Top 5 Personal Finance Apps to Help You Save More Money
Effectively managing your finance is one of the most difficult things, but with the advent of smart phones over the past decade and the evolution of mobile application technology, there are now smarter and easier ways to keep track of your finances.
The digital age has given rise to quite a number of amazing productivity apps—with personal finance apps connecting users with their bank accounts and ultimately keeping track of their expenditure. Knowing where your money is going each month is a critical step in gaining financial freedom.
“Ultimately, you need to reach a stage where you are in full control of your finances. Drawing up a budget is a simple process, and basically gives you an instant indication of what you are spending your money on, helping you to identify where you can cut costs,” said LizlBudhram, Head of Advice at Old Mutual Personal Finance in a report.
“You can also get a personalised automated budget from 22seven, a free money management app by Old Mutual.”
According to Statista, mobile apps will generate $189 billion in total revenues by 2020. As of 2017, popular online app stores like Apple's App Store has 2.2 million apps available, while Google Play has 2.8 million apps.
These platforms are constantly pushing newer mobile apps and the personal financial app category is one of the most popular categories for digital shoppers. Personal finance apps can help users pinpoint areas that they’ve been spending, track upcoming bill payments, keep up with your credit score and investment portfolio. Additionally, the best personal finance apps provide several different features (e-mail reminders, bill due dates, track subscriptions, shared wallets, etc.) for managing the user’s overall finances.
Here is a list of the top 5 personal finance apps to help you save more money and manage your finances effectively.
This mobile app is one of the most well-known personal finance apps that provides a seamless personal financial planning experience for users, with regular updates on bank deposits and withdrawals, snapshots of real-time spending, and the ability to pay bills.
All you need to do is link your credit and debit cards to your account, and Mint pulls your transactions, categorizes them and shows you how you’re spending your money. Also included is free access to a credit score tracking service, where you can get a breakdown of all the factors that contributes to your credit score.
Additionally, you can track your investments and schedule utility payments—the app can send e-mail reminders or add the due dates to your phone calendar for manually payed bills. This app can be used exclusively or can be accessed via computer.
2. You Need a Budget (YNAB)
This personal finance app created by professional accountant Jesse Mecham, is structured around YNAB’s Four Rules: Give every dollar a job,Embrace your true expenses, Roll with the punches and Age your money. These rules not only help you generate a better budget but equally aid in gaining control over your spending.
The app allows users to import transactions from their checking account and apply them to each budget category to get an accurate picture of their expenditure. Users can equally keep a balanced budget by adjusting budget categories if they unconsciously overspend—or if they under budgeted for a certain category.
Spending progress throughout the month is shown via detailed reports and user sare shown spot places where they can improve on their spending. According to YNAB, the average new user on the app saves $600 in the first to months and more than $6,000 in the first year. The app is available for free for the first 34 days.
3. Personal Capital
This is one of the best wealth management app that allows users to manage all their assets and investments alongside everyday expenditure. The service integrates with over 14,000 financial institutions so users can link their accounts within the app.
Users can easily connect to their bank account to track spending and create a monthly budget; however, the key feature of the app is helping users track and optimize their investments. With Personal Capital, you can track your portfolio by account, asset class or individual security and the built-in intelligence—available on the tablet version of the app—helps users discover opportunities for diversification, risk management, and identify any hidden fees they may be paying.
Making a comparison of your own portfolio to major market benchmarks allows you to determine whether you’re on track to meet your investment goals. Personal Capital provides registered financial advisors who can provide users with customized advice specifically tailored to match their individual financial goals.
4. Clarity Money
Today, more and more companies are moving towards subscription-based models for their products and services. This however, makes it quite easy to lose track of subscriptions you originally signed up for. Clarity Money is an application that aims to help users manage their subscriptions effectively byun covering and cancelling subscriptions that are not in use. Additionally, the app analyzes your spending behavior and gives suitable recommendations to improve your financial health.
The apps also allow users to make regular savings deposits and attach a goal to each savings. With this, users can even create several savings funds with different goals. All savings deposits are helped at an FDIC-insured bank and are insured up to $250,000.
By knowing how much you’ve already spent, users can stay on track with your monthly budget—provided you’ve linked your debit and credit cards. You’ll equally get access to your free VantageScore credit score by Experian.
Prism presents its app as a tool that “takes the pain out of bill paying.” The app shows all your bills and financial accounts, giving you a complete picture of your finances. With about 11,000 billers on the app, it has more users that other similar app—including larger banks and even smaller utility companies. Users can add their bills to the app and Prism automatically tracks the bills and sends due date reminders to help users prevent late payments.
Additionally, the app itself can be used to pay bills by scheduling payments to be made the same day or several days in advance. Prism is the best app for bill payments as it eliminates the need to login to multiple accounts for paying bills.