4 great apps to manage your money and help you save
Mobile banking and financial apps have made it infinitely easier to save money and take control of your household budget.
A survey by ING Direct shows that more than half of us use mobile phones to do our banking. Almost as many feel more in control of their finances while using mobile banking apps.
Those who use mobile banking report that they are saving more, are better able to avoid fees and stay on top of their bills. Most users of mobile banking use this service three times a week or more, and not just on the go – nearly half use these apps at home.
“It allows customers to be empowered and to understand their financial position,” says John Arnott, ING Direct’s executive director customers.
“It makes banking more relevant and compatible with people’s lifestyles rather than an inconvenience that people just have to accept.”
The ability to see what is coming in and out of people’s accounts helps them be more proactive and engaged with their finances.
So what about other apps to help keeping track of your finances? There’s a lot of apps on the market, but here are just a few that are user-friendly and help you stay in charge of your bank balance.
1. TrackMySPEND
This app allows you to flag any of your favourite expenses, like a daily coffee, and helps you determine between purchases that you “need” and those that you “want.” Differentiating between the two can help you decide whether you’d rather spend or save. Unfortunately, you can’t upload receipts and track your expenses.
2. Pocketbook
A popular app, Pocketbook is great because it can be integrated with major banks, allowing you to view your spending habits in real time. The app also categorises your expenses based on keywords, and will keep track of important receipts. However, you will need to check wither it integrates with your bank – if you’re with a smaller one you may need to manually enter your income and expenses.
3. Goodbudget
Using the tried and true method of “envelopes” of money, Goodbudget helps you with your personal and household budgeting. Envelopes represent things like groceries, rent, entertainment, and can be shared across multiple devices – so it’s easy to share with your partner or family. However, you may need to pay for the premium version if you wish to use more than 10 envelopes or share across more than 2 devices.
4. Unsplurge
Only available on iOS, Unsplurge will help you set goals and monitor your progress. It connects you with its own social community and Facebook so that you can share your achievements and/or compete with friends. However, it does not track expenses.
Related links:
5 things you should say to save money
How to make money from things you don’t want
Read this if you’re thinking of financially investing in your grandchild’s future