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6 Smart Phone Apps for Best Personal Finance Management

Smart phones can be utilized for a lot more than just playing games and chatting on social media. With more than 1.4 million apps in Google Play, and Apple’s App Store, mobile users have access to thousands of personal money management programs on their smart phones, laptops and tablets designed to assist them budget, save, invest, and track their finances. Most of these apps make users develop sound financial habits that stick with them forever.

Detailed below are some popular apps that consumers can utilize to help them in their daily personal finance management.

1. Digit

This app assists consumers to save money without having to ponder too much about it. After analyzing a consumer’s spending habits, the app automatically eliminates USD5 to USD50 from a duly attached checking account and places it aside, in a Digit savings account. A no-overdraft assurance ensures that the company never draws out more than the consumer can afford. The savings account may then be accessed for vacations, emergencies or other purposes without any attached fees.

2. Acorns

This is a mobile phone-driven financial services organization, which automatically reinvests spare change emanating from day to day purchases, into a diversified portfolio set with the help of an economist and Nobel-Prize winner called Harry Markowitz. With a USD1 monthly fee for all accounts under USD5, 000, savers ought to contribute at least USD100 per month in order to keep fees down. They may then source for a traditional financial advisor so as to manage larger wealth amounts that they have already accrued.

3. Mint

We all know that Budgeting is one of the most difficult tasks for those consumers that are not financially inclined, but the Mint app is here to make the process easier. It is arguably the most popular personal budget app for mobile phones and also the web. After connecting with their bank accounts, clients are able to automatically import daily transactions and see where they are spending their cash every month. These amounts can thereafter be used to determine how much money to budget for each subsequent month moving forward. This will be helpful in determining how sustainable spending is over different time periods.

4. YouNeedABudget 

This app assists savers to create a budget with far less trouble than other services. Rather than trying to guesstimate expenses, the app encourages consumers to give every dollar a job whenever it is earned. Larger expenses can easily be broken down into monthly goals, which are much easier to budget for. Moreover, accruing money over time helps break down the vicious paycheck-to-paycheck cycle. It also makes planning for the future to be much easier.

5. Shoeboxed

This wonderful app is among the best receipts and expenses trackers. It helps users to categorize transactions as well as track their spending over time. Unlike other budgeting apps, Shoeboxed also enables users to store receipt images for purposes of tax. These receipts may come in handy in the event of a surprise audit undertaken to justify certain expenditures. As we all know, the IRS requires records to be maintained for a considerable length of time so as to justify various business expenses. This makes Shoeboxed to be the ideal app for small business entrepreneurs.

6. Billy

It’s an app that takes a different style of tracking expenses for individuals. Through connection with a bank account, it helps create a list of active subscriptions such as Apple iTunes costs, monthly bill payments etc. This is so as to make sure that there is nothing active that shouldn’t be. These kinds of subscriptions can be extremely costly over time, and have a huge impact on the overall budget of a consumer. Managing these periodic fixed costs can assist in cutting down on monthly expenses and also free up of cash for investing.

In conclusion, there are a rising number of apps for both Apple iPhone as well as Google Android, geared towards improvement of consumer finances. Financial experts may want to propose some of these efficient apps to their clients so as to improve their financial safety and also free up capital for investing in stocks and bonds.

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