The Best Apps For Budgeting And Wealth Management

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It used to be that people had to manage their finances by themselves, without any help. Normally, that wouldn't be a problem, but if you have a lot of expenses or an otherwise complex financial situation, then you may require a bit more than just a good memory or pen and paper.

Thankfully, we now have all kinds of tools that are meant to make sorting out personal finance easier and less daunting. You can keep track of your expenses, save some money, budget, pay loan instalments, pay bills, etc. The market is saturated with personal finance apps right now, so let's take a look at what are the best 5 personal finance apps of 2018

1. Mint

What it is: Mint is a very popular app and probably one of the first you'll come across if you ever decide to search for one. It's always being updated and they're always adding new options and services. With Mint, you are able to view all of your recent transactions, organise them, and track your spending. That's especially helpful if you feel like a lot more money is going out than going into your account. You can also keep tabs on your bills, schedule their payment, check on investments, and even make a budget if you feel like you need one.

Why it's the best: Mint (@mint) is one of the best personal finance apps out there precisely because it covers most (if not all) of your needs. While other apps target a certain niche or are excellent for one thing or another, Mint aims to encompass the whole package and address all of your personal finance needs in one place. You can even check your credit score for free!

2. PocketGuard

What it is: PocketGuard is a spending tracking app that is very easy to set up and get going. It's linked to your accounts and is able to track your expenses, regular bills, monthly income, and even your savings. Each bill can be tracked separately and you can even use the app to search for ways to save money. The app can also help find cheaper and more convenient deals for your monthly bills like Internet, TV, or phone.

Why it's the best: PocketGuard (@PocketGuardApp) is an excellent solution if your unique problem is over-spending. It's easy to indiscriminately spend money when you're merrily swiping your card and avoiding looking at your bank balance. PocketGuard puts an end to that because it's connected to your accounts and helps you track your spending in real time, as well as put it side by side with your budget. That gives you a reality check and helps curb your spending.

3. Personal Capital

What it is: Personal Capital is an app that is in charge of managing personal wealth. There's an entire range of actions you can perform, from checking on investments to asset management. The app gives you the possibility of connecting your accounts, and there are over 14,000 to choose from. It enables you to budget, stay on top of spending, but most importantly, keep track of investments. You can view them by individual security, asset class or account, but you can also explore options for better or more convenient investment options. The app also notifies you of fees, risk management and diversification opportunities.

Why it's the best: This is great if you have several investments and you want an easy way to keep track of them. Personal Capital (@PersonalCapital) allows you to have all the information at your fingertips and manage it on the go. Your portfolio is always accessible for your convenience, so there is no opportunity that cannot be seized.

4. You Need A Budget (YNAB)

What it is: Like the name suggests, You Need A Budget (YNAB) is a budgeting app. Following the Four Rules - Roll with the punches, Give every dollar a job, Age your money, and Embrace your true expenses - this app enables you to track your spending very accurately, maintain your budget with a degree of flexibility that allows you to adjust niches and departments if you're under-budget or over-budget, see progress reports, receive advice on optimal spending, etc.

Why it's the best: If you truly want to make a solid effort to minimise spending and stick to your budget or you have a chronic over-spending problem, YNAB (@ynab)can help you out by keeping you in line. Once you see just how much money you're throwing away, it's hard to go back. And apparently, you can save more than £4,000 in a year!

5. Wally

What it is: Another budgeting app, Wally is excellent when it comes to stopping you from overspending. It's easy to track expenses compared to income and see exactly what money you've got left in your budget. Organisation can be half the battle where budgeting is concerned, or at least a degree of awareness of your spending.

Why it's the best: What Wally (@Wally_App) has going for it is popularity among Millennials, as well as the fact that it is free of charge. It works on both Android and iOS and it features almost all foreign currencies, which is a big step towards integrating customers from all over the globe.

As you can see, there are plenty of tools available to help you out with personal finance. So, what's your excuse for not being able to save? Take advantage of technology and make the most of your money.

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