SIX OF THE BEST APPS TO HELP MANAGE YOUR MONEY
Nowadays, there seems to be an app for everything and many of us take advantage of these apps to monitor our fitness and health. Apps however, can also be used to help monitor your financial health as well, so here are six of the most popular, easy to use and free apps available on the market that are good for both Android and iOS devices.
- Pocketbook: This Australian budgeting app allows you to track your expenses and calculate how much you spend each month. You can even set limits to your spending and connect the app to your online bank accounts, automatically tracking your income versus your spending.
- TrackMySpend: This app is fairly basic and easy to use and lets you set up categories for your spending, so you can see where most of your money is spent. You can set categories for regular expenses, groceries, clothes, fuel etc., all of which helps you to keep an eye on your budget. You can also download this data to a spreadsheet or accounting software, making it a very versatile app indeed.
- Good Budget: If you still yearn for the days of saving money in different envelopes to help organise your budget, then this might be the app for you! You can create lots of different categories or ‘envelopes’ to track your spending, even syncing with your partner’s app to give you a complete view of your family’s spending.
- YNAB: The latest version of this app can now sync with your online bank accounts, as well as your credit card accounts, downloading all your transactions into the app for a complete picture of your spending each month. This helps you to keep track of your budget and you can even split transactions into different categories, which is a great bonus!
- Mvelopes: Another app that uses the old envelope strategy of budgeting, Mvelopes also syncs with your bank and credit card accounts, helping you to manage your monthly budget. You can split your transactions into different categories, schedule regular payments and reallocate funds if a transaction puts you over-budget in one or more categories.
- Wally: This is another basic app that lets you keep track of your spending with minimal details, giving you a pie chart with colour coded expense categories. You can track all your expenses and incomes, geotag purchases and export your data to a spreadsheet or accounting software.
There are other apps available, so it might take you some time to find one that suits your needs. Depending on how well you understand apps, some people will find one or more of these easier to use than others, as well as preferring one because it has all the features they need.
The essential feature of all these apps is that they let you keep a running total of your spending on-the-go, so you know before you make a purchase whether or not you have the funds in your budget to pay for it. This can be enormously helpful for many of us who have problems keeping track of our spending, only finding out at the end of the month that we are in trouble!