It is time for you to get a handle on your spending behaviors - Let these personal finance apps aid you!
The management of one's financial resources is not the most simple task. It is becoming increasingly difficult for quite a few of us keep track of our income and expenses in addition to monitoring our bank balances because we no longer use checkbooks. Personal finance applications can connect to the bank account to assist you in monitoring your expenditure and keeping track of your finances. In addition, they can assist you in determining which spending categories account for most of your money, monitor bill payments, and monitor credit scores and your investment portfolio.
Effective apps for managing your overall financial situation will give you several features, such as reminders, due dates, the ability to manage subscriptions, shared wallets, and so on. All the apps on this list are compatible with Android and iOS.
The 7 Best Apps for Managing Your Personal Finances in 2022
- HIGHLY RECOMMENDED OVERALL: Mint
- HIGHLY RECOMMENDED TO PAY OFF YOUR DEBT: You Need A Budget
- HIGHLY RECOMMENDED FOR MANAGING YOUR WEALTH: Personal Capital
- HIGHLY RECOMMENDED FOR PAYING YOUR BILLS: Prism
- HIGHLY RECOMMENDED FOR EXPENSES THAT YOU SHARE: Spendee
- HIGHLY RECOMMENDED FOR BUDGETING: EveryDollar
- HIGHLY RECOMMENDED FOR GREAT GRAPHICS: Mobills
HIGHLY RECOMMENDED OVERALL: Mint
- COST: Free
- BANK SYNC: Available
- FREE TRIAL: Not Available
Why do we recommend it?
Free of charge, the Mint app allows you to maintain an accurate record of your expenditures and check your credit rating status.
The advantages and disadvantages of Mint
Mint –– the advantages
- Mint is offered at no cost.
- Easy management of billing details
- Classification of expenses easily incurred
Mint –– the disadvantages
Overview
A well-known example of a personal finance app: Intuit's Mint brings together all of your financial information in a single location. Mint will pull your transactions, organize them according to the category, and show you how you are spending your funds. You are able to organize all of your financial information, from your bills to your expenditures to the creation of a workable budget.
You will not be charged to view your credit score on the website, and you will also be able to access a breakdown regarding the elements that are making an effect on your score so that you may monitor the health of your credit score. In addition to that, the app allows you to monitor your assets and organize the payments for your utilities.
HIGHLY RECOMMENDED TO PAY OFF YOUR DEBT: You Need A Budget
- COST: $14.99 for the month, or $98.99 for the year
- BANK SYNC: Available
- FREE TRIAL: Available
Why do we recommend it?
YNAB's useful reporting and budgeting features can assist you in reaching your objective of paying off debts.
The advantages and disadvantages of You Need A Budget
You Need A Budget –– the advantages
- There is no cost for the trial.
- Reports on the budget and the expenditures are provided in great detail.
You Need A Budget –– the disadvantages
- The subscription fee is relatively high on a monthly basis
- New users could be overwhelmed by multiple functionalities.
Overview
You Need a Budget is an application for managing personal finances that are based on YNAB's Four Rules. These guidelines assist you in developing a more effective budget, as well as in regaining control of your spending:
- Ensure that every dollar results in a job.
- Expenses must be embraced.
- Be flexible and go with the flow.
- Age your money
If you find that you have mistakenly overspent, you can maintain a proper budget by altering the categories of your spending. Detailed reports demonstrate how your expenditure is developing over the course of the month. They also assist you in identifying areas in which you may make improvements to your spending.
During the first thirty-four days, you can test the application without cost. After that, your subsequent payments will be $98.99 for an annual plan or $14.99 per month, whatever you select. YNAB reports that the typical new user saves $600 in the first two months and more than $6,000 in the first year after beginning use of the software.
HIGHLY RECOMMENDED FOR MANAGING YOUR WEALTH: Personal Capital
- COST: Free (0.89 percent will be applied to balances of up to $1,000,000 as wealth management.)
- BANK SYNC: Available
- FREE TRIAL: Unavailable
Why do we recommend it?
Personal Capital offers a comprehensive answer to the problem of money management by providing users with tools for both investing and budgeting.
The advantages and disadvantages of Personal Capital
Personal Capital –– the advantages
- Contains an element of investment.
- Means to contact financial advisors
Personal Capital –– the disadvantages
- The fees for wealth management are, on average, quite high.
- It's possible to become overwhelmed.
Overview
A mobile app, Personal Capital is for managing personal finances and wealth. Personal Capital enables you to keep track of all your financial accounts, including those used for day-to-day expenditures, investments, and assets. Tracking your portfolio can be done on an account-by-account, asset-class-by-asset-class, or individual securities basis. The app's true value lies in its ability to assist you in monitoring and improving the performance of your investments.
There will be chances for diversification and risk management, as well as any hidden fees you may be paying. It is entirely possible to figure out whether or not you are on track to achieve your financial objectives by contrasting the performance of your personal portfolio to that of important market benchmarks.
Additionally, Personal Capital offers qualified financial advisors who give individualized guidance that is catered to your specific objectives.
HIGHLY RECOMMENDED FOR PAYING YOUR BILLS: Prism
- COST: Free
- BANK SYNC: Available
- FREE TRIAL: Not Available
Why do we recommend it?
Prism eliminates the stress associated with paying your dues by helping you in keeping track of your billing accounts, all in a single location. Additionally, it has the capability to sync with thousands of different billers.
The advantages and disadvantages of Prism
Prism –– the advantages
- Reminders for payment due dates
- One app that gives you a complete picture of all your accounts.
