

 

This list includes the top 5 budgeting tools in 2023 arranged in no particular order. Each one of the tools has its own pros and cons and is therefore more suited to different kinds of users.

 

  1. Mint:

Mint is a budgeting tool that helps to organize your finances and track your spending. It can also be used to set financial goals, create budgets, and manage investments. It allows you to link your bank accounts, credit cards, and investments, so you can view all of your transactions in one place. You can also create budgets and set financial goals that will help you stay on track with your finances. Mint also provides personalized tips and insights to help you make the most of your money. However, there are some drawbacks to using Mint. For example, Mint can be overwhelming for users with a lot of financial information to track. Mint also relies on users inputting their data manually, which can be time-consuming and error-prone. Additionally, Mint doesn’t offer investment advice or recommendations, so users who are looking for help with investments will need to look elsewhere.

 

  1. YNAB:

YNAB helps users to track their income, spending, and saving goals. It also gives users the ability to create budgets and monitor their progress. YNAB also offers tutorials and online training to help users get the most out of the tool. All of these features help users stay on top of their expenses and create a budget that works for them. With YNAB, users can easily track their progress and adjust their spending habits to meet their goals.

Nevertheless, it also has its drawbacks. Some users may find YNAB to be too restrictive. For example, users may feel like they have to stick to their budget too strictly, which can make it difficult to enjoy their hard-earned money. Additionally, YNAB does not offer any features for tracking investments or other financial assets.

 

  1. Personal Capital:

Personal capital offers a wide range of features that are beneficial to investors. It offers portfolio analysis, retirement planning, and other tools to help users track and manage their investments. It also provides access to a team of financial advisors to help users make informed decisions. In addition to these features, Personal Capital also offers budgeting tools to help users understand their spending habits and provides access to additional resources, such as articles and videos, to help users become more knowledgeable about investing.

However, Personal Capital is not without its flaws. One of the main criticisms of the app is that it is geared towards users who are already familiar with investing and have a certain level of knowledge about the subject. For users who are new to investing, the app can be confusing and overwhelming. Additionally, the app does not offer much in terms of customer support, so if users run into problems, they may have trouble getting the help they need.

 

  1. Honey Due:

Honey Due is a budgeting tool that helps users track their spending, set financial goals, and manage their finances. It also provides users with insights on their spending habits, so they can make better decisions when it comes to budgeting.

It is great for new users. To help new users, Honey Due offers an extensive onboarding guide as well as a helpful customer service team to answer any questions or concerns. This allows users to learn how to use the app and take advantage of its features with ease. The onboarding guide walks users through the entire budgeting process, from setting up the app to creating a budget and tracking expenses. The customer service team provides additional support to ensure that users have a smooth transition to using the app. This helps to give users the confidence they need to use the app and make the most of its features.

Nevertheless, Honey Due is not without its shortcomings. For example, the app does not offer many customization options, which can make it difficult for users to tailor their budget to their exact needs. Furthermore, the customer service team is not available 24/7, so users may experience delays in getting help when they need it.

  1. Fudget:

Fudget is a budgeting tool that is used for tracking expenses, creating spending budgets, and managing finances. It has a simple user interface and offers a variety of features, such as budgeting templates, automatic budgeting, and budget reminders. However, there are some drawbacks to using Fudget. One of the drawbacks is that Fudget is only available on mobile, so it may not be the most suitable solution for users who need to access their budget on a desktop computer. Additionally, the budgeting templates are not very customizable, so users may not be able to find a template that fits their needs.

 

Different budgeting tools are tailored to meet the specific needs of different individuals and what might seem like an advantage to some might seem like a disadvantage to others. For example, a lack of customizable plans might look rigid to some users while it might also make some users feel like the tool is easy to use. So, consider your level of expertise and needs before picking a budgeting tool. As for the expertise, you might learn on the job or read about the tool online.

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BUSINESS

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

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Wisdom Kwati Smart City Ltd, a prominent property development firm based in Abuja, has launched a lawsuit against Adamawa Mortgage Bank Ltd, seeking ₦10 billion in damages. The legal action follows a breach in a joint venture agreement between the two parties for a 20.5-hectare property development in Sangere Village, Yola South, Adamawa State.

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

The joint venture was established to transform the Sangere property into a large-scale residential development, with work already underway and over 3.5 billion invested in the construction of over 200 housing units and on the estate’s infrastructures. However, tensions arose when Adamawa Mortgage Bank publicly withdrew from the agreement, and without appropriate notice or engagement with the firm, released a statement on The Cable newspaper on November 9, 2024. In its announcement, the bank warned prospective buyers, stating:

“This is to inform the general public that Adamawa Mortgage Bank Ltd is not selling its land at Sangere-Wisdom Kwati Smart City. Anyone buying land at the property does so at his own risk. Take further notice that the bank has withdrawn from the joint venture agreement with Wisdom Kwati Smart City. Thank you. Signed Management.”

Following this statement, Wisdom Kwati Smart City Ltd, led by Chairman Mr. Wisdom Kwati, filed for both an interlocutory and interim injunction. The lawsuit names both Adamawa Mortgage Bank Ltd and its Managing Director, Dr. Noris Giscard Stanley, as defendants, alleging breach of contract and reputational harm caused by the bank’s public renouncement.

On November 14, 2024, the High Court of Justice of Adamawa State issued an interim injunction, temporarily restraining the mortgage bank from further actions related to the property until a resolution is reached. The court has ordered the defendants to respond to the claims and appear before the court within 30 days of receiving the summons.

