Today’s electronic environment let’s us do so many things that were once difficult to do. Personal finance apps have been created that help you monitor your personal finances. One particular area is in tracking your spending habits. It can be difficult to account for your money if you don’t know exactly where it’s going, so using an app can simplify the process. The good news is that many of the apps are free but have features you can add for a fee if you find it necessary.
App #1: Level Money – The Level Money app links to your bank account and gives you a quick view of the balance in your account. It automatically updates the balances when deposits and purchases are made. It has been described as a financial GPS system showing where you now and where you want to be in the future. The app allows you to choose spending categories and gives you a summary of the amounts you have spent in those categories. The Level Money blog offers great information on personal finance topics.
App #2: Mint – The Mint app by Intuit helps you create budgets and gives you a great overall picture of your finances. Mint will also send you updates on your weekly and monthly spending and the categories where you spent your money. Areas covered by the Mint app include savings, brokerage accounts, rollover accounts, IRAs, automobiles, credit cards, etc. It covers transactions dealing with insurance, credit, lending, investments, and banking.
App #3: mvelopes – The mvelopes app uses the envelope budgeting system so it’s basically an electronic envelope. It captures receipts in real time so it is constantly updated to provide the most up to date information from your accounts. Currently on the mvelopes website you can receive a free eBook on personal finance. The app boasts of helping you get out of debt faster. Other features included on the app are net worth tracking, 25 spending envelopes, auto envelope spending plan view, and auto transaction gathering. The free option for the mvelopes allows you to track 4 bank accounts. There are other paid options that can be selected.
App #4: Penny – The Penny acts as your personal finance coach as listed on the website. Penny sends you text messages including charts alerting you to where your money is being spent. This app helps you avoid overdrafts and reports where your money is going to help you take control of your spending.
These are just a few of the are many apps available to help track your spending. I would suggest using one of the free apps to help you through the process of becoming financially free. It can make a big difference in how you view your spending habits and will help you make changes for your good. If you try one of the apps listed, feel free to respond to this post with a review of the app to let us know how you liked its features.