How many times have you resolved to start a budget only to abandon it a few weeks or a month down the track? If you’ve been looking for a way to get your finances back on track and achieve your wealth-building goals, maybe a smartphone app is the answer. There are many great apps for you to track your finances. They are useful whether you’re a student getting by on a part-time job, a business user with expense reports, or a family with a household budget to track.
(Updated December 21, 2017)
Money-management apps have evolved well beyond the basic expense tracking tools. Today there are apps for investing, apps to manage debt, and apps designed to sync collective household accounts. Here are some of the best money management apps to check out.
Acorns has been downloaded by millions of US users since 2014, and the app recently arrived in Australia. Acorns is an investment app that invests incremental amounts of your cash by linking up with your credit card and bank accounts. It works by rounding off your purchases to the nearest dollar and setting aside that money in an automated investment portfolio.
With this app, you can choose your investment distribution. You can also withdraw or deposit chosen amounts at any time without additional fees. Acorns is a free app to download and you pay $1.25 per month, or 0.275% if you invest more than $5,000 – which works out to be much less than a traditional broker.
Expensify is one of the most popular apps for generating business expense reports on the go. This was created for salespeople, business travelers and other business users. It lets you capture receipts, track time, track mileage, and more. The app features bank-account importing and Smart Scan which allows you to photograph receipts. These will be automatically logged as expense items.
There are also options to input your travel mileage and rate-based expenses and to have currency converted. The app is designed for easy integration across many platforms. These include Excel, Evernote, Dropbox, Oracle, SalesForce, FinancialForce, Xero, Quickbooks, SAP, NetSuite, ADP, Intacct, and Microsoft Dynamics.
Goodbudget allows users to replicate the old-fashioned envelope-based budgeting method in digital format. It has been downloaded over three million times, and it comes with the standard budgeting and expense tracking tools. In addition,it can sync across devices, set savings goals with Goal and Annual Envelopes, search for transactions, monitor cash flow with reports, and import bank account statements.
Your data is automatically backed up on the Goodbudget cloud, and you can also set up the app to share budgets with household members. Goodbudget is available as a free app and in premium version with unlimited envelopes and accounts.
This full-featured budgeting app has the unique Family Sharing tool. It lets you sync income and expenses between multiple devices. This feature lets you coordinate bills and expenses with the rest of your household, making it easy to manage collective budgets. Additionally, you can access standard budgeting and expense management tools, log your expenses, input your income amounts, and check your spending with charts, itemised lists, and infographics.
Reports are available as pie or bar charts, and you can easily export reports and other data via WiFi. You can set up HomeBudget to design the correct local date, times, and currencies. Also, it’s free as the lite version but otherwise a paid app.
IOU – Debt Manager is the app for you if you are looking to track your debt and any debt owed to you. This free app comes with a basic, user-friendly layout with three tabs.
These three tabs are for debt owed by you, debt owed to you, and a corresponding contacts page of individuals and what they owe you. Additional features include partial and periodic payment, recurring debts, non-monetary-loan tracking, payoff date tracking, and more.
If you are looking for a personal finance app with a difference, check out Penny. This personal finance coaching app utilizes a highly personal interface with a chatting feature. It provides you with insights about your spending habits. Penny will keep track of your spending and income, share facts about where your money’s going, and work with you to plan your budget. You can log spending into categories, view infographics on purchases, and create budgets from scratch.
Penny comes in both free and premium/paid versions.
Pocketbook is an Australian app with a fast-growing user base. Unlike many of the syncing budgeting apps that allow only US-bank-account holders to sync their data, this app allows users to sync with all major banks, credit cards and loans in Australia. That means users can obtain a real-time snapshot of their finances. The app lets you view regular bill payments, forecast them, and categorize transactions.
You can keep track of your account fees and view your ‘safely spend’ limit that you can use after accounting your bills. There are also helpful features such as alerts and summaries to help you stay on top of your goals and upcoming bills. Pocketbook is free to use.
StockLight is an Australian app that’s designed for both new and seasoned investors. This free ASX stock market app lets you track your portfolio, research new stocks, analyze your picks, and much more – all from your smartphone. Features include the option to add favorites to watchlists, read buy and sell tips from industry experts and review any ASX charts and data. It can also conduct advanced searches and filters, and get new updates. Premium research articles and stock recommendations are available on a subscription basis.
Wally is a wildly popular, free personal finance app. It lets you break down your daily and monthly budgets and set targets for spending. You can also upload purchases so that you can balance your income and expenses. You can view charts, save receipts, and view insights on where you stand compared with people like you.
The app lets you set reminders for upcoming payments and notifies you when you have reached a savings goal.
Mint is one of the most popular finance apps right now. You can manage all your finances in one place. It has budgets, bills payment, even find out your credit score for free.
You can manage all your bills and money with this app hence you can see everything at a glance. You can also get alerts for due dates and you won’t need to log into multiple sites. Aside from these features, you can also get tips on how to reduce fees, increase your credit score and save money.
And the best part is, this app is free!
Do you know of other apps that can help others do their budgets? Please comment below and share!