5 Best Personal Finance Management Apps of 2022, must-read.
Managing money isn’t easy but you must keep track of your spending and saving habits. In the past, people used to keep track of their finances with handwritten journals. However, it’s 2022 and you don’t necessarily have to write down the budget in pen and paper. You can simply use mobile Apps to keep track of your finance. You can link your bank account with the finance management app and it will pinpoint the areas of your most spending. These kinds of apps will even give you important notifications regarding the bill due dates, shared wallets, investment portfolio, etc. Overall you are getting a mini financial analyst in the form of the mobile app. However, it can be quite stressful to pick one app since there are so many options available in the play store.
Here we will suggest to you some financial management apps with the best features. These apps are available for both Android and ios. But first, let’s talk about the elements that we need to consider while choosing a finance management app for us.
How to choose a budgeting app?
Choosing the right budgeting app can make a remarkable difference in your life, so choose it wisely.
- Fee: The budgeting apps might cost you some amount as a service charge. Many apps have their free version available in the play store, however, don’t overlook the paid apps because they are worth the money.
- Features: Each app has its unique feature. However, a good app must have the following features i.e connecting to your bank account, keeping track of your income and spending, and updating your financial status with notifications from time to time.
- Security: Trust is a very important aspect when it comes to money. Customers tend to trust apps with good digital data security. Your personal information, as well as bank credentials, need to be safe. Check whether or not your app has encryption and two-factor authentication for customer data security.
- Customer service: You will want fast customer service if you ever got into a problem while using the financial management app. If you are trusting them with your hard-earned money then they will also have to earn your trust with their company hospitality.
List of Top 5 personal Financial Management App
Mint is overall the best app for finance management in 2022. The app has a rating of 4.5 out of 5 in the play store. It operates under its parent company Intuit. The app ensures high-level security as it has multi-factor authentication, multi-layered hardware, and software encryption. The free version of the app is available in the play store. You can get a desktop version of this app.
The app provides features like:
- Creating your personalized insights,
- Customizable budgets,
- Subscription monitoring,
- Alerts for bank fees or upcoming bills due,
- Credit score tracking.
- ads within the app can bother you sometimes.
- Connectivity issues
You Nees a Budget (YNAB)
YNAB not only helps you build a better budget but also helps you take control of your spending. It is the best app for the pay-off debt category. The app has a rating of 4.8 stars out of 5 on the apple store. Both mobile and desktop versions of the app are available. You can use the app free of cost for the first 34 days.
The app provides features like:
- Efficient budgeting
- Financial goal tracking
- Reporting on financial habits
- Good customer service
- Accessible from several devices
- No investment tracking
- User interface
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Personal Capital app is considered the best for wealth management. It helps us manage our everyday spending and keep track of our assets and investments. It is owned by a company named Empower Retirement. The app is very easy to use because a user can get access to major features just by sliding down the navigation bar on the left side of the app. The app is rated 4.7 out of 5 on the App Store.
- Variety of tools available to keep track of investment portfolio.
- Tools designed to plan retirement fund, emergency fund, and fund for debt paying.
- Real-time net worth tracking, cash flow tracking, and education expenses plan.
- Short-term and long-term financial goal management
- Needs minimum balance of $100,000 for portfolio management service
- Limited customization of the user interface
Pocketguard is an effective budget management app and it is very simple to understand. It presents your financial picture in the form of a pie chart. Reading a pie chart is comparatively easy. There is a free version of this app available to users however some of the features might not be available in the free version. The app has a rating of 4.7 out of 5 on the App store.
- Integration of multiple bank accounts
- Keep track of recurring bills so you can negotiate better rates on bill
- Automatic saving feature.
- Easy track of cash flow
- Customized spending categories.
- All features aren’t available in the free version
- Navigate the website is a bit difficult
- Even free version users will have to pay $2 per month as a maintenance fee for the automatic saving feature
Honeydue is perfect to keep track of the shared expenses between couples. With the help of this app, couples can have transparency over household finances. Communications related to finances get much clearer with the use of Honeydue. There is a built-in chat feature available to carry on conversations related to bills. There is a feature of bill splitting within the app. You can get started with the app by just integrating your bank account or you can even open a Honeydue joint bank account. The app is currently rated 4.5 out of 5 on the App store.
- App is free
- Inbuilt chat option available.
- Join bank account available
- Can split the bill within the app
- Not financial analysis
- No track of cash flow or financial goals
- No investment management
These are the 5 apps that will be best for the management of your personal finance. The above-mentioned apps are suggested because of the features they offer. Every app has its pros and cons. So, it’s up to you which one you’ll choose and go with to manage your personal finance.
Hope this article about the 5 Best Personal Finance Management Apps of 2022 is helpful for you. Drop your feedback easily in the comment section below.