Personal Finance Apps that Are Easier to Use than You Think
Money is undoubtedly one of the biggest stress points in our lives. In today’s day and age, it’s no small feat keeping your finances in check. Who has the time to create a budget and then stick to it? And with so many credit cards available, along with numerous finance options, it is very easy for someone to rack up a pile of debt. This, of course, can lead to disastrous consequences.
Obviously, you don’t want that and the best way to avoid this situation is to take advantage of the personal finance apps that are available. Technology has provided us with a world of benefits and you can find apps for pretty much everything. Especially anything related to money.
The problem is that there are too many apps for every category and this can cause a lot of confusion.
If you want to avoid this situation, you can take advantage of the list below that highlights the best personal finance apps for aiding you in managing your money.
Here are the top finance apps that are a simple to use…
#1 – Mint
Not so long ago, keeping track of your money required a spreadsheet, or some other desktop software. Or even the plain old pen and paper.
But now, you can keep track of your finances wherever you go, as long as you have a mobile device with you. That’s a big step forward in convenience.
And one of the pioneers in this movement has been Mint.com.
They are the leading budgeting app on the market. Their app links to your bank accounts and offers you a full breakdown of your financial health.
This includes the amount you have saved in your bank accounts, the debt you have, and where you are spending your money.
It also comes in handy for creating budgets based on your spending for every category like food, entertainment etc. and sends you a notification when you go over your limit.
On top of that, you can also check your credit score from within the app free of charge.
It’s the most widely used budgeting app and it’s owned by Intuit, a trustworthy and reliable company.
This app is available for both Android and Iphone devices. Once you’re signed into the app, everything is easy to find with a neat design and user interface. You can see our full review of the app here.
#2 – Wally
This is the ideal app if you wish to understand your spending. Currently available on both the Iphone and Android devices, it’s totally free to use.
This app is designed to encourage you to ponder why the purchase was worth it as you can use it for scanning receipts and adding notes to your purchases for explaining them.
This will provide you with a detailed picture of the way you are spending, including the categories like food, clothes and fun on which you splurge on the most and the days you tend to spend more frequently than others. It also allows you to take a picture of your receipt and save it to the app.
Another great feature about this finance app over the others is that it offers you more security because it doesn’t have to be linked with your bank account. So you don’t have to worry about someone hacking into your device and stealing all your banking info. This is one of the many reasons why this app has become so popular in over 50 countries.
#3 – Walla.by
What if you had a friend that told you which credit card to use in each store you frequent so you can minimize interest or get the most rewards on a purchase? How valuable would that be? Well, that’s exactly what Walla.by does. The app will tell you which card to use for the purchase and why you should you that card at that particular time.
It could be because the card has the lower rate, or because it’s currently offering the most rewards. The point is, they will tell you and they will show you why. Cool stuff. They will keep you posted on ways you can save more money and how you can get more rewards and bonuses to fatten your wallet.
It’s easy to get carried away with your spending. But this app helps you make the most of your credit cards by linking to your accounts and keeping track of the spending you do with the cards. They even alert you when there is suspicious activity on your account, a handy feature.
#4 – Digit
This app is very different from the others. If you have trouble saving, you are going to like Digit because it doesn’t force you to think about saving.
It simply connects to your bank account and then performs an analysis on your spending. At the end of the week, the app takes a small amount from your checking account based on the estimate of how much you can afford and puts it in a savings account.
Basically, it keeps tabs of what you spend and then takes any money you didn’t use from your checking account and transfers it to your savings account.
It’s like having a virtual assistant to help you with saving money.
It’s all done automatically so you don’t have to analyze anything.
You get updates about your account through text messaging. So you’ll always know what’s going on. There’s never an unwanted surprise.
Once you use it for a few weeks, and it learns your spending patterns, your savings account starts swelling with any money that’s left over from your budget.
Are These Apps Safe and Secure?
That is one of the biggest debates going on right now. For the most part, these apps are safe. But keep in mind that whenever you’re dealing with technology and passwords, nothing is 100% secure.
Theoretically, if someone does get a hold of your password, they can gain access to your banking information. However, they wouldn’t be able to make withdrawals or purchases because most of these apps can only read what’s in your bank accounts and that’s it. They don’t have the ability to make transactions on your behalf. Digit is the only app that can move money between your own accounts.
Even with all these threats, millions of people worldwide still use these apps every day.
So it basically comes down to each individual and whether they feel comfortable with giving access to their bank accounts to these app providers. Some believe the risk is worth the reward. Others don’t feel it’s worth taking the chance.