Managing money can be quite difficult, especially if you are doing it for the first time. Since most of us don’t balance checkbooks or track our expenses these days, staying on top of our bank balance often gets tricky. Fortunately, there are plenty of personal finance apps that can help users connect with their accounts, helping them keep up with their spending. That’s not all though, using personal financing applications can also help you figure out spending habits that you could cut down on.
You can also use these apps to track your bill payments and keep up with your investment portfolio and credit scores. While there is no shortage of personal finance apps on app stores, choosing them could be difficult. This is because every application offers different features, some of which are good while others are not. Are you looking for a personal finance application but are having trouble finding the right one? If yes, continue reading this piece as it suggests some of the best personal finance apps in 2021.
Before we proceed, however, let us delve a little deeper into what a personal finance application is and why you should consider using one right away!
Why Personal Financing Apps are More Important than Ever
You can download personal financing applications on various devices like tablets, smart phones, laptops, PCs etc to manage your expenditure/finances. Using these applications is a great way to track your investing, saving, and spending. What’s more, most personal finance apps can even be connected to your financial institution, allowing you to see where, when and how often you spend money.
If you have trouble keeping up with your finances on the go, using a personal finance software would be a wise choice. As mentioned earlier, these apps consist of different features like bill reminders, shared wallets, auto bill payments, subscription management etc. to make things easier for users. Generally, these applications have paid and free versions. Free versions often contain advertisements and fewer options features compared to premium versions.
On the other hand, paid versions offer a lot more and are not as expensive as you would think. Needless to say, if you want to take your personal finances seriously, using a personal finance app would be a wise choice.
Best Personal Finance Apps
Mentioned below, are some of the best personal finance applications that can help you stay on top of your financial management goals.
Mint
If you are looking for an easy to use personal finance app that contains loads and loads of features, try using Mint. This app by Intuit is becoming more popular by the day, and for good reason. It contains loads and loads of features to help users stay updated about their finances and expenditures. As soon as you connect your debit and credit cards to your bank account, this personal financing app will pull all of your transactions and list them categorically, giving you a clear picture of your expenditures.
Mint also allows users to keep track of their spending habits and bills by helping them create a budget they can adhere to with ease. One of the more recent additions to Mint is its “easy access” feature. it provides users with a complete analysis of the factors that contribute to their credit score. In addition, Mint users can also schedule their utility payments and track investments.
Personal Capital
Personal Capital is a renowned wealth management and personal finance application that lets users manage their investments, assets, and every day spending. This service stands out from hundreds of others because it integrates with over fourteen thousand financial institutions, giving users a lot of freedom for linking their accounts.
While most of the personal finance apps these days let users connect their bank accounts, Personal Capital truly shines when it comes to optimizing and tracking investments. Users can track their portfolio accounts by individual security or asset class, something that very few financial management software offer. This application also has a tablet version, which has a tremendous built-in intelligence feature.
You can use this feature to look for risk management and diversification opportunities. The app can also help you determine if you are paying any hidden fee, a feature that everybody can benefit from. Personal capital also lets users compare their portfolio with major benchmarks, helping them find out if they are on track with their investment goals. This application also gives users access to registered financial advisors. These professionals can offer users customized advice to meet their goals.
Spendee
Most financial apps these days are suitable for individual use. Spendee, on the other hand, is a bit different as it lets users start shared wallets with their family members and friends. This option helps you manage various shared expenses, office budgets, household budgets etc. Once you import all of your bank transactions, Spendee can categorize them, offering you a great deal of convenience for tracking your expenditures.
This personal finance app also lets users add cash expenses manually, helping them get an accurate picture of how they spend their money. Features like this ensure you don’t go over budget, as you will get budgeted figures for every spending category. Spendee also has a bill tracking function that notifies users whenever their bills are due, ensuring they don’t have to worry about paying penalties for late payments.
You can also create a separate category if you are going to a special event or trip to keep track of your expenditure in order to stay within your budget.
Mobills
Mobills arranges user expenses in different categories, helping them track their spending to make sure they don’t spend over their budget. This personal finance application keeps you updated with your expenditure in every budget category helping you keep your spending habits in check.
What’s most impressive about Mobills are its interactive charts. You can utilize these charts for making adjustments to your short term and long term financial goals. The app’s free version is excellent, but it would be best to update to the premium version to get the most out of its features.
While there are plenty of personal finance applications available these days, the ones we discussed in this piece are arguably the best. Just download them and explore their features to understand why these apps are heads and shoulders better than other apps.