The implications of the contract dispute are significant, given the current stage of the project. According to representatives of Wisdom Kwati Smart City Ltd, the company has invested over ₦3.5 billion in construction and developmental costs on over 200 buildings currently under construction at the site, of which over 50 units are at the finishing level of construction, and infrastructural development that are well into the third phase of the company’s five-phase development plan.

Industry observers suggest that a swift resolution of the dispute would be in the best interests of both parties and their investors, who rely on the stability of the joint venture to secure their investments. The project, originally designed to develop 317 mixed housing units, is already well past its midpoint, making it highly unreasonable for a partner to withdraw at this stage.

Wisdom Kwati Smart City Ltd has expressed a commitment to seeing the project through to completion and ensuring that stakeholders are kept informed of any significant developments in the case. Despite the legal steps taken, the real estate company has reportedly made several attempts to resolve the matter through dialogue, but the bank has reportedly not been forthcoming.

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BANKING

Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

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The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

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BUSINESS

Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

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Meeting with JIBC

Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024

The African Development Bank Group (www.AfDB.org) has celebrated the 30th anniversary of the Policy and Human Resource Development Grant (PHRDG), a bilateral trust fund created by Japan in 1994.The initiative has contributed significantly to the development of Africa’s human capital, supporting over 100 transformational projects across various sectors.

PRST at Keizai group

PRST at Keizai group

Presenting a commemorative publication on the trust fund at the Ministry of Finance in Tokyo on Wednesday, 16 October, Dr Akinwumi Adesina Adesina, African Development Bank Group President said the publication highlights three decades of successful collaboration and the impactful projects funded by the Policy and Human Resource Development Grant, as well as the critical role the grant has played in Africa’s socioeconomic development.

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024. In recent years, the trust fund has seen a notable increase in contributions, underscoring Japan’s renewed commitment to fostering a climate-smart, resilient, inclusive, and integrated Africa.

Japan’s Vice Minister of Finance for International Affairs, Atsushi Mimura, said he was pleased the country’s partnership with the African Development Bank Group was going well. He pledged continued support, particularly for the African Development Fund, the private sector, and Japanese and African start-ups

“We look forward to deepening Japan’s relationship with the African Development Bank,” he said.

Mimura described the African Development Bank Group’s partnership with the World Bank’s plan to bring electricity to 300 million Africans (Mission 300) as a powerful narrative that draws attention to the continent’s energy needs.

Adesina commended Japan for its strong support of the African Dev?

elopment Fund, noting that the Fund has delivered impressive results. He sought the country’s support on a wide range of issues, including the 17th general replenishment of the African Development Fund, Mission 300 (http://apo-opa.co/3YcTfy2), Special Drawing Rights, the private sector, and start-ups, among others.

“We thank the people of Japan for standing in solidarity with the people of Africa,” Adesina said.

Since its establishment, the PHRDG has been a vehicle for Japan to share its expertise and experience in human resource development, empowering Africans to lead the transformation of their societies and economies. The grant has supported a wide range of projects aligned with Japan and the African Development Bank Group’s shared objective of human capital development. Officials said the projects have laid the groundwork for accelerated economic growth in Africa.

In a foreword to the Policy and Human Resource Development Grant at 30 publication, Deputy Vice Minister of Finance for International Affairs Daiho Fujii, expressed Japan’s pride in celebrating the 30th anniversary of the PHRDG.

“Japan is leading the international community’s efforts to overcome global challenges, particularly those affecting vulnerable populations. Through the PHRDG, we provide technical cooperation to develop the human resources that will drive Africa’s socioeconomic transformation. Our partnership with the African Development Bank Group is key to realizing a more resilient and prosperous Africa.”

As the Policy and Human Resource Development Grant enters its fourth decade, the African Development Bank Group and Japan have expressed eagerness to expand their partnership. With six new projects in the 2024–2025 pipeline, including initiatives in higher education, debt management, and climate-smart agriculture, the trust fund remains a critical tool for delivering impact across Africa, officials said.

Both parties pledged to continue to work hand in hand to unlock the potential of Africa’s human capital, fostering innovation and economic development for generations to come.

Japan–Africa Dream Scholarship Program: Investing in the Future

Among the most impactful PHRDG-funded initiatives is the Japan-Africa Dream Scholarship Program (JADS), launched in 2017. This program aims to develop Africa’s human capital by offering scholarships to high-achieving African students for master’s studies in fields such as agriculture, development economics, energy, and public health. To date, the program has awarded scholarships to 23 students from 10 African countries, two-thirds of whom are women.

Graduates of the JADS program have gone on to make significant contributions to their home countries. Alumni include Mary Yeboah Asantewaa from Ghana, who now works at SORA Technology in Accra, leveraging drone technology to control infectious diseases, and Glory Sibale from Malawi, who joined Tokyo’s Taiyo-Yuka recycling company, focusing on sustainable agricultural project management.

As part of his mission to Japan, Adesina also met with Nobumitsu Hayashi, the Governor of the Japan Bank for International Cooperation, to expand collaboration in key areas, including agriculture, healthcare, energy access, support for youth entrepreneurs, critical minerals, and regional corridors.

Later Wednesday, Adesina met with the leadership of the Association of African Economic and Development Japan, where both parties discussed potential collaborations for impactful projects. He continued with meetings with Kanetsugu Mike, Chairman of Mitsubishi UFJ Financial Group, and Ken Shibuya, Co-Chairman of the Global South Africa Committee of Keizai Doyukai (Japan Association of Corporate Executives).

The African Development Bank president invited business leaders to the 2024 Africa Investment Forum to be held in Rabat in December. Adesina also hosted representatives of the African diplomatic corps, development partners, and the private and public sectors, where they discussed leveraging co-creative relationships with Japanese companies and institutions.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

 

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