Author: Edeh Kelechi
Most times, it is difficult to manage money and keep track of cash flow, especially if you are a solo entrepreneur. To save people from financial management stress, finance management systems are launched to help its users keep track of their cash flow while allowing them to track upcoming payments and budget responsibly.
What Is a Personal Finance Management App?
Personal finance management apps are applications that help to manage all aspects of finances. They make it easier to keep track of your spending, saving, and investing. They can also assist you in keeping track of your bill payments and keep you updated on your credit score changes. You can also use your finance apps to track your spending by connecting them to your financial institutions.
Factors to Consider When Choosing Personal Finance Apps
Personal finance apps provide a variety of services. Before selecting a personal finance app, consider the following factors:
- Fees
There are free and paid versions of personal finance applications. However, the free versions may include unsolicited advertisements while the paid versions might be clean from Ads.Â
- Features
Another factor to consider is the app’s features. Finance app features are based on its primary development purpose and the developer or company involved. With different apps and distinct features, you should review and go for the one that meets your needs.Â
- Security
While most personal finance apps provide some level of security for personal information, you should look for the ones that go above and beyond. The might be application with multi-factor authentication and encryption.
Top Personal Finance Management Apps.
1. Truebill
Truebill is a personal finance app that allows you to find and track your subscriptions and fees. It works by scanning your online statements and identifying your subscription, allowing you to see who is billing you each month. Truebill also employs bank-level encryption to safeguard your information. However, some of the app features require a monthly subscription of $3.
2. Mint
Mint is a free online budget planner that gathers all your financial information and displays an overview of your spending, bills, budget, and credit score. The application allows its users to budget, set goals, and sync their accounts. You can also keep an eye on your investments and portfolio. However, because it is a free app, it includes unsolicited advertisements.
3. PocketGuard
PocketGuard is an effective budgeting app that displays simple numbers such as how much money you have, how much money you owe, and how much money you have left. When you link your recurring bills to PocketGuard, you can get better rates on your bills. You can also link PocketGuard to your financial institution. However, some features are only available to paying customers.
Conclusion
Personal finance management apps assist in budgeting, saving, and tracking bill payments. Most finance application has several features, therefore, you need to select the one that suits your need.Â
You should also keep an eye out for fees and the level of security it provides. Nevertheless, personal finance apps can help you manage your money effectively even if you have no financial background.
