Managing your finances is a difficult task. Tracking costs and keeping track of the bank balance might be challenging now that many of us no longer balance a checkbook. Personal finance apps may connect to your bank account and keep track of your spending. Personal financial applications may also help you manage impending bill payments (some even allow you to pay your bills straight through the app), monitor your credit score, and keep track of your investment portfolio.
The top personal financial apps include a variety of tools for managing your entire money (email reminders, bill due dates, subscription tracking, shared wallets, and so on). All of the applications on our list are compatible with both iOS and Android, so you may use them regardless of which smartphone giant you prefer.
Mint, Intuit’s personal finance app, is one of the most well-known personal finance applications since it consolidates all of your financial information into one spot. Mint gathers your transactions, categorizes them, and tells you how you’re spending your money once you add your credit and debit cards to your account. You can keep track of your expenses and build a budget that you can stick to. To remain on top of your credit health, the site gives free access to your credit score as well as a summary of the elements that contribute to your score. You can also keep track of your finances and manage your electricity bills.
2. YNAB – You Nead A Budget
You Need a Budget, or YNAB is a personal financial app based on the Four Rules of YNAB. The guidelines – Give every dollar a job, accept your genuine costs, roll with the punches, and age your money – will not only help you create a better budget, but they will also help you get control of your spending. To receive an accurate picture of your expenditures, import transactions from your checking account and apply them to each budget category.
If you mistakenly overspend, alter budget categories to maintain a balanced budget (or if you underbudgeted for a certain category). Detailed reports show you how your spending changes over the month and can help you identify areas where you can save money. The typical new user saves $600 in the first two months and more than $6,000 in the first year, according to YNAB. For the first 34 days, you may test the app for free.
3. Personal Finance App: Personal Capital
Personal Capital is a personal finance and wealth management application that allows you to manage all of your assets, investments, and everyday spending accounts in one convenient location. You may link your accounts within the app thanks to the service’s integration with over 14,000 financial institutions. While you can use the app to track spending and build a monthly budget by connecting it to your bank account, it excels when it comes to helping you manage and improve your assets.
Accounts, asset classes, and individual securities may all be used to track your portfolio. You may find chances for diversification, risk management, and any hidden costs you may be paying using the app’s built-in intelligence, which is available on both the tablet and smartphone versions of the software. When you compare your portfolio to significant market benchmarks, you can see if you’re on pace to reach your investment objectives. Personal Capital has qualified financial advisors that can give you personalized advice based on your objectives.
Prism brings all of your bills and bank accounts together in one app, giving you a complete financial picture. The app’s 11,000 billers include larger banks and even small utility companies, which is more than any other app. When you upload invoices to the app, Prism maintains track of them and sends you notifications about due dates to help you prevent late payments. You may use the app to pay your bills by scheduling payments for the same day or several days in advance. When paying bills, Prism eliminates the need for multiple logins.
Many other personal financial apps are designed to be used by only one individual. Spendee allows you to create shared wallets with friends and family to keep track of a household budget’s pooled expenditures. Import your bank transactions into the app, and it will categorize them for you, revealing how much money you spend each month. To gain a more accurate picture of your spending habits, manually enter cash costs. To avoid going over budget, create allotted amounts for each expense category and track your progress toward the targeted amount.
The bill monitoring tool ensures that you don’t forget to pay all of your bills on time, avoiding late fines. You may create a category just for a vacation or other special event to keep track of your spending and remain on track if you’re going on one.
6. The EveryDollar
The EveryDollar app follows personal financial expert Dave Ramsey’s zero-based budgeting strategy. The name of the software, EveryDollar, is derived from the zero-based budget, which assigns a function to each dollar in the budget. You can connect to your bank and import transactions to keep track of your spending with the built-in monthly cost tracker. You can even divide spending across many budget categories.
The tracker shows you how much you’ve spent so far this month and how much you still have left. You’ll be able to connect with money management specialists who can assist you with your financial planning through the app. You’ll be able to access your budget either through the app or on a PC. All new users get a free trial of the app’s premium edition. You may upgrade your app permanently from the app menu.
Mobills categorizes your costs so you can keep track of how close you are to meeting your spending goals. Check how much money you have left in each budget area to see whether you need to cut back on your spending. The budgeting software provides interactive charts that you can use to examine your financial situation and make modifications as needed to meet your wider financial objectives. If you add your credit cards to the app, you’ll be able to check your current balance and spending limitations in one spot. To keep track of when your bills need to be paid, you may enter all of your bills and due dates. The app’s free edition offers restricted features, thus subscribing to the premium version is recommended. That’ll give you full access to all the app’s features.
Definition of Personal Finance App and How Does It Work?
A personal finance app is a smartphone or tablet application that assists you in managing all elements of your money. These applications can assist you in keeping track of your spending, savings, and investments. They can also track bill payments and keep you informed about changes in your credit score. You may link personal finance applications to your bank account to monitor where the money in your account is going.
Keeping track of your funds on the road is simple with a personal finance app. A personal financial app would often include features such as a shared wallet, bill reminders, auto bill pay, and even subscription management.
What Is the Price of a Personal Finance App?
Personal financial applications usually come in two flavors: free and paid. The free edition may include advertisements and have fewer features than the paid version. Personal financial applications are available in both free and paid versions, with the latter costing around $25 per year. Other programs just have one version, which is completely free. So, if you need a little additional help with your finances, a personal finance app might be a cost-effective solution.
We hope you enjoyed our top 6 personal finance apps list. Hopefully, one of these applications can assist you in effectively managing your personal funds. Download a few and discover which ones work best for you. One of these is certain to improve your personal financial game!