Keeping a budget and managing personal finances can be a time-consuming task and often a struggle for many people. But thanks to personal finance apps, tasks like paying bills, balancing accounts can be as simple as texting someone. Such apps help you break down your spending habits into categories and alert you when your expenditures cross certain thresholds. Dubbed as PFM apps, these effective tools track your data across multiple sources like banks accounts, payment cards, etc. These apps are capable of giving user’s a snapshot of their financial standing using graphs, charts, and other easy to understand formats.
With the impending holiday season, here are 5 apps that can help you track your expenditures:
The app supports more than 3500 banks including major ones like HSBC, UBS and Sparkasse. Numbrs’s app helps customers to aggregate all of their accounts numbrs4 into one app. They can access their accounts from any location, pay their bills and conduct money transfers eliminating the inconvenience of entering complex bank account numbers and sort codes. It also allows them to receive notifications about salary, credit card bills, and direct debits made by their mobile providers direct on their smartphones. It helps customers to analyze their past spending behaviors and transactions to calculate their future income and expenses. This app incorporates an innovative algorithm which can categorize customer`s transactions for easy analysis of their finances.
The app is built using MoneyDesktop’s online banking tools. The app combines extensive account aggregation capabilities, functional and aesthetically pleasing design and a back-end synching engine that immediately syncs financial information between devices to provide users with a more meaningful PFM tool that “makes you want to reach out and touch your finances". A prominent feature within the app is BubbleBudgets. The typical PFM approaches budgets with bar charts that make it difficult to discern how much each category affects your overall budget. BubbleBudgets creates a uniquely sized bubble for each budget, depending on its relative value. This allows users to have an accurate portrayal of each of their budgets, focusing on both their spending and the relative importance of each category in their budget.
It is a powerful money management application featuring a net worth dashboard, 401(k) fee analyzer and more. Personal Capital aggregates checking accounts and credit cards but the development priority is investing as well. Personal Capital’s business model is based upon selling investment advisory services to a small percentage of users. Personal Capital lets you explore your entire investment portfolio visually, regardless of where you hold the assets (Fidelity, TD Ameritrade, your 401k, etc.). Personal Capital can break down your portfolio by industry, market cap, and a host of other variables. Personal Capital includes a full-featured “personal finance manager” (similar to Mint) that automatically aggregates your income and expenses, then displays your cash flow data in easy-to-read charts. The Personal Capital 401k fee analyzer offers a peek behind the scenes of your 401k plan to reveal how much you’re paying in fees and whether you can save by choosing different investments within your plan.
It connects users to almost every US banking financial institution with internet banking capability, from checking to credit cards to retirement accounts and more, saving hours of tedious data entry. See all your balances and transactions together, on the web or on your phone. Mint automatically pulls all your financial information into one place, so you can finally get the entire picture. Mint makes it easy to keep track of bills by organizing them all in one place. It can even send bill reminders to your mobile phone or email notifying you of upcoming payments. Mint uses the same 128-bit encryption and physical security that banks use. Their practices are monitored and verified by TRUSTe and VeriSign, and supported by RSA Security. Mint increases your financial security through email and text alerts that notify you about any large purchases or unusual changes in your accounts and more.
BillGuard, a personal finance security company, launched an update to its iPhone app last year that enables users to manage their finances whilst defending against fraudulent attacks on their debit/credit cards. This essentially kills two birds with one stone! BillGuard utilizes Big Data Analysis in conjunction with reviews/insights from thousands of users to identify harmful or potentially fraudulent transactions in a user’s bank and credit card financial statements. It primarily offers two PFM features:
- Spend Analytics offers personal finance management tools that will provide a wide range of analytics. This will enable users to compare their current spending to earlier months.
- Smart Savings seeks to serve users by helping them save cash in their everyday lives. It notifies users about discounts and coupons that could help in their purchase of a product.