5 Smartphone Apps for You to Manage Your Money Better

Technology has been making life easier for us by assisting us in all walks of life – from running jet planes to handling daily household chores. Whether it’s vacuum cleaning, doing laundry works or something as trivial as keeping the home warm using room heater, technology always has a role to play.

We all keep track of our day to day spending. Some of us do it in a systematic manner while others, not so systematically. Assuming you are systematic and want to track every dime spent, you could use some cool technologies such as money management apps. In this article, I’ll discuss some of them.

1. GoodBudget: How people used to save money when there was no calculator, let alone be computers? They grabbed themselves envelopes, write down the cash-flow reasons on the back of them and put the money into them. This old school saving technique has made a comeback with the app called GoodBudget.The app has a section called “Envelopes.” You can save on a monthly basis, on a weekly basis, or on a bi-weekly basis – whatever suits you best. There’s a menubar like sub-section showing whether the saving is weekly or bi-weekly or monthly. The body of the app displays how much money is saved under which envelope.

The app is free and can be downloaded by Android and iOS users.

2. Mvelopes: If you are not content with envelopes alone and want guidance along, download Mvelopes from Google Play Store and iTunes. The app syncs the bank accounts of users. When using it, you rest fully assured that your transactions will remain secure. At the time of syncing, you’ll receive email notifications, so you could confirm that it’s your account, and not someone else’s.

The app tracks the financial institutions that concern you and create copies of every debit and credit transaction. At the end of the month or the week, you can check it. Like GoodBudget, Mvelopes lets you create envelopes, but you have to define your income and create a budget beforehand. The benefit of using this app is you’ll be saving keeping your budget in mind, not how much you have as net worth.

3. Pocket Expense: The app offers you a visual representation of how much you’ve spent so far before you proceed to make a budget. The only demerit of the app is that it doesn’t sync with a user’s bank account. When you manually enter all your financial info (including transaction details).The basics are checking and savings accounts, which you can manually create. Your credit and your expenses will appear with color codes, so you could better identify them. The credit section will appear with a green dot and the expense section, with a red dot. One advantage of using Pocket Expense is you can manage multiple accounts with complete ease.The app has tabs, which systematize the work for you. When you feel the need to get a break down of your total spending, you go to the Calendar tab, and then check the color coded expenses for each day, week and month. If you want to set up a budget, the app has a separate Budget tab for that. Bad news for Android phone owners is only iOS users can download and use this app. It’s free.

4. Mint: Most money management apps are restricted to iOS and Android, except Mint. It is available to Windows users. Mint is among very few apps which sync not only with bank accounts but also with mutual funds and with the IRA.The app gets straight down to the details and gives you all the insights you need. It has a section called Update that notifies you about all transactions, including the unauthorized ones. The monthly budget and credit score are features, offered by plenty other apps.But Mint offers you something that no ordinary app can offer – budget perimeter security. It’s a fancy term coined by me. Perimeter security systems alert you when you cross the perimeter. Similarly, Mint gives you a heads-up whenever the spending crosses the limit set by you at the time of making the budget.On top of a real-time display of cash flow, and allowing you to set up saving goals, Mint tracks and analyzes your spending habit, and shares all information with you. The app is free.

5. BillGuard: If you are worried about your financial security, download BillGuard today. The robust security measures stop online scammers from accessing your financial information. After download the app, it syncs with your bank account, and keeps a tab of your balance and account spending.You could recognize and confirm whether you’ve done a transaction or not. The app inbox keeps a list of all transactions. When you’ll go through them, you’ll see two swiping options – swiping right and swiping left. Swiping right means you did the transaction. When you swipe left and inform the app you haven’t done the transaction, some options will pop open so you could address the situation.

BillGuard is a free app, and it is available on Android and iOS platforms.

What do you think of the five money management apps, discussed here? Have you used any of them? Are there other apps such as these? Let us know in the comment section.

 

Tina Roth is a blogger at Pro Finance Blog, a leading online resource providing high-quality “useful” content on personal finance, money management, debt solutions and many more where her aim is to help people you attain financial security through following the right advice.