Have you looked at the apps available for smartphones lately? There are apps that can do everything from turn lights on and off in your house to compiling a grocery list for preparation of your favorite meal. It only makes sense that in the sea of apps, there is also a plethora of applications that can help track finances.
If you own a smartphone, you already own one of the best financial tools available. Unfortunately, 61 percent adults in the U.S. are not taking advantage of this powerful tool and do not have a budget. Many say it’s because they are not sure where to begin. One of the best things about taking advantage of apps that allow budgeting with your smartphone is that you don’t have to be an expert. A beginner can use apps that teach as well as manage a budget. Here are some of the best apps available for your smartphone.
Apps Designed for Beginners
CoinKeeper is an editor’s choice app for budgeting with your iPhone or other Apple products, but it is also available for Android phones. This animated app makes budgeting fun and easy through incorporating a drag and drop system of coins. You can set your budget, track your expenses, and learn about planning without effort. Pro tip: High school and college students on a budget should first find an affordable smartphone with reliable data, and then download this app to keep them on track.
An app designed for the beginning investor is SigFig. The app stores all investment account information in one place, and then advises how to save money by alerting the user about hidden fees and risky investments. It helps you decide the best way to invest for the most return on your investment. SigFig is available in the App Store and Google Play.
Apps for Home and Business Expense Tracking
Mint was one of the first financial apps available and is still a leader. Free to both iOS and Android users, Mint.com can sync with your bank, eliminating the need for manual entry. It automatically places expenses in proper categories without the need of thought from the user. Transactions are safe and protected by a 4-digit PIN so no need for extra security. Mint also creates a budget for you based on your spending and will even remind you when it is time to pay bills.
Mint is a great app for all users. Whether you are knowledgeable about finances or just beginning, the app is an excellent teacher and resource.
YNAB stands for why you need a budget. Available in iOS and Android format, this powerful budgeting tool will sync with your family’s cell phones through Cloud. The app allows for real-time spending reports. It also enables you to budget across multiple accounts and analyze expenditures by category. YNAB is not a free app and does need the accompanied desktop software, but it is a useful program for tracking home expenses. Especially when monitoring more than one person’s spending.
Cashbook-Expense Tracker is available in Google play. Designed for the business professional, it includes a built-in GPS system that tracks mileage. An itinerary feature creates reports that include locations, addresses, and distance so you can easily submit mileage for expense reimbursement. In addition to this added feature, the app tracks financial spending of both business and personal accounts and creates budgets accordingly.
Specialized Financial Apps
Splitwise is a unique social app that allows for splitting of bills. The app designed for parties such as roommates, reasonably calculates amounts due by each party. Splitwise calculates and splits according to actual expenses instead of splitting down the middle. If someone doesn’t have enough cash for their share, it allows for a transfer via PayPal. No more excuses for leaving your wallet at home. This free app is available in the App Store and on Google Play.
These apps are a sampling of what’s available for managing money quick and easy with your smartphone. There are many more apps highly recommended. Whether you are just beginning to understand how to budget, or you are an expert on financial management, there is a smartphone app to aid you.
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