Anyone can be savvy with their finances if they have the right tools. We pick out some of our favorites, so you can organize your life and budget without having to make too many exhausting treks.
According to a report from Nielsen Research, 53 percent of smartphone users are now their phones to keep track of their money, NPR says. Though the boomer generation has been late to catch on, personal finance apps can be enormously helpful – especially for young people.
One study detailed in The Power of Habit shows both financial and health improvement coinciding with tracking expenses. As recent studies also suggest that money does indeed buy happiness, it stands to reason that smartphone apps are great resources in bettering personal finance and self. Why not take advantage of them?
For those with tight finances, or any person that wants to make sure they don’t spend irresponsibly, budgeting is crucial in setting limits on spending and tracking expenses by category.
1. Mint is perhaps the most popular personal finance app. Trusted by 10 million users, and encrypted for protection, Mint not only allows users to view and track all of their accounts and transactions, but is available for free on all smartphones.
2. Toshl Finance is another free, multi-platform finance app that helps users create and follow their own custom budgets. Instead of utilizing the usual pie-chart like other finance apps, Toshl records spending in bubbles of various sizes, and keeps things real with the help of some money-friendly monsters.
3. One-Touch Expenser for Google Play and Android allows users to aptly record expenditures with one touch, which are immediately backed up and safely accessible. This app also allows you to add family members to track the whole crew at once.
Money Transfer Apps
While PayPal is perhaps the most used money transfer app, there are others that have similar capabilities that could be of great use to anyone looking for easy ways to send and receive money on the regular:
1. Xoom is a speedy money transfer app, compatible with Android and iPhone, that allows users to send money in seconds to friends and loved ones, with secure service to 30 countries, and a fun “slide and send” feature.
2. Square Cash is another quick and easy money transfer application. It differs in that instead of signing up, you can simply email money to a recipient, cc-ing Square Cash and linking your debit card. Recipients are emailed a link to deposit the amount in their bank account.
3. Venmo is fun because it combines the efficiency of PayPal with a sleek UI and social network. It allows users to send money to users’ addresses, and publishes payments on your Venmo feed – unless you want to also publish to FB, Twitter, Foursquare, in which case, share away.
Bonus Finance Apps
1. Flexscore issues scores for users based on their finances, provides free steps on improving their score, and allows them to compare with friends.
2. SavedPlus helps users save money every time they spend. Users select a percentage of every purchase they’d like to save, and receive that amount automatically when reached. For example, users could select 10% would get 7.50 in their savings whenever they reach $75.
We hope that 2014 will be filled with smarter money-tracking and better spending for all of our curious users.
Do you have any favorite personal finance apps? Tweet us @curiousmatic.