Prism –– the disadvantages
- It only allows for paying off bills
- Limited features
Overview
Prism is an app that compiles all of your financial accounts and bills into one location, providing you with a comprehensive overview of your financial situation. Over 11,000 billers are supported by the application, ranging from huge financial institutions to more localized utility providers. When you enter your bills, Prism will automatically track those bills and send you reminders of when they are due.
You can make use of the app by scheduling payments. Alternatively, you can schedule payments to be made several days in advance. With Prism, you won't have to sign in and out of accounts.
HIGHLY RECOMMENDED FOR EXPENSES THAT YOUSHARE: Spendee
- COST: Free (upgrades available for purchase at an additional cost)
- BANK SYNC: Only available with the premium plan
- FREE TRIAL: Available
Why do we recommend it?
Spendee streamlines the process of managing a household's or family's money.
The advantages and disadvantages of Spendee
Spendee –– the advantages
- Classification of expenses easily incurred
- Simple to reach for members of the family or fellow roommates
Spendee –– the disadvantages
- The free plan only includes a subset of features.
- Syncing of bank accounts is an exclusive Premium feature.
Overview
A great number of other apps for personal finance are designed for individual usage. Spendee, on the other hand, enables you to build shared wallets with other people, which you can then use for managing expenses that are jointly incurred.
Your bank transactions are imported and then you let the software classify them on its own so that you can track how much money you spend.
In addition, the bill tracking capability of Spendee guarantees that you won't forget to pay bills. You may track your expenditure and stay under your budget by designating a category that is only dedicated to the expenditures associated with a single event, such as a vacation or other special occasion.
The free version is significantly less feature-rich than the commercial editions of the app. If you wish to link your bank account to your mobile banking experience, you will have to upgrade to the Premium edition.
HIGHLY RECOMMENDED FOR BUDGETING: EveryDollar
- COST: Starting at only $9.99 monthly
- BANK SYNC: Available
- FREE TRIAL: Available
Why do we recommend it?
EveryDollar provides a comprehensive method for managing your financial resources by enabling you to assign a function to each dollar that you earn.
The advantages and disadvantages of EveryDollar
EveryDollar –– the advantages
- An easy-to-use spending tracker that assists you in sticking to your financial plan
- Access to professionals in the field of money management
EveryDollar –– the disadvantages
- The Premium version costs significantly more.
Overview
The EveryDollar app implements the zero-based budgeting approach that personal finance guru Dave Ramsey advocates. Because the zero-based budget assigns a function to each dollar spent, the name "EveryDollar" was chosen for this personal finance software.
You can stay on top of your monthly spending and import transactions. Your total expenditures for the month up to this point are displayed on the tracker, along with the remaining budget for the remainder of the month.
You will be able to interact with specialists in money management through the app, and they will assist you in the financial planning process. You may also look at your budget on a desktop computer or using the app on your mobile device.
Every new user is eligible for a free premium trial. You can upgrade to a more permanent version through the app's interface.
HIGHLY RECOMMENDED FOR GREAT GRAPHICS: Mobills
- COST: Free, with premium improvements available as options.
- BANK SYNC: Available
- FREE TRIAL: None
Why do we recommend it?
Mobills' budgeting charts are interactive and likely to be helpful for individuals who have a preference for consuming information in a visual format.
The advantages and disadvantages of Mobills
Mobills –– the advantages
- Classification of expenses easily incurred
- Helpful visuals
Mobills –– the disadvantages
- The free version has restricted access to some features.
Overview
The app classifies your expenditures according to categories, allowing you to monitor the degree to which your actual spending compares to the one you had planned to spend. Check how much money is still available for spending in each category of your budget so that you can make adjustments to your spending if necessary.
The budget planning tool offered by Mobills features interactive charts which let you conduct an analysis of your own financial situation; you will be able to use these charts to make modifications as necessary in order to meet your more extensive monetary objectives.
You will only have access to a select few of the app's features if you use it for free. Subscribing to the premium version will get you access to everything the app has to offer. If you pay for an entire year in advance, you can purchase the premium plan for $49.99.
Frequently Asked Questions (FAQs)
What Exactly Is an App for Personal Finances?
An app that can be downloaded to your mobile phone or tablet and serves the purpose of assisting you in the management of all elements of personal finances is known as personal finance app. They can assist you in keeping track of your expenditures as well your savings and investments. They are also able to monitor your bill payments and they keep you informed of any changes to your credit score. It is possible to link personal finance applications to your bank or other financial institution.
When you have a personal finance app, it is much simpler to monitor your financial situation when you are on the move. A personal finance app would typically have a variety of features, such as a shared wallet, bill reminders, automatic bill payment, and even the ability to manage subscriptions.
What amount of money does it cost to get an app for personal finances?
In most cases, mobile applications for personal finance are available in both a free and a premium version. There may be advertisements in the free version, and it may have lesser features than the paid version. The cost of the paid editions of personal finance applications can range anywhere from $10 to $25 per year, making them affordable options. Some programs only provide a single version, but it's always free.
Which Mobile Apps Are Best for Managing Personal Finances?
Think about what you want to accomplish and what you require from a financial app before making a decision. The demands and preferences that are unique to you will determine which software is the best for managing your personal finances.
How We Picked the Very Best Applications for Your Personal Finances in 2022
In order to pick the best apps for managing personal finances, we researched a wide range of available solutions and took into account the aspects that we believed were most essential to users. We selected our top seven picks after considering a variety of factors, including the services they provide, the amount of money they charge each month, whether or not they offer payment reminders, and more.
