What is a personal finance app?

Managing your finances is a tedious task that only a few people do.

It takes a lot of time and effort to maintain, on your own, with all the things you need to pay attention to. Balancing a checkbook, tracking expenses, and keeping track of your bank balance, on your own, can be a daunting task. Fortunately, there are personal finance apps that can help you manage your finances and do all the work for you!

Nick Wilson, CEO of AdvanceSOS and experienced loan officer, shares his thoughts on personal finance apps and how they can help you. A few words about the AdvanceSOS loan service. Its quick and easy app helps people in an emergency to reach the huge network of approved lenders to get same day deposit payday loans at AdvanceSOS without credit check in Texas, California, Ohio and Florida .

Nick Wilson also shares some of the best personal finance apps that you can use depending on your needs. These apps were chosen based on their features, functionality, and purpose.

What is a personal finance app?

A personal finance app is an app that you can download to your smartphone or tablet. It offers convenient real-time tracking of your expenses, savings, and investments. It can track your credit payments and notify you of recent changes in your credit score. You can also connect it to your bank so you know where your money is being spent.

Personal finance apps provide convenience and an easy way to track your finances. Personal finance apps have different features, but generally they have a shared wallet, bill reminders, automatic bill payment, and subscription management.

How much does a personal finance app cost?

Personal finance apps usually have a free version and a paid version. A free version would have fewer features compared to the paid version and might also contain advertisements. The paid version differs in price but is relatively inexpensive, costing only $25 per year or less. Other apps only have a free version!

So if you need help managing your finances, but don’t want to spend a lot of money, personal finance apps can help you without breaking your budget.

What types of personal finance apps are offered?

For debt repayment

You need a budget, also known as YNAP, is one of the best personal finance apps for debt repayment. The app works according to YNAB’s four rules: give every dollar a job, accept true spending, roll with the punches, and age your money. The app is committed to helping you budget better and control your spending. It allows you to import transactions from checking accounts and apply them to each budget category. This will help you get an accurate picture of your spending and maintain a balanced budget by adjusting budget categories if you over or under budget.

Each month, you’ll receive a detailed report of your spending and help you identify areas where you can improve your spending. According to YNAB, an average new user saves $600 in the first two months and moves $6,000 in one year. The app offers a free version for the first 34 days of use.

For wealth management

Personal capital allows you to manage your assets and investments in addition to your expense accounts. Along with tracking your expenses, the app also tracks and improves your investments. The app allows you to track your investment by account, asset class and individual security. The mobile and tablet version of the app has an intelligence system that uncovers opportunities for diversification, risk management and uncovers hidden fees.

Personal capital also allows you to compare your portfolio to major market benchmarks to determine if you are meeting your investment goals. It also provides financial advisors who can help you achieve your goals.

For bill payment

Prism works with over 11,000 billers, including banks and small utility companies, making it the best personal finance app for managing your bills. It also allows you to list all your invoices and financial accounts in one place.

Add your invoices to the app and Prism will automatically track them for you and send you due dates and reminders to help you avoid late payments. You can also use the app itself to pay your bills. You can schedule same-day payments or schedule them in advance for your convenience.

For shared expenses

Spent is a personal finance app that you can also use for shared payments and expenses. It allows you to create a shared wallet with your friends or family to manage a shared expense or budget.

Just import your bank transactions into the app, and Spendee will categorize them for you, or you can also add cash expenses manually to be more specific. Creating a budgeted amount for expenses in each category will prevent you from going over budget. The app will also track your progress towards your budgeted amount. The app also has a bill tracker that sends reminders to pay your bills to avoid penalties and additional charges. If you are going on a trip or to an event, you can create a category for that event and Spendee will track your expenses to stay within your budget.

For budgeting

Every personal finance app can be used for budgeting, but the best is the Every dollar application. The app uses a zero-based budgeting method recommended by personal finance expert Dave Ramsey. Zero-based budgeting gives every dollar a purpose, hence its name.

The app has a built-in monthly expense tracker that you’ll connect to your bank to import transactions and track your expenses. The tracker shows what you’ve spent so far and how much you have left to spend. The app gives you access to financial management experts to help you with your financial planning. Accessing your budget can be done using your mobile app or desktop. All users get a free trial of the premium version of the app which you can upgrade at any time through the app menu.

About the Author

Amanda Girard is a lead writer for AdvanceSOS. His expertise and input are valuable assets to our website and other channels. She has been a tremendous help since our founding in 2019, producing pieces that are not only engaging but also informative and entertaining. She remains an influential figure in the company and among its customers.

Nick Wilson, CEO of AdvanceSOS and experienced loan officer, shares his thoughts on personal finance apps and how they can help you. It also shares some of the best personal finance apps that you can use depending on your needs. These applications were chosen based on their characteristics, functionalities and objectives.

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