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According to Allied Market Research data, the Personal finance market, which had a valuation of $1.02 million in 2019, seems poised to experience a 5.7% CAGR to stand at $1.57 million in 2027.
This data makes one thing abundantly clear: personal finance software tools and apps are increasingly becoming popular, and for a good reason.
Today, most personal finance apps are easy to use, with many offering features that simplify the processing of managing your finances, tracking spending, and monitoring all your accounts on a single platform.
If you hate manually tracking how you use your money day in and day out, here are 5 of the best personal finance apps you can consider using:
1: You Need a Budget (YNAB)
YNAB is one of the most recognizable budgeting software tools and apps. It can help you do various things, including budgeting, paying off your debt, breaking the cycle of paycheck-to-paycheck living, and saving more money. As a personal finance app, it has four key principles or rules that can prove immensely helpful for someone who doesn’t like stressing about money:
- Give every dollar a job
- Address your true expenses every month before moving into the next month
- Age your money
- Live on last month’s income to avoid paycheck-to-paycheck issues.
YNAB promises—their premise—that collectively, these four budgeting rules of principles can help you do various things.
For example, the app promises that the “Age Your Money” principle can help you become a purposeful spender. When you’re purposeful about spending less than you earn, you will feel more motivated to look for better deals or student loan refinancing programs and cash-out home refinancing that offer lower rates.
The Spendee app can help you track your expenses without connecting to your bank account if you don’t want to, perhaps because of privacy concerns. The app also lets you create shared wallets, which makes it great for managing shared expenses for a household budget.
You can manually add cash expenses to know how you spend your money. Additionally, you can set budgeted amounts for each spending category, while the bill tracker feature reminds you to pay bills and late payment penalties.
Unfortunately, the free version of this app does not offer out-of-the-box connectivity with your bank account, which is one of the primary factors you should consider when choosing a budgeting app.
Digit started in 2015 as an automated saving app that used AI to locate and set aside small amounts of money in your bank account without drastically affecting your finances. It has since grown into a budgeting, investing, and banking app that uses the same technology to help you pay your bills, save and spend with less effort.
You only need to install and set up the app, enter the amount and due date of recurring bills (insurance, rent, loan repayments), then let Digit make a budget for each.
The app also allows you to set a saving end goal or date and save money easily. Additionally, once your period ends, you only need to send a text message to get your savings sent to your checking account. It is that simple.
4: Intuit Mint
Intuit’s Mint often ranks first as one of the most popular, well-rounded, and best overall free personal finance apps, making it one of the best ways to manage all your finances from one app.
You only need to enter your credit card, banking, and loan accounts, and the Mint app will give you an overview of your balances. You can use the app to set saving goals, trace and view your transactions, create budgets, and see how you spend your money.
Additionally, Mint offers to include your credit score, payment schedules, and bill reminders.
This app’s standout feature is its automatic ability to organize all your bills in one area. The app can make all the difference, especially if you hate tracking bill spending, by allowing you to see your account balance and bill’s due dates.
Once you connect each account independently, you can let prism automatically sync all your account bills and balances and pay them on their due date or several days in advance. This removes the need to log into different accounts to pay your bills, potentially saving you an immense amount of time.
While these five apps are not the only available personal finance or budgeting apps in the market, they are a good place to start.
However, no matter which app you choose, the ultimate way to better your finances is to spend below your means, earn more, perhaps by starting a side business alongside your day job, and save/invest more. A good personal finance app should help you do most of these things.