10 Money Management Apps to Improve Your Personal Finance
by CashOctopus • November 1, 2019
The importance of personal finance management is undisputed, no matter who you are. If you can manage your budget proficiently, you know how much money is coming in and when; you know your recurring expenses and have a little saved up for emergencies.
Knowing all these details helps you spend your money wisely. You can make savings for rainy days or optimize your payments so you only spend money on essential things that bring you an added value.
It’s important to manage your personal finances well so you can use the extra money carefully. You can make an emergency fund, add more savings to your retirement fund, or simply reinvest the money. Good finance management equals increased opportunities and more freedom for various financial crises.
But where can you start? Which changes should you make to save more money? That’s how money management apps can help you. They keep track of your professional and personal finances so you can get the bigger picture of your budget and make effective plans for your future.
Personal Capital is a top management app on the market because it allows you to monitor your budget as well as details regarding your investments. Although this app doesn’t have the best budgeting functions, its unique selling proposition regards investments.
In fact, you can even use Personal Capital to request help from an expert in investments that could help optimize your portfolio.
With an intuitive interface, Personal Capital is easy to use regardless of your device. You can easily read all the graphs to understand how your investments work for you. The result is better planning that leads to a more profitable portfolio.
You can use Chime on Android and iOS for your mobile banking. This app includes a savings and spending account, plus an FDIC-insured debit card. Chime allows you to make deposits and analyze your transactions, to optimize your spending, but its unique selling proposition is saving money.
With Chime, saving money becomes easy because you can select a customized proportion of the money from your paycheck that is automatically sent to your savings account. When you use the debit card, you can round up your expenses and send the difference to your savings account.
Mint is a popular and trustworthy money management app that focuses on offering effective budgeting tools. Mint is dedicated to people who are more focused on getting all the details about their budget and less focused on their investments.
Mint offers you a thoroughly itemized budget with a plethora of categories for your expenses and transactions, even when you’re on the move. Mint helps you understand your buying habits, it boasts bill reminders and allows you to pay all your bills.
Digit is different from the competition through two features: a 100-day free trial period and an automatic money-saving feature.
Digit analyzes your income and payments a few times per week to see what amount you can save without any effort from your part. This amount goes into your Digit account, which is FDIC-secured. Depending on the amount you save, Digit offers a 1% saving bonus four times per year.
Acorns is an app devised especially for people who want to invest their money wisely but don’t know where to start. Acorns helps you round up your expenses to invest the change, but it also allows some partner brands to invest in your account when you shop from them.
Other worthwhile features include customizing recurring withdrawals to take the hassle out of paying your bills, though Acorns allows you to make single transactions too.
6. Clarity Money
Clarity Money cuts down on unnecessary spending for you. The app can cancel unused subscriptions, it can help you negotiate your payments, it keeps track of your expenses so you can stick to your budget, and it recommends the best credit cards for your needs and lifestyle.
Clarity Money helps you create a secure savings account, where you can deposit this saved money.
You Need A Budget is an affordable app, with a free first-month trial. This app promises to help people save money and, according to the brand’s statistics, new clients save about $200 during their first month.
YNAB’s motto is making your money work for you. The app promotes strategic planning of your finances, to make sure you’re investing and saving your money accordingly. YNAB syncs with your bank accounts, it works on all your devices, and it allows you to fix financial goals.
Qapital’s selling proposition is learning how to set effective financial goals. Once you master the art of goal setting, you can see that even the smallest amounts saved help you reach a bigger objective.
Qapital rounds your expenses and deposits the changes in a secure account, but it boasts several other saving methods, such as regular lump amounts.
Qapital stays true to its money-saving proposition by charging no fees and by paying you some interests to the money you save.
PocketGuard is an app for people who want to save money by modifying their spending patterns. This app syncs with your accounts and analyzes your purchase behaviours to improve your budget.
PocketGuard deals with your recurring bills as well as individual payments, but it also searches for better deals so you won’t have to change your spending patterns too much.
Wallaby is a feature-packed app for people who want to learn how to use credit cards effectively. Most people think that credit cards are only good for making payments, but Wallaby teaches you how to make purchases that get you financial rewards, such as points or discounts.
Wallaby is easy to use on all your devices, whether you have a desktop, tablet or smartphone so you can easily find the best retailer for your money back. Apart from suggesting retailers that optimize rewards on purchases, Wallaby keeps track of your credit limit to make sure you stick to a budget.