Are you tired of keeping the record of all your expenses by yourself? Manual tracking is tedious and inaccurate, it is important to manage your expenses cautiously. One of the easiest ways to manage your expenses is by installing expense tracker apps.
How eagerly we wait for the payday each month and each passing day brings us great joy, doesn’t it? But the question is how long does that joy last, maybe a week or two? Expenses are giant monsters that quickly eat our income and one keeps wondering, “Where did all my money go?”
Functionalities of Expense Tracker Apps
- Bank Account Sync
- Set Budget
- Helps you stay on top of your finance game
- Offers great financial advice and insights
- Helps monitor cash-in and cash-out patterns
- Ensures all your important data is safe and secure, and does much more.
Can you imagine doing it all on your own? And we are not judging.
Let’s have a look at the kinds of expenses that individuals have to deal on regular basis. Of course, there are fixed expenses depending on the individual. Usually, these expenses are monthly rent, monthly installments on house, car, etc. These are easy to keep track of because they are recurring and also keep you mentally prepared. But some expenses aren’t planned, it can be a medical emergency or unexpected travel plans and sometimes we end up overspending and overindulging on the things we may not require and exhaust the money in just three weeks into the month.
So keeping a track of your income and expenses will give you an insight into your good and bad spending patterns. Here are 3 reasons why you should have a record of all your spendings.
Going overboard with the expenses can lead to a lot of stress, because if it becomes a pattern you may end up borrowing money from others, which again isn’t a good sign.
Reveal spending issues
It will highlight adverse spending, so you can eliminate it with time.
It Helps you SAVE
Saving money for emergency funds, paying debts, retirement, buying a home, or even gold etc is as important as sticking o a budget. Money set aside can help you create a saving plan which further will streamline your spendings.
Good habits go a long way
It can be daunting, knowing where you spend, and to keep recording it monthly, but embracing a good habit takes time, and we advise you to not stop. Realizing the patterns will eventually help you prevent overspending on things and activities that you don’t pursue.
6 best Expense Tracker Apps
Now, let’s take a look at 6 best expense tracker apps that can improve your financial health.
To prioritize your budget and know where you are spending your money, Mint is one of the best and most popular expense tracker apps you need to install right now. The app itself is developed by a financial-software company Intuit. It has over 10 million downloads in the Google Play Store and a 4.7-star rating in Apple’s App Store.
Apart from tracking expenses, it allows you to set your financial goals and you can get practical money-saving advice from experts. It stores all your spending and account activity in one place so it is easy for you to track your balance and transactions in one go.
Using Mint you can start budgeting like a professional by instantly creating budgets that are feasible and fruitful. Additionally, it also offers free credit scores, lets you set reminders for all the bill payments, and sends you alerts when you are low on balance. Thousands of positive reviews show how promising the app is.
The App is available free of cost.
There are apps to monitor your expense and other transaction, Expensify has a similar approach, but for working professionals, although everyone can use it. It’s in the list of Best 100 Cloud Companies Worldwide- Forbes, 2016.
Employees can have their corporate account made on Expensify, which makes it easier for them to be compensated for expenses, and it keeps all transactions at one place so the tracking is smooth.
Any Corporation can set multiple employees account who are using a similar email domain and sync it to the Expensify account. You can use the in-built SmartScan to scan the receipts, the app offers 5 free scans, after that it’s available at $4.99 a month, and group plans are priced at $18 per month per user.
It is an acronym for You Need A Budget, and it’s an intuitive app that serves the purpose of tracking and monitoring your income and also providing instructional support to assist you in realizing the causes that lead to financial problems.
The app allows the user to link their accounts, i.e, bank, credit cards, loans, etc, and also import transactions automatically, displaying the complete monetary picture in one place
YNAB works on the philosophy of “defining a job for every dollar”, be it your funds, be it for investing, for debt repayment, or simply to cover daily expenses. Another aspect of this app is that it stops you from living a life that depends on the monthly paycheck, the systematic budgeting it offers keeps you ahead in monitoring your money.
After a trial period of 34 days, YNAB charges $11.99 per month or $84 per year.
Wally handles the fundamentals of the financial management of the users and helps them add and track their expenses. The app organizes the user’s accounts to help them learn, manage, and enhance their monetary status.
It assists you in building savings from the day you install the app by letting you create budgets on the basis of categories such as home, shopping, etc. Additionally, Wally provides stress-free management of your finances, you can sync your savings, credit cards, and get a quick understanding of the cash flow.
The users can also create groups to maintain shared finances with family, friends, flatmates, and colleagues. Furthermore, Wally can connect easily and manage even your foreign accounts in one place.
The app is available for free for iOS platform.
Manage all your finances and expense and align your budget efficiently through Spendee. It helps you keep track of both your earnings and your expenses in one place and this way you can control the spending.
With the Account syncing option you can keep a tab on your finances and set a budget and savings goals. Having all the money and related activities gives you a clearer picture and Spendee does exactly that.
The app is equipped with bill tracker, lets you know when you are due on the utility bills, and since it deals in multiple currencies, monitoring expenses while traveling as a cakewalk. It has an interactive user interface that is easy to use.
Spendee has a free account as well and the other two ricing plans are SpendeePlus available at $14.99/year and Spendee Premium is available at $22.99/year. You can begin with any of the paid plans with a 7 days free trial period.
PocketGuard is an all-rounder app for tracking accounts and managing a budget and helping you stick to it. The app syncs all your accounts, credit cards, etc, so you can have it all in one place. After the payment of all bills and other expenses, it will automatically set money aside for savings. This intuitive expense tracker app develops a custom budget based on your earnings, expenses, and the goals you define.
- In My Pocket- Once you set your monthly expenses, income items, and savings goal, based on these three inputs, it uses an equation to conduct calculation. This calculation will give you access to money after committing the money to expenses and savings.
- It keeps a check on your spending limit and sends you alerts if you’re going overboard.
- It uses financial services to help you cut your bill amounts, pay off loans, enhance your credit score, and even get you discounts on shopping.
PocketGuard is available in two versions–PocketGuard Basic, which is a free account, and PocketGuard Plus, which is the paid version.
All of the expense tracker apps mentioned above have millions of downloads and have good reviews on both Google Play Store and Apple’s App Store. Now, these apps do not promise to make you rich instead will help you gain better control over your finances. It will help you realize your good and bad expenses, help you save for the future, and make you bring financial stability.
Lets us know your views or your experience if you use any of the above expense tracker apps, and we also welcome suggestions.