According to Northwestern Mutual “The median savings of American households is just $4,833. And, one in five Americans (21%) have NO retirement savings at all.” 44% of American households don’t even have adequate savings to cover a $400 emergency. (MarketWatch)
Working on your personal finances and managing money is one of the best things that you can do for yourself and your family. But, the old- school methods of managing personal finances can be far too onerous for the new Millennium. There’s hardly anyone who wants to carry an outmoded ledger book around with them to record their financial transactions anymore. Whereas, creating Excel Spreadsheets sounds like the world’s worst assignments for some.
Fortunately, digital advancements have provided the world with numerous personal finance software that can help both beginning and veteran budgeters get a solid grip on their finances.However, the fintech world is full of similar software that can make money management a breeze. But which one should you pick? Today, I have sifted through several personal finance software and came up with the 11 most helpful ones that can help you manage your finances like a pro. (Bonus: Most of these are free and available on iOS or Android devices).
Mint is definitely one of the most popular budgeting and expense tracking tools from Intuit, the makers of TurboTax and Quickbooks. It’s been in the market for a long time (2006) and still remains to be one of the biggest names in the game just like remarkable essay rewriters available online.
This app is an excellent option for tracking expenses and setting financial goals. It brings all of your financial data together, showing you a quick overview of your budget, expenses, bills, and credit score. You can even set goals and reminders, create your own budget, and sync all your data between the web and apps.
What’s The Best Part:Mint provides weekly summaries via email and alerts via email or SMS. What’s more, you can access mint via the web or phone apps for iOS and Android.
Quicken is one of the most established pieces of personal finance software; and for good reasons. It allows you to link transactions between your accounts, which implies that transferring funds from one account to another becomes a walk in the park. The software also offers tools for budgeting which would help you spend wisely and save at the same time.
What’s the best part: Quicken altogether brings your banking, budgeting, and investment reporting to a single dashboard, which you can view from your desktop or even via mobile app. Further, it also offers provisions to track investments whether as part of your savings or 401k pension plan.
If you want to use only one platform to manage all your financial accounts, you may want to consider Personal Capital.
This unique software offers free financial software for tracking investments as well as planning for your retirement, along with its analyzation tools for expenses, budgeting, cash flow, and net worth. Its primary focus is on investments, demonstrating the performance of your portfolio over time, and thus helping you make decisions for the future.
What’s the best part:Unlike most personal finance software available, the options for monitoring your investment accounts are more specialized in Personal Capital. You would be able to track whether you’re in line with investment goals such as retirement.
Just in case you need to be told explicitly what to do to manage your personal finances, choose YNAB- short for You Need A Budget. The program of this exemplary software is designed to help its users set one up.
As you might expect, the primary mission of YNAB is to help you curb overspending and refrain from living paycheck to paycheck. It automatically links to your bank account and integrates your expense info for analysis and successful budget tracking. Stick to the program, temper your spending appropriately, and eventually, YNAB would make sure that you spend the last money’s month rather than your fresh money.
What’s The Best Part:By installing the software you get to participate in fifteen workshops on overly complicated financial topics. This helps in improving your financial literacy and the development of outstanding spending and saving habits.
If you’re long used to putting cash in envelopes to manage your budget and expenses, you can do the same thing only in a digital way, through Myvelopes.
Here you can split your funds into different digital envelopes dedicated for various specific purposes such as law assignment help freelance gig, phone bills, groceries, mortgage, and the likes. If there’s still cash left in an envelope, it will remain there. This provides you with the freedom to spend it on something else important or keep it until the next pay period.
What’s The Best Part: This impeccable software offers you relevant insights into all your transactions and accounts, therefore helping to eliminate existing debt and improve savings.
If you happen to be a control freak like me, you wouldn’t prefer much uncertainty when it comes to your future finances. That’s where PocketSmith can become your savior.
This is a unique personal finance software choice that can not only enable you in tracking your recent finances successfully but also can predict what they would be in the future.
What’s The Best Part: One feature that sets PocketSmith apart from the rest of the software in this list is its ability to create a budget for any period of time, at any time. It also incorporates a ‘Plan Ahead” feature that walks you through financial forecasting, budgeting, and creating crucial what-if scenarios.
Clarity Money is comprehensive budgeting and saving personal finance software. Users can link their financial accounts from innumerable institutions, organize their expenses, track spending, and bucket expenses into different categories.
The data stored on the app is organized into nice data tables and graphs that help you easily visualize your personal finances. Further, this brilliant software also has some other extraordinary features too, like credit score monitoring and subscription cancelling.
What’s The Best Part: Clarity Money is backed up by Marcus and Goldman Sachs which allows this excessively popular app to completely free to use.
Money Dashboard doesn’t try to reinvent the banking world or offer anything ground-breaking truly, but still is perhaps one of the most useful money management tools out there. You can hook up every one of your UK bank and credit card accounts and see each of your balances in a single place with a single login.
But that’s not it- it also provides you with a clearer picture of all your expenses through a pie chart that helps you comprehend at a glance how much you spend on utilities, transportation, food, etc.
What’s The Best Part: Money Dashboard is a super-safe software. It locks down your login details with equivalent security to that of your bank. It’s completely read-only- meaning your money isn’t going anywhere.
Negotiating bills and figuring out unused subscriptions can be a pain. And even though you aim to save money, the hassle of this process can be excessively frustrating. This is where Trim intends to solve the problem for you.
This outstanding software analyzes all your expense patterns to figure out the most remarkable ways that you can take action to save money. It also negotiates internet, cable, phone, and medical bills, canceling old subscriptions for you.
What’s The Best Part: Apart from performing all these crucial functions, Trim also offers a savings account. You are entitled to get a 4% annualized bonus on your first $2000 and 1.1% after that.
These days I am also seeing more of another popular software popularly known as Albert. It is a personal finance app that also acts like a personal money advisor.
Apart from tracking all your spending, this exemplary app also sends personalized budgeting recommendations through the Albert Savings feature. Not only that, but with this app by your side, you can also use a custom portfolio for guided investing. And, all this comes for free.
What’s The Best Part: There’s also an additional feature that comes with the software- Albert Genius. It offers you one-on-one guidance from an eminent advisor about how to improve your financial management.
GnuCash is desktop software. Although relatively easy to use, this free personal software needs you to be well-versed with accounting software.
Its support for expense tracking makes this an ideal software for tax season preparation. The software is available for Linux, Windows, macOS, as well as Android.
What’s The Best Part: GnuCash is simple enough to be used for managing home finances but flexible enough to be put to use by small businesses as well. It incorporates a certain number of extra features -double-entry accounting, support for payroll management, and the likes.
While there is a sea of countless options online, these 11 personal finance software stand out for their value with low-cost or free plans and premium features. Realize your financial goal and take your pique from these that suits you the best. It doesn’t take long to amp up your financing game, so get started today!
Have you used any of the personal finance software apps that I have listed above? Which ones have you enjoyed? Let me know in the comment section below.