Most of us hate budgeting. In fact, the word “budget” does not sound all that appealing, and it sounds like something we would all run for the hills when we hear it. Despite how unappealing budgets may be, we need them to avoid overspending. We are lucky to be in the 21st Century because there are dozens of apps in the market to help us balance our personal finances.
These apps make money management easy, with a slew of useful features to help you save money, track expenses and set up financial goals. If you do not have a clue about money or just do not have time to look over your finances, and you cannot afford a financial advisor, then you can use these apps to get yourself on the right financial track.
Here are eight personal finance apps available for your mobile devices. Please keep in mind that Digit is currently only available on iOS.
Mint is a user-friendly app that helps you track your income and expenses, and helps you create a balanced budget. The app connects to your checking and savings accounts, credit cards, bills, 401Ks, IRAs, and automatically updates every time you make a transaction. The app allows you to set up a budget and will alert you when you get close to reaching the financial limits of your predetermined expenses. In addition, Mint provides you access to your credit score every three months, free of charge.
The main idea behind PocketGuard is to simplify budgeting by constantly monitoring your income and expenses to let you know how much money is left to spend before your next paycheck. The app categorizes all of your expenses, bills and subscriptions and then generates a quick visual overview of your spending habits. PocketGuard, like Mint, also automatically syncs to all of your financial accounts, making it ideal for anyone who needs to be know how much disposable cash is available at any given moment.
Level has more than 1 million users and is great for people who tend to waste money on nonessential items. This app tracks your spending habits and shows you how much you spend every day, as well as month-to-month.
Level’s most useful feature is its balance and bill predictions software, designed to prevent potential overdrafts by letting you know how much money you can spend every day. In other words, it replaces your bank balance with a smaller spendable amount for the day or month.
Dollarbird does not link or require your bank account information. The app calculates how much disposable cash is available to spend based on the income and expense info you manually input into their calendar system.
You can set up recurring transactions on their iOS app, but not yet for Android. This is great for people whose income or expenses fluctuate greatly, from month-to-month.
Qapital helps you save money through goal-setting. For example, the app’s “Guilty Pleasure Rule” puts aside a set amount of money into savings every time you spend money on one of your nonessentials. So, for every fancy Starbucks latte you take pleasure in, a dollar goes into your savings account. The app’s “Roundup Rule” rounds every transaction up to nearest dollar and puts the extra change into savings. This app allows users to save money and also enjoy the pleasures of life. Not only will you save a bunch of extra dollars by using Qapital, but you will have fun doing so.
Digit automates your savings. The app takes your income and spending data, and then automatically moves a specific amount of money from your checking account into your savings based on the app’s algorithm. Digit guarantees that the app will not overdraft your checking account. The iOS version also gives you “Savings Bonuses” every three months. It gives you 5 cents for every $100 you save in your account.
Wallaby helps you optimize every purchase by advising you which of your credit cards to use to take advantage of the best bonuses, rewards or interest rates. This app keeps all of your financial data in the cloud and recommends ways to save money. The app also looks out for suspicious activity, potential credit card fraud, and identity theft. If you have multiple credit cards and would like to maximize their financial benefits, then you have to use this app.
Personal Capital focuses on investments. The app gives you a complete picture of your current net worth, and then helps you manage your investments, whether it’s for general wealth creation or for retirement. The app includes really useful tools, such as the Free Analyzer and Investment Checkup, which looks for hidden or upcoming fees and makes suggestions on how to deal with them. The Personal Capital app also offers an optional paid financial advisor service.