Apps & Games Help You Choose
Managing money can be a daunting task, especially if you have multiple income streams and expenses. Keeping track of your finances manually can be time-consuming and prone to errors, which is where money management apps come in. These apps help you track your spending, create budgets, and plan for the future. With so many options available, it can be overwhelming to choose the best money management app for your needs. In this post, we will discuss the criteria for choosing the right app and recommend some of the best money management apps on the market.
What to Look for in a Money Management App
Before you start searching for a money management app, it’s important to know what features are essential for your financial needs. Here are some criteria to consider when evaluating money management apps:
Budgeting
A good money management app should allow you to create and track your budget. It should also provide you with insights into your spending habits and help you identify areas where you can cut back. Some apps also allow you to set savings goals and track your progress towards them.
Expense Tracking
An app that automatically tracks your expenses can save you a lot of time and hassle. Look for an app that allows you to categorize your expenses and provides you with a clear overview of your spending habits. Some apps also allow you to take photos of your receipts and automatically log them into your expense tracker.
Bill Reminders
Forgetting to pay bills can lead to late fees and damage to your credit score. Look for an app that sends you reminders when bills are due and allows you to pay them directly from the app.
Investment Tracking
If you have investments, it’s important to keep track of their performance. Look for an app that allows you to track your investment portfolio and provides you with insights into your returns. Some apps also offer investment advice and allow you to buy and sell stocks directly from the app.
Security
Your financial information is sensitive and needs to be protected. Look for an app that uses encryption to protect your data and has a strong privacy policy. You should also be able to set up two-factor authentication for added security.
Best Money Management Apps
Now that you know what criteria to consider, let’s take a look at some of the best money management apps available:
| App | Price | Features |
|---|---|---|
| Mint | Free | Budgeting, expense tracking, bill reminders, investment tracking |
| You Need a Budget (YNAB) | $11.99/month or $84/year | Budgeting, expense tracking, bill reminders, investment tracking, debt paydown tools |
| Personal Capital | Free | Investment tracking, retirement planning, expense tracking, net worth calculator |
| EveryDollar | Free or $129.99/year for EveryDollar Plus | Budgeting, expense tracking, bill reminders, debt paydown tools, customized reports |
| Goodbudget | Free or $6/month for Goodbudget Plus | Envelope budgeting, expense tracking, bill reminders, debt paydown tools |
Mint
Mint is one of the most popular money management apps on the market, and for good reason. It’s free to use and offers a wide range of features, including budgeting, expense tracking, bill reminders, and investment tracking. The app connects to your bank accounts and credit cards, allowing you to see all of your transactions in one place. Mint also provides you with insights into your spending habits and offers suggestions for how you can save money.
The downside of Mint is that it can be overwhelming for some users. The app offers a lot of features, which can make it difficult to navigate. It also doesn’t offer the same level of customization as some other apps.
You Need a Budget (YNAB)
You Need a Budget (YNAB) is a popular app among budgeting enthusiasts. It uses the envelope budgeting method, which involves dividing your money into different categories and allocating a certain amount to each category. YNAB also offers expense tracking, bill reminders, investment tracking, and debt paydown tools. The app is not free, but the subscription fee is reasonable considering the features it offers.
The downside of YNAB is that it can be time-consuming to set up. The app requires you to manually enter your transactions, which can be tedious if you have a lot of them. It also doesn’t offer investment advice or allow you to buy and sell stocks directly from the app.
Personal Capital
Personal Capital is a money management app that focuses on investment tracking and retirement planning. It allows you to link all of your investment accounts and provides you with a comprehensive view of your portfolio. The app also offers expense tracking, bill reminders, and a net worth calculator. Personal Capital is free to use, but the company also offers financial advisory services for a fee.
The downside of Personal Capital is that it’s not as customizable as some other apps. It’s primarily designed for investors, so if you’re not interested in tracking your investments, you may not find the app useful.
EveryDollar
EveryDollar is a budgeting app that uses the zero-based budgeting method, which involves giving every dollar a job. The app allows you to create a budget and track your expenses. It also offers bill reminders, debt paydown tools, and customized reports. EveryDollar is free to use, but the company also offers a paid version called EveryDollar Plus, which offers additional features such as automatic bank syncing.
The downside of EveryDollar is that it’s not as comprehensive as some other apps. It doesn’t offer investment tracking or retirement planning tools, which may be a dealbreaker for some users.
Goodbudget
Goodbudget is an app that uses the envelope budgeting method. It allows you to create virtual envelopes for different categories and allocate money to each envelope. The app also offers expense tracking, bill reminders, and debt paydown tools. Goodbudget is free to use, but the company also offers a paid version called Goodbudget Plus, which offers additional features such as unlimited envelopes and automatic bank syncing.
The downside of Goodbudget is that it’s not as user-friendly as some other apps. The envelope system can be confusing for some users, and the app doesn’t offer the same level of customization as some other apps.
People Also Ask
What is the best free money management app?
Mint is widely considered to be the best free money management app. It offers a wide range of features, including budgeting, expense tracking, bill reminders, and investment tracking.
Is it safe to use a money management app?
Money management apps use encryption to protect your data and have strong privacy policies. However, it’s still important to take precautions such as setting up two-factor authentication and using a strong password.
Can money management apps help me save money?
Yes, money management apps can help you save money by providing you with insights into your spending habits and offering suggestions for how you can cut back. Some apps also allow you to set savings goals and track your progress towards them.
Conclusion
Choosing the best money management app for your needs can be a daunting task, but it’s worth taking the time to evaluate your options. Look for an app that offers features such as budgeting, expense tracking, bill reminders, investment tracking, and security. Some of the best money management apps on the market include Mint, You Need a Budget, Personal Capital, EveryDollar, and Goodbudget. By using an app to manage your money, you can save time, reduce the risk of errors, and gain insights into your financial habits.
