Technology has made it easier than ever to keep a tight rein on your personal finances. With the right app, you can manage a personal daily budget, save for something specific—a dream vacation, for example—and even automate transfers from your checking account to your savings.
Using apps to manage money is increasingly becoming the norm and not just the practice of hard-core computer geeks. In fact, digital banking and finance technology (or, “fintech,” for short) are becoming global phenomena.
Juniper’s Digital Banking: The Roadmap to 2020 report, predicts over 37% of the adult global population will be mobile banking users by 2020.
A recent survey by ING reveals that among European bankers surveyed, 48% felt that mobile/digital banking made them more in control of their finances and 20% said the technology helped them pay bills on time.
And from the same Juniper study referenced above, Andrew Mikesell from SAP said, “Customers who adopt mobile banking channels tend to be more profitable.”
Here are seven personal finance apps that should be installed on your mobile device (these apps are available for both iOS and Android):
For Managing Your Budget:
Mint: Budget, Bills Finance
Intuit’s Mint app is a comprehensive budget manager. The app serves as a centralized portal from which you can manage bank accounts, credit cards, and more. Intuit is a leader in fintech, so the Mint app can also be used to export and import data from other Intuit apps including TurboTax, Payroll, and QuickBooks.Image: Mint (Google Play)
You Need a Budget
YNAB is a personal finance app popular with millennials. Its many features include letting users separate out a budget into different categories such as “Entertainment.” It allows for quickly entering any money you spend so you can see where you may be able to cut down unnecessary costs.Image: YNAB (Google Play)
For Managing Your Credit Score:
Nearly everyone by now has heard of Credit Karma, and not just because of its quirky TV commercials, it’s a darn good app. Credit Karma lets you check your credit score for free while not causing damage to your credit rating. While it doesn’t provide the actual score from the credit agencies, it provides an accurate estimate of your credit health. The app also offers suggestions to help you increase your credit score.Image: Credit Karma (Google Play)
Digit is a savings app that is actually fun to use. The app reviews your checking account and automatically places an amount you can actually afford into your savings account. One Digit user wrote a review saying Digit helped them save $1,774 in 10 months.Image: Digit (Google Play)
For Small Business and Personal Banking:
Quicken is an ideal personal finance app for anyone who is also an entrepreneur. The personal finance edition is Quicken Home and Business, which lets users manage a budget, mortgages, investments, pay bills, and more. You can upgrade to Quicken Home and Business to manage your small business ledger, business taxes, and more.Image: Quicken (Google Play)
PC World calls Personal Capital a “powerful money management app.” In addition to allowing you to manage a monthly budget, you can use it to keep track of your retirement savings and investments including 401(k) plans.Image: Personal Capital (Google Play)
For Bill Paying:
Prism Bills and Personal Finance
Prism is a free app that “helps you to stay up to date with the information regarding the bills due and the amount of money to settle down these payments, according to Top Best Alternatives.Image: Prism (Google Play)