The current financial climate means we need to keep track of our money matters now more than ever before. Fortunately modern technology has made it possible for us to manage our money smartly and much more easily. Here are five budgeting apps to help you keep track of your finances.
1. 22seven from Old Mutual
See all your money in one place through this linkable app. You will need to link all your accounts (bank cards, credit cards, loans, store cards and so on) in order to view each and every incoming and outgoing transaction. The app then calculates your average daily/weekly and monthly spend, forecasts how much you will still spend until the end of the calendar month. Plus, you can use this app to do your tax returns, as all your tax information is stored in the app already.
2. Goodbudget (formally EEBA)
This is a great app for combined budgeting. For example, it can be hard to keep a family of four on a budget, but this app makes it much easier. Its envelope system makes setting aside money for bills easier, so you are never caught off guard. With a budget that syncs between mobile devices and the Web, you and your family members will always know where money has been spent and how the rest can be spent.
3. Mint
The Mint app uses the data from your linked accounts to calculate your spending and transactions, and builds graphs so you can easily see your spending patterns. Mint is great for personal finances because it helps you to manage your money with intricate detail so you can understand where to cut back and where you can invest and save more funds.
4. Mvelopes
The Mvelopes app combines time-tested envelope budgeting with the latest technology and support, helping you make better financial decisions. This app is great for those who not only want to track their money but also want to learn how to work with it better.
5. HomeBudget
The HomeBudget app is great for tracking money spent in a very specific area, for example electricity, toiletries or groceries. The simplicity of the app makes it very easy to use and understand. By looking at the graph that the app builds based on your transactions, you are able to colour-code transactions into specific categories for your convenience.
Photo: iStock/milicad
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