By Priyanka Sambhav
“How to save money?”- it may seem that there is no perfect answer to this question. Going by the YOLO (you only live once) philosophy this is what it is – do what you want, spend whenever you want and on whatever you like. But remember, spending is quick and earning is slow. It is advisable to always have some fund aside for the rainy day and the future. If you are one of those who by the end of every month gets flustered with ‘where did my money go’ question then it would be a good idea to have a money management app that will help you to keep a track on your earning and spending. It’s like having your own personal ‘Money Manager’ on your phone.
The money manager tool/apps not only help you to keep a record of your money, but they help you to identify the overspending patterns and suggest investment ideas too. Check out these five money management apps to help you save better.
Monefy
Available for both iOs and Android operating systems, Monefy is an easy to use money management app that lets you record and manage your earnings and expenditures. You have to keep adding your every expense and app will tell you about your spending pattern. It explains your spending distribution with the help of coloured chart and graphs, which helps you to understand the cash outflow better. The Monefy works on multiple devices simultaneously and can be used to login from various accounts. It also offers handy widgets that can be used on the lock screen for easy logging. Its user interface is one of the best in the market right now.
mTracker
A smart tracking app, mTracker doesn’t require you to log in each of your expenditures manually. It collects the information on financial transactions by reading SMSes on your phone. It then categorizes your expenditures into entertainment, food, travel bills, bank transfer, etc. automatically. You can also upload memos or receipts of small daily expenses. mTracker watches your budget diligently and alarms you about money mismanagement. You can set a reminder for the set budget. This app can do a lot more than tracking your spending; it also has a provision of tax calculation.
AndroMoney
This money management and personal finance app offer features like daily accounting, managing categories, and even drawing detailed reports of expenditures. It can be synced with other devices and cloud storage. It also allows you to sign up from multiple accounts. It shows spending trend, pie and bar charts for the expense and cash flow to make it easier for the user to understand the spending behavior and work on it to ensure better management of the funds.
Expensify
Along with an easy interface to be accessed via mobile phone, Expensify also allows you to use its features directly on the web. The app is best suited for sales managers and people who often travel for business purposes as it also gives additional features like time and distance tracking for merchants. This money management app is useful for anyone who wants to save receipts but doesn’t want to hang on to a paper copy. It also lets the user upload photographs of the receipts and tag & categorize them.
Fudget
This interactive and easy to use money management app makes budgeting look like a cakewalk. Its simple user interface allows you to add monthly budget targets and then lets you track expenses accordingly. One can sync their budgets and goals on a monthly or weekly basis. Much like other apps, it offers unique features like maintaining a list of expenses, editing accounts and entries, and lets you keep a tab on your expenditure in a smart manner.
There are several money management apps in the market. Go ahead and evaluate the feature and choose what works for you. But before you download an app 5 things that you should check-
1) Always download apps from an official store
2) Some of these apps are paid so ensure if it is free or paid
3) When you download any app, you give them a host of permission and access to your data so ensure that the app is not asking permission for your unrelated data.
4) Browse the net and gather all the information about the credibility of the app and its developer
5) Some of these apps also drain your phone’s battery
