Nowadays, everyone is money conscious. You’ve worked incredibly hard for those dollars and yet, everything seems to be getting more expensive and you begin to think, since when did it get so expensive to live? There are many resources to help you keep track of your spending. These are both quick and easy to incorporate into your daily life. We’ve gone ahead and researched the vast pool of money management apps to find the five best ones on the market, so you can pay off your debt and save for that dream vacation to the Maldives or your retirement home!
Mint is one of the more popular money management apps. It’s free, operates on iOS, Android, and Windows, and is compatible with other accounts, including bank accounts if you sync them. Mint enables users to create budgets with personalized spending categories and notifies users when they are nearing the budget they’ve set for themselves. They even provide you with a credit score, which will give you an idea of what you need to change in your daily expenses. Having a good credit score is paramount when it comes to your finances – you’ll need it when applying for a mortgage, increasing your credit limit, and more.
This app is best for people who primarily want to track their expenses. It’s free and operates on both iOS and Android. Based on one’s cash flow or income, users can set a monthly budget in various personalized categories. Perhaps you designate a category for rent, food or travel. At the end of each cycle, users can analyze where they spend the most and adjust their expenses accordingly. This app is also ideal as users can also view five years of their spending history and sync up to five devices, which increases convenience.
Mvelopes is similar to GoodBudget. However, the app asks you to define income and set a budget before you begin tracking. Users must link their bank accounts so the app can track debt and credit transactions in relation to your expenses on both iOS and Android. For those worried about security, Mvelopes increases safety by requiring repetitive email confirmations in order to sync. The real-time information show users what their income is and what a reasonable budget could look like, which makes users take the app more seriously. The free version of the app allows users to connect to one account but if they pay $95 a year, it enables them to link an unlimited amount of accounts and create more than 25 “envelopes” to track various expenses along with a debt management tool.
This free app operates on iOS, Android and Windows. Expensify features four main categories: SmartScan, Add Expense, Track Time, and Track Distance. Users can photograph, categorize, and tag receipts through “SmartScan” or they can “Add Expense” manually if they prefer. For those who need to keep track of their billings that include distance, the “Track Distance” option uses the app’s built-in GPS. For people on an hourly wage, the “Track Time” option is a great way to keep track of hours and earnings. The app’s inclusivity and compatibility with bank accounts and the operating systems listed above makes this a popular one.
MarketConsensus named BillGuard as “one of the top online banking innovations of all time.” It was also ranked as the “Top 2015 Most Powerful Financial Protection App” by AdvisoryHQ. While it’s not an expense tracking app, BillGuard wants to protect your cards from fraud, errors, hidden fees, or scams. It’s easy-to-navigate interface enables users to sync their bank accounts and swipe right to confirm transactions were made and swipe left to flag the ones you are uncertain or sure you did not make. It’s important to keep track of your expenses but also important to review and monitor your purchases and protect against external threats.
Veronica Pang | The Edge Blog