Financial management is essential whether you are a small business owner, an employee or a homemaker. With the technology readily available at our fingertips, managing your finances has become less of a chore. With thousands of applications readily available on the App Store or Google Play, it is important that you know which kind of application would work for you. Experts have ranked the following applications according to their function and need.
This particular application has been hailed as the best overall. It is one of the oldest in the market with a wide range of features that is useful in whatever industry you are in. The application is owned and developed by Intuit – the people responsible for making Quickbooks and TurboTax.
With Mint, you have the option to categorize your transactions across multiple accounts, set a budget, create payment reminders and tweak everything according to your preference. One of the special features of this application is that you can see your real-time credit score!
2.You Need a Budget (YNAB)
There is a huge following for this application since YNAB has a unique approach towards budgeting. Compared to other applications, YNAB builds your budget based on your income. Every dollar you earn is segregated into living expenses, debt payments, investments and savings. YNAB gives you a sense of accountability with your finances.
One of the other unique features of this application is the availability of online support. For an annual or monthly fee, users are able to attend online classes with a financial advisor. Users are able to attend online budgeting seminars and acquire tips on how to use their finances wisely. Users claim that YNAB has helped them pay off at least $500 of their debt in just one month of use.
Ranked as one of the best applications for tracking expenses amongst millennials. Wally gives its users a convenient way to organize their expenditures with a few simple clicks. With this application, you would no longer need to manually log your expenses at the end of the day. What makes Wally different from all the other applications is their scanning feature which allows the user to take a photo of their receipt, so that everything is automatically uploaded onto the application’s log. This application also supports almost all foreign currencies.
Good financial behavior isn’t innate in everyone. Not too many people are aware of investing and that most of the time their savings just sit in a bank earning the minimum. With Acorns, you’re not only keeping track of your income and expenses, but you are also able to invest your extra change.
Acorn users say that they’d be surprised to find an extra $300 to $1,500 in their accounts every year without even making an effort. How does this happen? Every time a purchase is made, Acorns rounds up the purchase to the nearest dollar and the difference in change is invested in low-cost ETF (exchange-traded fund) that you choose.
The application charges a $1 monthly maintenance fee but is free for college students.
Formerly known as Easy Envelope Budget Aid, this application allows you to categorize your expenses and keep track of your spending habits. If you’re familiar with the envelope budgeting system, the concept of Goodbudget should be easy to understand. You basically segregate your income in “envelopes” and spend it accordingly.
Goodbudget is great for joint accounts and families who want to share the budgeting process.
With all these great recommendations, you’re bound to find the best application to fit your lifestyle, it’s just a matter doing your research and trying it out for yourself.