Managing money doesn’t have to be a head-scratcher because of the numerous applications developed to simplify the process. However, not everyone lacks money managing skills, there are some people who are pretty conscious of how they spend their money and keep an account of every pound that comes in and goes out of their account.
Unfortunately, there is that one time that you might veer off and spend your money not so wisely, and if not careful going back to your strict routine might prove to be a tough hurdle. The task can be overwhelming that you just choose to deposit everything to your savings account and remain with cash that will see you through the month.
In this article, we will provide you with money management tips through an assistant that is the best application to manage money. There is so much gratification derived from having a budget, and a clear expenditure pattern, so when money comes in, it’s just a matter of allocation and depositing. You will find that you even have enough to spend on luxuries, you lack debts, and have cleared all the essential bills, I mean all the ducks in a row.
What is a money manager app?
People who have amassed a lot of wealth or rather, the high net worth individuals usually have a money manager; this is an individual who helps them manage their finances and gives them a red alert in case they are overspending. The individuals have learned in the areas of accounting, economic, business, and finance, and they are also known as investment or portfolio managers, given the above information, they don’t come cheap.
Some countries require the individuals to be licensed, and will thus help you manage your funds in terms of investing, evaluating taxes, expense tracking, budgeting, and banking. The technique that they employ will have you yield interest output value for any pound spent. Now, those of us who don’t have a very high net worth doesn’t need to feel left out because the money management apps will help manage your finances for you.
A money manager app is a personal finance software that helps people keep track of expenditure, what the application does, is that it creates a road map of where your money is spent when it is spent and how it is spent. The application will also give you an aerial view of your financial worth, most of the money management applications are free but effective nonetheless you just have to choose one that has the necessary features for your needs.
A money manager will give you information on your monthly, weekly, and yearly transactions in a consolidated manner, it will also review your transactions via the reinforced filtering option, which will help you save receipts.
Here are the Best Apps to Manage Money in 2021
The mint application is compatible with computers, Windows 8 tablet, and a Windows phone. If you decide to adopt Mint as your money manager, the application will first synchronize with your bank account and provide you with financial advice and remind you of the upcoming deadlines to clear your pending bills.
Other features incorporated in the application such as Mint.com will help you create a savings plan for events such as weddings or investments, plans like buying a house or a parcel of land. Many people rarely have an account set aside for gifting or for events such as death, birthdays, and anniversaries, so the events come up, they are forced to dig into their savings.
The application also features an intuitive and interactive user interface that contains live tiles that update with information in real-time, a widget has been provided that helps in an organization, and the feature condenses all your information into understandable bits.
For example, the tiles which are also the applications icon work independently, one will give you information about the money in your account while the other one will give information about the transactions that you recently carried out.
The benefits of using Spendee are two because apart from being your money manager, it also doubles up as a budget planner. If you know that your spending habits need to be controlled then Spendee is your go-to money manager, as you will be provided with information on how much of your money you can use daily in line with your budget.
There is also an option where you can set a smart budget to keep you within limits in a chosen category or in an area that you feel you spend a lot of money. And by connecting the application with your bank account then you can view your transactions from the application, and add your cash expenses manually.
Tracking of cash flow has also been enabled and here you can connect your E-Wallet, or Crypto Wallet to have a complete overview of how cash flows in and out. Spendee has also obliterated the use of excel sheets that so many people don’t like because it comes with the headache of calculations.
You will thus analyze your finances with intuitive graphics among other information and it will also let you know whether you are spending less than what you are making. Spendee is home to all the features that you may have wanted in a money manager, as it allows its users to customize their categories, and add images or a location for every expense.
And you don’t have to worry about forgetting to keep up with loan settlements or other small debts because Spendee has a notification feature of alerts and reminders that will even warn you when you are about to exceed your budget.
The Expense Money manager keeps track of your monthly, weekly, and yearly income. You can also add your income and expenses without much hustle; the user interface is pretty intuitive and you can thus search, view, export, edit, and delete transactions.
The money manager allows its users to use different accounts on the app, which allows them to keep tabs on the different categories, monitor their budgets with regards to accounts and time period. Remember all this information can be accessed through your mobile phone. What’s more, is that you can monitor your daily balance and income in a calendar view.
