Keeping track of personal finance figures can be a stressful experience. Luckily, we have reached the age where smartphone technology can be used as an added budgetary resource. Certain smartphone apps can simplify the money management process while keeping it thorough and consistent.
However, with a variety of apps to choose from, it can be difficult to decide which one is right for you and your unique financial situation. To help narrow your search, here are five of the most useful personal finance apps on the market.
Credit Karma
Credit Karma is a becoming a well-known personal finance app, thanks to its regular advertisements on television and the internet. The app simplifies the process of getting a free credit score and report, also allowing users to to “monitor their spending patterns by linking to their credit card and bank accounts” (according to Business Insider). The app uses this information to recommend better credit cards and loan offers.
The acorns app finds strength in its simplified approach to investing, which boils down to a matter of cents at a time. Users are able to register debit and credit cards along with their checking account information. Then, the app monitors all spending across these cards, rounding purchases up to the nearest dollar and investing the difference. This tactic strives to take the intimidation out of investing while making the process easier to understand.
Business Insider refers to Intuit’s Mint as “perhaps the most widely used personal finance app.” This take is not surprising, as the app is extremely efficient in allowing you to manage an array of financial considerations — ranging from 401ks to student loans. Users are able to automatically track their spending while using alerts to remind them when they have hit a budget limit.
The Wally app is particularly focused on innovating expense tracking, making the process as convenient as possible for users. The app allows you to simply take a picture of your receipts, rather than manually logging purchases — catering to the fact that “many of us were not born gifted accountants,” as the app’s website observes. The app has essentially “streamlined” what it means to provide a user-friendly, yet effective mobile personal finance experience.
Level Money
If Level Money’s name seems self-explanatory, that’s because it is. The app works like a “financial GPS,” simplifying the personal finance process by monitoring spending and giving users an idea of how much money they have left to spend, according to the app’s website. The app sets itself aside from its counterparts with its easy-to-use interface consistent across all its features — even ones that may otherwise be difficult to understand, such as bill prediction figures.