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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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                      Chris

                      "Professional" Analyst by day Entrepreneur by night.

                      Top 10 Recommendations on Money Management Apps

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                      Published on July 3, 2018

                      How Much Should I Spend on Rent? Find Your Answer Here

                      How Much Should I Spend on Rent? Find Your Answer Here

                      Renting is a great option for individuals unable to build or purchase a home of their own. Your job could take you places and you’d need convenient and affordable rented accommodation to manage your life.

                      How much should you spend on rent? Keep in mind that the rent amount varies considerably from one location to the next. So, avoid renting a house that blows a fat chunk out of your monthly paycheck. This is easier said than done, considering how the rent is increasing quicker than incomes in many cities.

                      However, it’s never too late to bring your finances under control. Never pay too much rent; instead, move into affordable accommodations. Asking the following questions before signing the lease can positively impact your budget:

                      What amount of home rent can I afford?

                      Consider your present economic situation as well as your income before settling on the amount to set aside for rent every month.

                      Thus, when looking for a new place, check your budget to see what expenditures you’re already handling, such as food, insurance and transportation. Pick a location that enables you to reside comfortably, while leaving a sufficient amount left over for paying off loans.

                      Be aware of the location of the apartment as it will decide the rent you must afford. For example, apartments situated in high-cost rental markets are worth getting a roommate. Even if you are not a big fan of sharing your living space, rooming with another person can save you hundreds, and in some cases, thousands.

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                      In fact, it might not be a wise decision to rent a place on your own. Landlords in certain areas desire tenants whose annual income is minimum 40 times greater than the monthly rental fee. What this means is, to get a $2,500 apartment, you will have to earn at least $100,000 before taxes.

                      However, having a roommate lets your split the cost while a guarantor can pay the rent on your behalf if you risk defaulting on your payment.

                      It might be a good idea to crunch numbers prior to viewing potential housing units. After all, your rent budget will depend on the monetary amount you’re paid after deducting taxes. Simply checking your annual salary before meeting a landlord or a broker might land you in hot water later.

                      Make sure you take moving costs into account, along with furniture-related expenses. A secret stash for emergency situations might also be a good idea.

                      What is the 30 percent threshold?

                      Now, it is true that every person has unique social, personal and financial circumstances. Despite all this, don’t exceed 30 percent of your household income when it comes to rent and utilities.

                      For that reason, rent a house that costs way below 30 percent of your gross monthly income. So, a person earning $3,000 each month, should keep aside no more than $900 when it comes to housing-related expenses.

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                      You might be wondering what’s so special about 30 percent. Well, you’ll be surprised to know that this is the percentage used by the government to decide who is qualified to enjoy public housing initiatives and programs since the year 1981.

                      Statistically, households spending over 30 percent on housing expenses become cost-burdened. Those shelling out 50 percent or more of their salary on housing costs are deemed severely cost-burdened.

                      A 2015 report from the Harvard Joint Center for Housing Studies found that 21.3 million cost-burdened renters exist as of 2014. So, nearly half of all these people are exceeding their rent capacity.

                      However, given that so much time has passed since 30 percent became the standard measure of housing affordability, many question the validity of this number. Critics claim it overlooks the variations in household size and cost of living.

                      Single individuals without dependents might not have an issue paying 30 percent of their monthly income on housing, but a person supporting a family of four might not have sufficient money to get by.

                      At the same time, a family might think it is worthwhile to spend the 30 percent on rent costs if it means getting closer to better public transportation or better educational institutions.

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                      Can I go for the 50/30/20 budget?

                      If you’re undecided on the rent amount, try the 50/30/20 method.

                      According to this guideline, renters can spend 50 percent of their take-home pay on monthly essentials like utilities, groceries, transportation, and so on.

                      Then 30 percent of their after-tax money should be used for non-essentials like entertainment. This 30% should also absorb expenses related to important purchases that make your lifestyle better and more fulfilling.

                      Right from experiential purchases such as a vacation to the Caribbean islands or a wine workshop, to health and beauty products– everything should fit in to this budget. Considering how we’re in a price sensitive economy, this is easily achievable. The trick is to look for specialized retailers that can fulfil your lifestyle product and service requirements at affordable prices.

                      So, puzzled whether to bring home cool products? Make some space in this 30%.

                      The remaining 20 percent would then go towards paying off loans, retirement savings and other financial targets. If you can plan the other two portions better and keep on adding to this 20% segment, you’ll be better off by clearing your liabilities sooner than planned.

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                      Of course, the 50/30/20 budget isn’t a one-for-all deal. For example, individuals on the cusp of retirement and without any substantial savings might have to cut back on their spending and spend more than 20 percent of their income on retirement accounts.

                      The big takeaway

                      In short: the amount to spend on rent is not set in stone; it is variable.

                      Of course, the above-mentioned models give you a good idea about the percentage of income you should allot for housing.

                      But when all’s said and done, you need to take a closer look at the budget in hand and consider the goals who wish to fulfill before taking the final call on the rent amount you can afford.

                      Renting an apartment is all about knowing what’s best for you and exploring the available options. The housing market is booming in various parts of the world, and you need to pick the opportune moment to secure the best rental amount.

                      But whatever you do, make sure you do not overspend. After all, whether you’re single or a family man/woman, you have other needs that must be met, and those cost a lot.

                      So, plan carefully and find a worthwhile apartment that not only costs a reasonable sum each month but gives you a chance to increase your long-term savings.

                      Featured photo credit: Pexels via pexels.com

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