Seven apps to monitor spending and manage your personal finance

Summary

• As part of a capitalism world, specials and discounts are big temptations for many people that are not handling their finances reasonably well.
• Financial apps that offer money management might help with that problem, as they oversee spending patters and predict upcoming bills.
• Some of the best financial apps could be Mint, YNAB, Pocketbook, Expensify, Splitwise, Wallet and Spendee, depending on the financial goal of an individual.

Saving and organising money has never been easy.

As a product of capitalism, sale signs and special prizes are looming everywhere, so it is easy to get a bit overwhelmed and spend a few more bucks than initially expected.

That said, there are apps that could help out with organising a budget, perhaps slightly better than actual spenders.

With most financial apps, they show spending categories that, over time, create a pattern that is then visible for consumers.

However, some apps have specialised in specific fields, such as mobile banking, tracking payments or even splitting money between friends and family.

It may be hard to choose which app to use, so we are showing seven personal finance apps that could potentially make your lives just a bit simpler.

Unfortunately, some of the best-rated apps are not available in Australia, but you never know where life might bring you so we will keep you prepared. Nevertheless, it is advisable to do your own research before choosing the best solution that fits your personal needs.

Mint

Rated as the most efficient personal finance app by many websites, Mint has gained a respectable reputation within its users.

From cash withdrawals, both credit and debit card payments and also investments, Mint can do it all.

Mint advertises its service will do the best performance by providing as many financial accounts as users can link to the app. Once all accounts and credit cards are linked to Mint, it will show a simple version of organising every personal budget.

The best feature of this app might be how real-time it is – Mint notifies the users of all transactions and payments within seconds after they were finalised.

Mint’s primary focus is on showing personal expenses, but it can also show how much money you owe or when bills need to be paid.

Unfortunately for Australians, Mint is still not available in the land down under.

You Need a Budget (a.k.a. YNAB)

YNAB offers a unique experience of controlling the budget with money that is available. That said, YNAB could be the best choice in case of managing debts and keeping income in check.

With excellent visuals and cartoon-like illustrations, YNAB may attract customers only by looking nice to the eye, but it so much more than that.

YNAB offers a 34-day free trial before users need to choose between a monthly (US$11.99) or annual subscription (US$84), which already suggests saving-up.

On its website, anyone could read about positive experiences and paid-off debts from YNAB customers, saying the app fees are worth it.

YNAB also provides instant tracking for expenses, as well as setting up goals and advises how to reach them. By paying app fees, YNAB made sure it had an additional service that many other apps might not have – real agents that can help out with organising the budget.

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Pocketbook

Pocketbook might be the most user-friendly app for Australians, as the headquarter is based in Melbourne and launched in 2015.

This app allows the users to connect their bank accounts to Pocketbook, as it covers about 80% of all Aussie banks, which is 19 banks in total.

Pocketbook also offers organising expenses in categories to predict what category is used the most.

Just like most other financial apps, Pocketbook predicts bills and when they are due. That way, the app helps its users to organise their income and shows how much money they have left.

Expensify

Founded in 2008, Expensify offers an account for either personal or business use.

The app is recommended for business travellers as it provides taking photos of receipts, which makes managing a company’s money more simply. The smart feature that Expensify has records date, time and amount spent from the photo of the receipt.

Moreover, Expensify provides recording any distances that were travelled through, as well as printing it if needed.

Splitwise

If you have a roommate that you split bills with, or just having dinner with your friends, Splitwise might be the best way of splitting money between two or more parties involved.

With a simple email reminder, Splitwise lets the users know how much money they owe to another user, and also predicts when a particular bill is due.

The app is recommended for travellers that cannot keep track of all expenses being shared – Splitwise does it for them.

Wallet

With 5 million downloads and a 4.7-star rating, Wallet unites all finances and keeps them stored in one place.

On the first day, every user needs to set up their account and add transactions that were previously made. The Wallet’s algorithm quickly learns all spending habits and predicts bills while organising the cash flow.

Apart from being available for individuals, Wallet offers a Family/Group feature that shares expenses with chosen users. This element might be handy for teenagers that are still learning how to deal with money while being monitored and getting help from their parents.

Spendee

Last but not least, Spendee’s app put its focus on the app design. With colourful categories, Spendee shows how organising finance can be both pretty and useful.

Spendee manages expenses within several categories and teaches its users how to make their finance smarter.

The app won the Mobile UX Award back in 2017.

Furthermore, Spendee offers a ‘smart budget’ feature where it allows users to set targets for specific items they want to purchase in the future.

However, unlike other apps, Spendee does not have an automated feature for recording transactions. All payments need to be manually added so Spendee might be the right fee if users are anxious about their privacy.

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