Are you’re feeling overwhelmed with all the money tracking you have to do from different places? Do you really know the status of your money and your business expanses? If not, don’t worry. Once again, technology is here to make your life easier and what you need is a money management app.
We know how important money is for your small business, especially when you’re just starting, so here’s a list of suggestions of some apps that can help you improve or maintain your financial health.
What Is a Money Management App?
The name is already very straightforward: a money management application helps you manage your own personal money, the money of your small business, or even both, from your phone.
The best part of it is that you can manage all the money flow from different bank accounts, investments, savings, and expenses at the same place. That way you can have a clearer picture of where you’re at and you can start planning where you want to go from there.
Why Get a Money Management App?
It’s always good to know where your money is, how much you have, how much you are saving and spending. Having an overview of everything will help you have better financial health. Did you know that 29% of businesses fail because the owner runs out of money? This could be caused by several reasons, but having a proper view of your resources can help you make decisions about other areas of your business.
Now think about this: 40% of small businesses are profitable, 30% break even and 30% are losing money. In which team would you like to play? The first one, right? So, let’s dive into the best money management apps to start the journey to good financial health.
8 Best Money Management Apps
Available for web, iOS, and Android, Mint is an all-in-one application, meaning it not only helps you have an overview of your money, but it also helps you create budgets, pay bills and check your credit score as many times as you want.
- Price: Download for free
- Pros: Easy to use, excellent budgeting features. Security: two-factor identification and read-only bank account access.
- Cons: Investment options are not very complete. There are synchronization delays and mistakes.
Spendee allows you to manage your money and create budgets in a very user-friendly way, for both iOS and Android. You can have a perfect overview of your bank accounts, cash expenses, e-wallets, and even crypto wallets. You can create a smart budget and analyze your spending habits, so you never spend more than you should.
- Price: Spendee basic is free. Other premium features range from $1.99 to $2.99 per month.
- Pros: Manage multiple currencies, alerts and reminders, synch and backup between devices and shared accounts.
- Cons: You need to pay to synchronize your bank account.
You Need a Budget, also known as YNAB, helps you manage your money in a smart way from your computer, Android or iPhone. With small tutorials and advice here and there while navigating through the app, you can synchronize your bank accounts and track whether a quantity is spent or saved. You can set goals to improve your savings, or even help you pay off some debts.
- Price: 34 days trial, then $11.99 per month or $84 per year.
- Pros: User-friendly, educational content to help you budget depending on your needs, and you can connect to several banks.
- Cons: It’s only for budgeting: there are no other financial features included. There is no two-factor authentication (the second layer of security to protect your account. Besides entering your password, you receive a text message with a code to login from a different device).
The envelop system turned into a money management app. Through Goodbudget app you can create virtual envelops to separate the money for the different bills you have that month. It allows you to share it with your friends and family to keep track of where your money goes from almost any device. Available for web, iOS, and Android.
- Price: Free version, $7 per month or $60 per year.
- Pros: Easy to use, and simple system. Very low price and efficient when it comes to budgeting.
- Cons: You can’t synchronize it with your bank account, so all the information has to be filled manually.
Available for web, iOS, and Android, Personal Capital gives you an overview of all your bank accounts and investments in just one place. Thanks to your easy to read dashboards you view how your investments are working, plan for your retirement and create and track your budgets.
- Price: Fees depend on your activity.
- Pros: You can get help from financial advisors regarding your investments.
- Cons: The budgeting tool is not so advanced.
While the basic version of Wallet only allows you to use its budgeting tool manually, the premium version comprises a complete money management app experience. With Wallet you can also connect all your bank accounts and get an overview of your financial status, you can analyze your spending habits and archive your receipts. Available for web, iOS, and Android.
- Price: Basic version is free, the premium goes from $5.99 to $21.99 lifetime.
- Pros: Visually intuitive, it creates useful reports and charts.
- Cons: It is not possible to make payments with the app, the iOS and web versions lack some of the features.
With PocketGuard, available for iOS and Android, you can get an overview of your money, link your credit cards, checking and savings accounts, loans, and investments. Your transactions are separated into categories for you to see where you’re spending the most money and see saving opportunities. And as with others, you can create budgets based on the analysis of your spending behaviors.
- Price: PocketGuard is free and PocketGuard Plus is $4.99 per month or $34.99 yearly.
- Pros: You can sync all your financial accounts and even add your cash transactions.
- Cons: It’s not as complete as other tools and there is not a web version.
Wally gives you an overview of all your income and expenses in a very clear and easy-to-use way. It helps you keep an eye on your budget and the amount of money you have been saving. Though is mostly for personal finances, it also allows you to take pictures of receipts and invoices to keep track of your finances without paper. Available for iOS and Android.
- Price: Free
- Pros: User-friendly, with intuitive visuals. You can keep track of your money in different currencies.
- Cons: The information has to be put in manually. Being a very young app, it still needs some developments comparing to other full financial apps.
There are money management applications for all sorts of needs, financial status and goals. However, we could say that the winner in this game of apps would be Mint since it is the most complete and integrates several features that help you not only have the big picture of your expenses but also save money and build your financial health in a more efficient way.
Want to learn more? Keep reading: The 5 Best Apps for Small Business Owners
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