Wish you had more money to spend? Well, you know what they say: a penny saved is a penny earned. And with these 5 personal finance apps, not only do you save money but also optimize your money management and budgeting to such an extent that you are always in the black, maybe even with some extra cash to spare. So, here is a list of 5 apps for Android that each serves slightly different purposes in optimizing your personal finance.
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Top 5 Android Apps for Effective Money Management
(1) Mint: No list detailing the best personal finance apps available on the Play Store could ever be complete without the benchmark-setting Mint.
Mint uses the power of automation to make your life easier. The app connects to all your bank accounts and it automatically updates and categorizes every transaction you make. You can add your own categories as well.
Everything is displayed in simple pie charts and graphs, and Mint analyzes your spending patterns and account activity to suggest budgets you can actually stick to and other methods to help you save money.
A simple-yet-powerful bill tracker makes Mint the complete package – all your bills are in one place and easy to manage, so you never miss a due date. It also shows you your credit score for free.
Mint promises to help you “manage your money like never before”, and as far as anybody can see, it delivers on that promise in spades. You can look around PCWorld’s review around Mint.
(2) Venmo: A modern take on splitting the check with your friends, Venmo relies on millennial tendencies to help you pay and request payment from other people using the app.
Let’s take an example: You go out with your friends for a few burgers. You end up paying the check and now you’d like to split it and get your friends to pay you. All you have to do is send them your personal QR code which they can use to add you as the recipient and then pay you.
Venmo has a social feed where you can share transactions and purchases with your friends, and you can even like their transaction updates. Venmo makes splitting checks and paying them off easier. You can look at Investopedia’s review of Venmo, specially around safety.
(3) Debt Payoff Planner: Debt Payoff Planner is the ultimate debt management app on the Play Store. Debt can be a pain, but if managed and paid off efficiently, it boils down to nothing more than a minor inconvenience.
And that’s what Debt Payoff Planner helps you do. All you have to do is download it and it’s ready to go. You input your loans and debts and any additional payments you can make towards your loans. Then you choose a strategy for paying them off and the app structures a custom repayment plan to optimize the time required to clear your debt.
You can update any additional payment you make towards your loan on the app and it automatically updates the time required and the effect it had on your overall payoff plan.
Paying off your direct loans was never this easy.
(4) Tycoon: It is an web application, yet worth mentioning. We are not counting it among the five. Very few services cater to the financial problems of freelancers, who now form a large part of the workforce. Getting stiffed on a payment, not being paid on time, ambiguous terms – these are just a few of the several problems freelancers face on a regular basis.
That’s where Tycoon makes a difference. It is a simple platform with a single goal – to help freelancers keep track of their payments. It lets you enter client and job details and commission rates per project, and it tells you what payment you are going to get when what payments you’ve already got and what payments are overdue.
You get a notification when a payment becomes overdue, and Tycoon even has a feature where it sends a pre-populated reminder email to that specific client. This app has made it easier for freelancers to manage their payments effectively.
(5) Acorns: Acorns is a great way to save through micro-investments. Confused? Well, you don’t have to be, since the app does everything on its own. You have to link your card to the app, and every transaction you make is rounded off to the nearest dollar. Acorns take the spare change and invest it in low-cost exchange-traded funds, where it grows into something bigger over time.
What’s great about it is that you make significant savings while barely noticing the difference in your spending. Acorns are the technological equivalent of finding a $10 bill in an old pair of jeans – you never noticed not having it, but you couldn’t be happier about finding it. You can read Acrons‘ review on NerdWallet.
(6) Monefy: Monefy is a personal finance management tool for Android, iOS and Windows Phone platforms. From your credit card bill to blog earning, manage all your expenses and earning in few clicks. It can synchronize data between devices using Dropbox. With Monefy, you can create your own categories. It is quite good app for anyone on this earth to easily track expenses. However, some complains of confusing interface. Everything is displayed as simple pie charts. Monefy is quite simple app.
There is no shortage of personal finance apps on the Play Store, but none of them are as popular or effective in their respective domains as the 5 apps mentioned above. Install them now and see the difference in your finances immediately.