The world of expense tracking has come a long way since the original versions of Quicken and Microsoft Money were released. Now you can use web and phone-based budget tracker apps to improve your financial awareness and knowledge. An expense tracker software automates the process of recording transactions, summing spending by category, and tracking progress toward goals. You can monitor your expenses and where your money goes and ensure that it is spent appropriately if you keep track of your spending.
Keeping track of your expenses might also help you figure out why you are in debt and how you got there. This will then help you come up with a debt-reduction strategy that works for you. You can also use it for budgeting and creating a plan for how to spend your money. This can ensure that you always have enough money for the things you need and the activities that are important to you.
All of this requires a great software or app that can help you keep track of your expenses. Fortunately, you have a variety of choices. While there are many useful apps available, the following are some of the best.
Mint
Any list of expense tracking apps would be incomplete without Mint, one of the most well-known personal finance applications. Mint is free to use. It works with a variety of banks and lenders, and it is developed by Intuit, one of the most well-known and reputable names in the financial software sector. This program makes budgeting and credit tracking easier and helps you to monitor your expenses in a better way.
Mint protects your data with security scanning and has multi-factor authentication and Touch ID access, among other features. Your login information is stored in a separate database that is encrypted using many layers of hardware and software. You have the option of connecting your financial accounts to the app or manually entering transactions.
Moreover, Mint allows you to track your spending on a daily basis and view all of your accounts in one place. The software automatically organizes your expenditure, so all you have to do is look for the things you spent money on, and you will see the amount of money spent. It also offers monthly bill tracking as well as payment reminders to help you avoid late fees.
You may also use the app to keep track of your assets and see how much your portfolio costs. Besides this, Mint’s top offerings include a property affordability calculator, a loan repayment calculator, and a personal financial blog.
Personal Capital
Personal Capital is the finest app for accumulating wealth and has proved to be very beneficial. You cannot manually input budgeting transactions in Personal Capital, but you can manually enter investments without needing to sync those accounts. You can monitor your expenses against your monthly income using Personal Capital’s budgeting tools.
You will not be able to establish precise goals, but you will be able to create a budget, compare your spending to previous months, and view your spending by category. Personal Capital is an excellent choice if you have a good handle on your finances but want to improve your financial charts and graphs.
When it comes to spending, it tracks and categorizes every expense you make through any linked credit or debit card. The software then creates charts that show your monthly cash flow. This gives you the opportunity to break down expenses by category and go deeper into any issues you have regarding your spending habits. It is not fantastic for budgeting, but it is amazing for managing your funds in general, particularly your assets.
YNAB
YNAB means You Need a Budget, and it is one of the most popular customer-rated apps to monitor your expenses. This software’s creators worked hard to create a budgeting and cost-tracking program. The budgeting approach used by the app is innovative. Users are forced to allocate a job to each dollar they earn, whether it is for savings, expenses, or investments, and the app analyzes this data to present user budgets.
You may sync your bank accounts with YNAB or manually enter each transaction. In order to learn the basics about the app, the company suggests viewing video courses, attending a live class, or reading a manual.
YNAB provides a proactive approach to budgeting, rather than tracking what you have already spent as other competitors do. The initial version only allowed for manual spending tracking. However, a recent upgrade also allows you to automatically import expenses from a linked bank account. It is not perfect for everyone, but if you want to start budgeting and need some assistance getting started, YNAB is probably a good fit.
Simplifi
Simplifi by Quicken receives high marks for creating a personalized spending plan that includes real-time updates on how much money you have leftover at the end of the month. The software connects to your bank accounts and displays your current financial condition as well as your progress toward your financial goals. You can use it to keep track of all of your monthly payments and subscriptions. It has more features, thus, there is more information to store. The app is also designed to reduce the amount of time it takes to get financial solutions.
Conclusion
Expense tracker apps can keep track of your spending habits and provide insights to help you better understand where you are spending and where you might cut costs. You can find on-the-go spending trackers and explore different apps for different types of expense tracking.
YNAB is a top pick among serious budgeting apps because of its accurate budgeting technique, solid support, and useful features. Mint, a competitor, is also a good choice if you are looking for a free alternative to monitor your expenses.
We hope this article helped you to select an app that best suits you and saves your time and money. Good luck!
