If you want to get out of debt or increase your savings, the only way to do it is to follow your money. When you don’t know how much money is going out, you have no way to create a realistic budget. Fortunately, expense tracking apps make the job much easier. Here is a look at 7 expense tracking apps that can help you stay on top of your spending.
Wally is not only easy to use, but its interface makes the app fun too. Wally is available for free for iOS devices. The app is especially great for your out-of-pocket cash purchases. You can take a photo of your receipt, and the expense is automatically entered into the accounting category you established. Or, you can enter expenses by hand. Wally also tracks your income and helps you create savings goals each month.
Mint is probably the most user-friendly and comprehensive expense tracking app to help you stay on top of your spending. Mint is a free app and can be used on iOS and Android platforms. Using Mint is like having a money manager by your side. In addition to expense tracking, Mint helps you create a budget, and monitors your bills, debt balances and credit score. It will send you alerts when bills are due, so you don’t miss due dates. Mint monitors your bank account balance and lets you know if your balance is insufficient to handle upcoming deductions.
3. Money Strands
Money Strands gives you an accurate snapshot of your entire financial life. The app provides instant access to your bank account balances, transactions, budget, progress toward savings goals. The app provides up-to-date tracking of how much money you have spent in each of your budget categories. If you want to splurge on something, you can check in with Money Strands and get an “OK” from the app. Money Strands works on IOS and Android.
4. Money Lover
Money Lover is an easy to use fintech app that enables you to track and categorize your income and expenses. The app assists you in creating a realistic budget according to accurate income and expense data. It can be used on iOS, Android, and your desktop. You can record expenses manually, or if you pay for an upgrade, the app will take a photo of your receipt. Each expense is categorized, giving you a real-time summary of how much money is going where. The upgraded version can manage your bills and loan payments too.
Keeping track of spending can be a challenge for couples. Unless you have an established system, such as a weekly time to go over receipts, you can quickly derail your budget goals. Honeyfi helps eliminate some of the stress that occurs when one person spends money on something and forgets to tell the other. You agree on a collaborative budget, set up savings targets, and link your accounts. The app sends transaction alerts and notifies you of upcoming bills. Honeyfi is free for 30 days, and then you must purchase a subscription of $59.99 per year per couple.
Fudget is for those who want just the nuts and bolts of expense tracking. This is a no-frills expense tracking app to help you stay on track of your spending that can be easily used no matter where you are. One button is for expenses, and another is for income. You set up the categories that make sense for you. If you want, you can set up recurring expenses. The app doesn’t give you any graphs or photos. But it’s easy to use, free, and available for iOS and Android.
Goodbudget is another simple budget and expense tracking app. It works like the traditional “envelope” savings system. You enter your financial details, all transactions, income, and your budget. It does not link to your bank or credit card accounts, so it relies on manual input. However, you can sync the app across mobile devices, enabling you and your partner to be aware of expenditures. Goodbudget shows your spending habits and your progress toward your budget and savings goals. Goodbudget works on iOS and Android.
If you are burdened with high amounts of credit card debt and are struggling to make your payments, or you’re just not seeing your balances go down, call Timberline Financial today for a free financial analysis.
Our team of highly skilled professionals will evaluate your current situation to see if you may qualify for one of our debt relief programs. You don’t have to struggle with high-interest credit card debt any longer.