You are probably wondering how do i keep track of my money? Or how do i track my personal expenses? There are various money monitor apps to help you get a hold on your finances. Like many people out there, i avoided using any apps to manage my finances, i associated budgeting with being restrictive, and challenging.
I thought i would just figure things out in my head, but i was wrong, i was spinning my wheels, getting no where. I educated myself, on the different ways to get hold of my finances, learned how to establish a budget and chose the money monitor app that best suits my needs.
There are lots of money monitor apps out there to help you organize your finances; many of these apps involve budgeting. In this post, we have compiled the most used money monitor apps to help you take back control of your money.
What is the best money tracking app?
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You Need A Budget ( YNAB)
- YNAB is an app that takes a different approach to budgeting by assigning every dollar of income to a budget line item.
- In YNAB you budget a head of time. You have to manually enter every transaction- some people say it not convenient, i like it for self control . Ynab utilizes zero-based budgeting principle. You learn how to set up a budget to pay off debt.
- This forces one to not only budget for their monthly expenses, but also to consider assigning dollars to other personal financial initiatives that you may have, such as saving for your child’s college, or building in a vacation fund. It will show you how to free up money when you are tight in some areas
- YNAB helps you track your expenses, is available for on desktop as well. It also has a financial goal tracking features, allowing you to see how close you are to reaching goals that you set.
- YNAB helps me get my finances in order, it has a bit of learning curve though. I used this tutorial to set up my budget in YNAB. I always use back to it every time i have challenges with my budget.
The jury is still out there, but many people say the it was the best app for home budgeting.
Cost: It has a one month trial. It is a yearly subscription, the cost is negligible compared to the amount of money it saves you.
- Mint budgeting app is the best free personal finance app. The app allows you to customize a budget that fits your needs. Owned by Intuit, the company that runs QuickBooks budgeting software and Turbotax.
- How it works: The app links with several banks and credit cards, allowing you easily track your expenses. It automatically categorizes your spending transactions, allowing you to have a complete picture of your financial status at any time.
- The app sends you alerts when bills are due, helping you to stay on top of monthly expenses and potentially saving you money by avoiding late fees. The app offers flexibility when setting your budget, as well as changing it as needed.
- Receive alerts when you go over your budget and you have the ability to easily view your financial picture each month.
- It is considered one of the best free budgeting tools to track your money and seeing an overall picture of your financial position.
“Budget is telling your money where to go, instead of you wondering where it went.” Dave Ramsey
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- Mvelops app is based on Dave Ramsey’s concept of using cash envelopes instead of bank card. Mevlopes is a free envelope budgeting software.
- Picture dividing up your monthly income into multiple envelopes that represent how you will spend your money. Once the envelope is empty, you have spent your budget for the month.
- How it Works: This app offers the ability to see what is left in each envelope as you go through the month, allowing you to decide if you really need to make that purchase or not. It helps to keep you from borrowing money from one envelope to use in another.
- Although it integrates with bank accounts and credit cards, this app is best suited for those who operate more on a cash basis.
- Special feature: By visualizing what’s left in your envelope, it can help you to make better spending decisions, especially on those non-essential purchases. Here is a good mvelopes review and tutorial to get you started.
- Cost : There different monthly fee subscriptions.
- Special feature: The ability to take a picture of a receipt and upload it to the app will help you to stay on top of your monthly expenses. This saves you the time of manually entering your receipts into a system.
- This can be a great feature if you typically use cash to make purchases. This feature sets Wally app.
Cost: There is a monthly fee.
- While Acorns is not specifically known for its budget capabilities, it offers an easy, stress-free way to save money. that offers mobile apps for Android and iPhone.
- There is a small monthly fee that is charged, which increases slightly when your portfolio reaches $5,000. Acorns claims to save its users anywhere from $30 to $180 per month, making the small monthly fee well worth it.
- It tracks expenses on your debit and credit card accounts and will automatically round up expenses paid to the nearest dollar. The app then sends the difference to an Exchange Trade Fund, or ETF, account.
While saving a few cents here and there may not seem like much, these can add up. Even better, it is a forced way to save your money that is painless. It is a web-based program.
Special feature: The ability to save money easily in an ETF can help to build your personal wealth in a safe fashion. This feature sets Acorn apart from other personal budgeting software.
Cost: There is a monthly charge.
- It is known as reliable and traditional budgeting system that has been around since 1983.
- The software helps you to set up a budget based on your past spending history. You can also set up customized goals, such as saving or paying down debt.
- It allows you to pull your bank, investment, and even retirement accounts into one place, making it easier to see your overall financial picture.
- Transactions can be easily downloaded, saving you time entering information from your bank or credit statements.
- You receive alerts when bill payments are due and can easily run reports. Quicken products are offered in Windows, Mac, and mobile versions. Data is also encrypted, keeping your information safe and secure. There is an annual fee to use the product.
Special feature: Quicken has been around for over 30 years, this gives users the peace of mind that their budget and financial history will be easily accessible for years to come.
Cost: There is a monthly fee.
- This app offers two budgeting options: Basic and Premium. A Basic version is geared for those who are new to budgeting and expense tracking. It offers easy setup.
- The Premium version allows for greater integration with your bank account. The Basic version will allow you import transactions into the app, but it’s not an automatic process as you’ll need to do this manually.
Special feature: Count About has the ability to download information from Quicken or Mint for those who would like to switch.
Cost: Monthly charge
PocketGuard links all of your accounts in one place for easy access. Similar to other apps, you have the ability to setup a budget and link to your bank accounts.
It allows you to easily track your monthly spending against your budget, as well as monitor your savings.
PocketGuard offers the ability to find ways to save money with your current expenditures. When you turn this feature on, the app will automatically look for better deals based on your monthly spending activity.
Special feature: The best feature about PocketGuard is doing the legwork of finding better deals on cable, internet, or phone service.
This app can help you to save money in your regular, recurring monthly expenditures saving you money in the long run.
Simple can be viewed as a checking account with a budgeting app. This takes out the challenge of integrating two separate apps, giving you an easy way to manage your money.
This app can only be used with a Simple bank account and may not integrate well with credit card spending.
Simple’s Safe-to-Spend® tracking system can help you to stay on top of your budget, as well as project if that next purchase will throw you off-track. It allows you to set savings goals and helps you to track your success.
Along with its easy integration, the app’s goal function is based on saving. If your goal is to save money, this may be the app for you. That is, if you don’t mind switching your bank account.
Cost: Monthly charge.
- Every dollar app was created by Dave Ramsey, the best selling author of Total Money Make Over and creator of Financial Peace University. It helps users with the budgeting process following the zero based budgeting method.
- EveryDollar shows you when your spending is on or off track through graph displays of your spending.
- The app has eight spending categories, with the ability to create custom categories including sinking and emergency funds and savings. Here is a tutorial to help you get started.
- With the paid version called EveryDollar Plus, you can sync your bank accounts with funds and spending categories.
- The accounts update themselves. If you’re using the free version, you have to do all of your updating manually.
- For many of us, understanding how to handle money came as a shock. Now that we know the we are responsible for putting our finances in order. Dave Ramsey’s Financial Peace University is one place to start.
- The kit gives you membership access as well as class material on Dave Ramsey’s website. You can do the exercises at home alone or with your spouse. Participating churches and youth centres get offers as well. The price is minimal compared to the benefits.
Take control of your financial future, It does really matter what money monitor app you use, some people use good old excel spreadsheet. The important thing is to have some type system in place, to help you manage your money better.