Expense Manager is as professional as the portfolio managers because it will eve provide you with pie charts and bar charts for those who would like visual analysis of their finances. The provision of analysis in form of pie and bar charts gives a clear interpretation of where your finances stand and you, therefore, won’t need to concentrate on the figures as you try to digest the information.
You can also use the expense manager to track your tax, credit cards, mileage, and debts. You also get a budget organizer that assists you in calendar budget forecasting and gives you alerts of the due payments. The application has incorporated up to 11 languages to make it adaptable to different people around the globe, it also supports different currencies and customization options.
The only limitation with the budget boss is that it functions effectively on the iPad and iPhone. The application will help you set saving goals because it provides users with cash-flow visualizations. Budget Boss will also predict your balance and give a graphical representation of how you can use your money for the coming two years.
The information captured in the Budget Boss application can be transformed into PDF reports so it will be up to you whether you want to export them to an external device or store them within the application. And for those people who are super busy to keep tabs on their spending bills and due dates for debts, the application can synchronize your budget entries with the calendar on your device and create bill reminders, so that you don’t incur fines for delays.
Instead of having a weekly review of how you have spent money and whether you were able to keep within your budget. This application will give you a review on a daily basis, by predicting your balance and every chance of you spending cash out of your budget is minimized. The application also comes with a unique feature that has raised the bar high for its competitors, the iCloud data backup.
Only 4 languages are available including English which is universal. Other exciting features are the availability of a password use feature, savings calculators and credit card payment options.
There is that one moment that you get a palpitation-inducing thought about your finances, as you cannot find any logical reason as to why you don’t have money and yet you are involved in the 8 to 5 routine with a sizeable cheque at the end of the month. That is enough reason for you to get Yodlee because you are going to get a holistic view of your finances.
For starters, you can link your financial accounts to the application, so you get to know how money is spent and track its movement as it comes in and how it goes out. Yodlee has been kind enough to provide you with tools that you can use to strictly analyze your income and expenses.
And to avoid too much confusion and palpitations, the app will provide you with a report of your finances at any time no matter your location and you can access them from any type of device with an internet connection and an interactive interface. And guess what, the application is totally free but with bank-grade security for your peace of mind.
Pocket Expense is all about professionalism, you don’t need to stress about hiring a portfolio manager, and though simple to use the app is able to track the balance in each of your accounts. Yes “each,” because you are allowed to integrate multiple accounts within the application. And to keep you updated with your daily expenditure you will be provided with statistics, not figures? Remember statistics are created after a thorough analysis.
You will, therefore, get yearly, daily, monthly and weekly statistics, for those operating multiple accounts, information on each of the accounts is provided separately and on one page, so there are no chances of confusion or mix-up. The app also has a budget analysis feature that will provide you with a graphical representation in the form of charts.
You can, therefore, easily monitor your expenditure, and set a limit. The information from the various budgets can be retrieved at a later time and compared. Reminders have also been incorporated to prevent the embarrassment from debt collectors, your device calendar can be synced with the application, to help with the reminders and alerts.
How safe are the money managing applications?
As you might have noticed the above applications link directly to your account, which means you have to be very careful with the application that you decide to go with. Information such as your account login details and passwords can easily be picked by hackers. Remember as much as digital technology makes work easier, cyber crimes are also on the rise and new methods of hacking are developed every day.
So to be on the safe side ensure that the application you plan on downloading is valid. Besides people seem to invest so much trust in Google Play when it is also a victim of fake apps, not that it is not trying to get rid of them. So to cut the long story short how can you identify a fake application? The first thing to do is to check the name of the company that developed the application and go to its website. Hackers will mostly use similar names but with spelling mistakes.
Check the application’s icon and if you find variations in the app store then that should be a red flag, check the application name for spelling errors, also check on the number of downloads. Most popular apps have a high number of downloads. Read the reviews of the app, whether positive or negative, as this will help you decide.
Watch out for typos on the about app section and watch out for the country of origin, those that originate from China, Russia, and India should be given double attention. Also, check the release date, fake apps will have a recent publication date. but a legit one will have the words “updated on” just before the date.
Applications that ask for permissions that do not relate to its functionality should be trashed. Some will ask for location data, SMS, or contacts. Also, use password protection on your phone in case it gets stolen, and don’t be overly dependent on the apps for your financial management, because some of them provide skewed information.