A great way to create financial stability is to make a budget. We know, we know, it’s an ugly word, but don’t be daunted. Nowadays it’s a lot easier to create and, more importantly, stick to a budget, thanks to the wonders of modern technology.
If you have a smartphone, as most of us do these days, you can have all of your financial information available at your fingertips wherever you are with these money management apps.
Here are six of our favourite money management apps that take the stress out of budgeting and help you stay on top of your everyday finances, whether you’re struggling to pay off debt or you have a goal in mind for a major purchase.
Money Management Apps to Manage Your Money on The Go
1. Account Tracker
iPhone, £1.99 Account Tracker is a powerful money management app designed to help you manage your finances across multiple accounts, all from one screen; very helpful if you have accounts with one than one bank, including current and business accounts, savings accounts and credit cards.
This user-friendly app is chockablock with helpful features such as bill reminders, budgets, and balance reports. We particularly like the colour-coded account icons that change colour depending on your relative financial health!
iPhone and Android, FREE Toshl Finance could well be our pick of the bunch. It has an attractive, clean user interface and uses colourful visualizations to show data, making it easier to understand.
It is great for creating budgets and tracking spending and is especially helpful when travelling abroad as it allows you to enter your spending in the currency of the country you’re visiting. It’ll even do currency conversions for you!
iPhone, FREE Money Dashboard is a handy money management app that does all the number crunching for you. It allows you to gather your financial information from credit cards, bank and savings accounts and links them together, thus giving you a real time view of your finances.
It makes it easy to track income and expenditure and see how much you have available for the rest of the month.
iPhone, FREE Savings Goals is a great choice for when you have a specific goal in mind that you are budgeting for, be it a wedding, a big holiday or that Mulberry bag that you just HAVE to have!
You simply enter a target amount and date and the app creates a saving schedule and tracker, doing all the hard work for you.
iPhone and Android, FREE Expensify is an excellent money management app if you are on the go. It has a scanning feature called SmartScan that allows you to take photos of your receipts and upload them to your Expensify account.
The app then attaches them to imported bank/card transactions. You can also use it to track purchases.
iPhone, £0.79 Debt Manager is an app that comes in handy for those tougher times when you have some debts piling up and you’re feeling overwhelmed.
The app uses an approach recognized by leading financial advisors called the Snowball Method, whereby you pay off debt starting with the smallest balances first, while paying the very minimum on larger debts.
Once the smallest debt has been dealt with, you move on the next largest debt, and so on and so forth. It makes dealing with debt a lot more manageable and means you can have peace of mind, which, as we all know, is invaluable.
To learn more on the Snowball Method, we recommend reading Dave Ramsey’s book The Total Debt Makeover for some incredibly helpful advice and straight-talk on debt elimination.
Time to hear from you! Do you use any app to manage your finances? If so, do share whic app you prefer. Or perhaps you prefer to budget the old-fashioned way? Either way, we’d love to hear how you do it!