Nowadays, personal finance management applications are a real solution for poor budgeting and impulsive spending. Since they offer tremendous value to consumers and are high on demand, creating a money management app is a good investment.
Mobile apps have become increasingly commonplace. Although many of these apps are games and social media sites, a growing number of apps have been created to support individuals with their personal finances.
Personal finance apps will connect to your bank account and help you keep up with your expenses. Not only that, personal finance apps will help you recognise places you’ve invested, track upcoming bill payments (some allow you to pay your bills directly via the app), and keep up with your credit score and investment portfolio. Best personal finance apps have a range of features (email alerts, bill due dates, monitor subscriptions, mutual wallets, etc.) to handle your overall finances. All of the apps on our list are available on both iOS and Android, so you can enjoy no matter which smartphone giant you’re part of.
Let’s explore the advantages and disadvantages of the budget planner and watch the growth of apps by looking one up close.
What’s the Personal Finance App?
A personal finance app is an app that you can download from your smartphone or tablet that lets you handle all aspects of your personal finances. These apps can help track your expenses, save, and invest. They will also track bill payments and keep you up to date on adjustments to the credit score. You should connect personal finance applications to your financial institution so that you can see where your bank account money is being spent.
A personal finance software makes it easy to keep track of your finances going. Usually, a personal finance app would have various features, such as a shared wallet, bill alerts, auto bill pay, and even subscription management.
How much does your Personal Finance Software cost?
Generally, personal finance applications offer both a free version and a premium version. The free version may contain less advertising and features than the paid version. Payed versions of personal finance software range in price but are relatively cheap, around $25 a year. Some applications only sell one edition and it’s free of charge. So, if you need extra support handling your money, a personal finance app can be an affordable way to help.
These 8 personal finance apps have been chosen because of the features they provide, the resources built into the app, the functionality and the purpose of the app.
Mint, Intuit’s personal finance app, is one of the most popular personal finance apps that delivers your full financial picture in one location. Once you connect your credit and debit cards to your account, Mint takes out your transactions, categorizes them, and shows how you spend your money.
You will keep track of your bills and expenditure and build a budget that you can stick to. Free access to your credit score is one of the most recent additions. You will get a rundown of the factors that lead to your credit score to remain at the top of your credit health. Plus, you can track your investment and schedule utility payments.
You Need a Budget
You Need a Budget, also known as YNAB, is a personal finance software designed on the Four Principles of YNAB. Laws – Give every dollar a task, Accept your true costs, Roll your money and Age your money – not only help you create a better budget, but also help you take control of your spending. Import transactions from your account and add them to each budget category in order to get an accurate image of your expenditure.
Keep the budget balanced by changing the budget categories if you unintentionally overspent (or if you underbudgeted for a certain category). Detailed reports show you how your spending is going during the month and help you find ways where you can boost your spending. According to YNAB, the average new user would save $600 in the first two months and more than $6,000 in the first year. You will test the app for the first 34 days free of charge.
Personal Capital is a personal finance and wealth management software that helps you to monitor your assets and savings along with your day-to-day spending accounts. The service is integrated with more than 14,000 financial institutions so that you can connect your accounts to the app. Although you can connect to your bank account to monitor expenses and build a monthly budget, the app really shines to help you track and maximize your investment. Your portfolio can be monitored by account, asset class, or individual security.
With the built-in intelligence available on the tablet edition of the app, you will discover opportunities for diversification, risk management and discover any hidden fees you might be paying for. Comparing your own portfolio against major market averages helps you to assess if you are on track to reach your investment targets. Personal Capital offers certified financial planners that can provide you with personalized advice tailored to your objectives.
More and more businesses are heading towards subscription models. In the meantime, it’s easy to lose track of the subscriptions you’ve signed up to. Clarity Money aims to help you avoid throwing money away from unused subscriptions by helping you uncover and cancel unused subscriptions. In addition to removing additional subscriptions, the app analyzes your spending habits and gives you tips to boost your financial health.
Clarity Money helps you to make daily savings deposits and set a target for your savings. You may also set up a few savings funds with various objectives. Your savings deposits are sponsored by an FDIC-insured bank and are insured up to $250,000. Keep track of your monthly budget by showing how much you’ve already spent – provided you’ve linked your debit and credit cards. You’ll also get access to Experian’s free VantageScore credit score.
Prism presents all your bills and financial statements in one app, giving you a full image of your finances. The app rewards 11,000 billers – more than any other app – including larger banks and many smaller utilities firms.
Connect your bills to the app and Prism automatically monitors your bills and sends reminders on the due date to help avoid late payments. You may use the app itself to pay your bills by arranging payments to be made on the same day or several days in advance. Prism removes the need to log in to several bill-paying accounts.
Many other personal finance tools are for individual use. Spendee helps you to create shared wallets with friends and family that you can use to handle shared household budget expenses. Import your bank transfers and let the app categorize them to tell you how you spend your money every month. You can manually add cash costs to a more realistic view of where your money is going.
Keep working through the budget by establishing budgeted amounts for each type of expenditure and monitoring the progress towards the budgeted sum. The bill tracker feature ensures that you remember to pay each of your bills and avoid late payment penalties. If you’re on a vacation or another special occasion, you can create a new category for that event to track your expenses and keep your budget on track.
The EveryDollar app uses the zero-based budget methodology suggested by personal finance expert Dave Ramsey. The zero-based budget gives every dollar a budget function, hence the app’s name EveryDollar. The built-in monthly expense tracker allows you to connect to your bank to import transactions to keep up with your expenses. You may also divide expenditures between different budget pieces.
The tracker tells you how much you have spent so far for the month and how much you have left to spend. You’ll be able to communicate with money management experts who can support you with your financial planning via the app. You’ll be able to access your budget through an app or a desktop computer. All new users will receive a free preview of the paid edition of the app. You will upgrade to the app menu on a permanent basis.
Mobills organizes your expenditures in groups so that you can track your expenditure down to your budgeted sum. See how much you have to invest in each budget category so that you can reduce your spending as needed. The budget planning app provides interactive charts that allow you to evaluate your financial life; you can use them to make changes when you need to achieve your broader financial goals. Link your credit cards to the app so that you can see your total balance and spend limits all in one place. You should add all your bills and due dates and keep track of when your bills are due. The free version of the app has minimal functionality while upgrading to the paid version gives you complete access to all the features of the app.