Most people can’t last the day without checking their smartphones. After all, checking emails, text messages, and chats is a part of our daily routine.
Smartphones are too smart they let us shop and pay bills while on the go. But have you discovered that smartphones can help you keep track of your finances too?
Creating a budget, sticking with it, and even investing are made easy with downloadable apps. With all the finance tracker apps out there, it is frustrating to find the right fit for you.
There is a wide range of financial challenges people face each day. Financial troubles are hard to knock off because it involves the dreadful balancing of accounts. If your problems are not solved immediately, it could lead to a financial disaster.
You have to identify first the root of the problem and then how you can overcome it.
Where does your money go every paycheck? How can you have a holistic approach towards money management? How can you break off from living paycheck to paycheck? How can you have extra savings with minimum effort?
Best Personal Finance Apps in 2017
Wally: To track your expenses
Wally is an absolutely free personal finance app. It helps you see where your money goes, how you spend them, and when. You can also save photos of your receipts for record’s sake.
Financial lives can be complicated and not many of us love accounting. With Wally, you can easily see what happens to your money, what goes out, what comes in, what was saved, and what needs to be tinkered in your budget.
Wally is user-friendly. It makes financial tracking simple and convenient. Every time you spend, simply whisk out your phone. The graphs will give you an insight on where your money goes. This way you will understand your spending behavior and how to save up.
Mint: To manage your money
The Mint app is a creation of Intuit Inc. This is the same company which created TurboTax (an American tax preparation software package) and QuickBooks (an accounting software package for small and medium-sized businesses).
Just as the real mint gives you fresh breath, the Mint App refreshes your finances. It is a free web-based financial tool which can tap into your bank, credit cards, investments, and other financial accounts. There is no need to log into different sites, you just need to open your Mint account.
Mint gives you a visual of where your money goes, how much you have in your bank accounts, which account needs funding, and if you are going delinquent with your budget. Mint allows you to handle your finances way beyond the simple budgeting.
You Need a Budget (YNAB): To get out of debt
Tired of living in a cycle of paycheck after paycheck? You Need a Budget is the finance tracker for you. It helps you define your spending behavior, create a workable budget, pay the debt, and have extra cash for a sudden financial bump.
YNAB forces you to make a realistic budget, unlike the other apps where you can create a budget with the money which you don’t have. In case you get off track, YNAB will help you adjust your budget so you won’t wreck the whole budget.
The main goal is for you to have money to spend on the last month’s pay. This means you are free from the paycheck to paycheck cycle. You have money to pay debts, as well as extra cash at hand.
Though users have to pay $50 a year, the services and support are surely worth it. Otherwise, it comes with a money-back guarantee.
Acorns: To make extra savings
Now your spare change can work for you. With Acorns, micro-investing can be a natural way to earn more on the side.
Every time you make a purchase with the card connected to the Acorns, the app will convert it to the next highest dollar. The difference between the charged amount and the estimated amount will be automatically invested in a portfolio of low-cost exchange-traded funds (ETFs) at the end of the year.
Acorns provides a questionnaire to know your financial situation and goals. Then, the app will recommend a mix of ETFs you can invest in. You can manually set up one-time and recurring investments.
Acorns charges a monthly fee of $1 a month for accounts less than $5,000. Accounts greater than $5,000 are charged with 0.25 percent per month.
These apps can turn smartphones into your financial companion towards better money management. You may use apps for various financial reasons but their effectiveness will still depend on how you change your spending behavior.
It takes time and discipline to reach your financial goals. However, there are times when you’ll get into a financial gap. Don’t panic, get a personal loan from Cash Mart.
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