With the average personal debt exceeding $38,000, most people need all the help they can get when it comes to managing their personal finances.
This is exactly why some of the more popular apps today are those that can help the user manage their budget. Depending on the user’s financial situation, their budget plan, and their needs, some of these apps might be more suitable than others.
Available on the web, and on Android and iOS, Money Dashboard is a personal finance app that allows the user to have a clear overview of their spending.
The app is free to use, and once the user’s signed up, they should input all of their financial accounts, including all their current bank accounts, credit cards, and even savings accounts.
The app will automatically group, tag, and display all recent transactions so that the user can know exactly where their money is being spent.
Money Dashboard also has a budget planner feature that allows users to set their limits and track their savings goals.
Founded by Jessica Perez, Tycoon is an app specifically designed with models and freelancers in mind. The app is popular with those in the fashion industry, but it can prove to be useful to any self-employed person.
Since it can be rather difficult for freelancers, and the like, to keep track of all of their projects and memorize when each payment is due, Tycoon was created as a solution to this.
The user should input details about the project and set a timetable. This allows them to stay updated on all payments that they’ve received, those that are scheduled to come in, and those that are late.
Another feature of Tycoon is that it can calculate the take-home pay of a gig, letting the user know exactly how much they’ll earn after taxes or agent commissions have been deducted.
While coin jars were an effective way to save some money in the past, most people don’t fill them up anymore since most of them don’t use paper money for making transactions.
This doesn’t mean that the “spare change” doesn’t exist anymore, and consumers can still save money the old-fashioned way (though with a modern twist).
Acorns is an app that allows users to save their spare change and make micro-investments. Users need to connect their card to the app, and every time they make a purchase, the app rounds it up to the next highest amount. The difference is then invested in a low-cost ETF that the user’s selected.
You Need a Budget
You Need a Budget (YNAB) is a unique app that pushes users to live within their actual income. It works by giving every single dollar a specific job, be it paying down debt, living expenses, investments, or anything in between.
If users get off track, the app can help them figure out what to do differently to manage their budget more effectively.
Besides setting up weekly/ monthly budgets, users can set up budgets for individual projects as well, such as birthday gifts or holidays.
The users need to pay a fee to use the app, but an added bonus is that they can have online classes with a live instructor who can teach them about the budgeting basics.
Finally, Mint is among the oldest and most reliable personal finance apps. Users can connect all of their bank and credit card accounts, as well as their monthly bills, allowing them to keep track of all of their finances in one place.
All of the transactions are categorized, and the app lets users know when their bills are due, whether they have any debts that they owe, and what they can afford to pay. It also notifies users when they’re approaching their budget limits, and shows their real-time credit score.
Are the Apps Geo-Blocked?
Some personal finance apps are geo-blocked, or in other words, they’re available only to users from specific countries.
Those who’d still like to take advantage of these apps can bypass the restrictions by using a VPN (Virtual Private Network). It can change the user’s IP address, making it seem like they’re coming from a country where the app is available for download.
Even if the apps aren’t geo-blocked, users are advised to use a VPN, since it protects their privacy and ensures that no one can monitor their device.
Money is a major source of stress for many people. These apps can help users manage their budgets, achieving better financial stability, and improving their mental well-being.