A recent study found that 45 percent of all Americans reported that their savings wouldn't cover three months of living expenses. It also found that about 47 percent of Americans spend their entire paycheck or more every month. If these statistics tell your story too, it might be time to get wiser about how you spend your money. Fortunately, a personal finance app might be just what most people need to get organized and control their financial life.
There are many personal finance apps out there, with some better than others. The list that follows includes five of the best apps recommended by LifeManaged for the coming year.
Mint
Among personal finance and money tracking apps, Mint is not only considered one of the best available, but it's generally considered the granddaddy of them all. Anyone looking for a personal finance app to get their financial life in order would do well to check this one out. Further, it is so complete that virtually every feature someone might want is included in this easy-to-use and understand format. This one is as close to being "plug and play" as they come. Besides, it's free.
You Need a Budget (YNAB)
Running a close second to Mint is You Need a Budget (YNAB), which, as its name infers, is for those looking for some help in establishing and maintaining a budget. This app allows users to plug their data into some interesting forms, and the rest of the work is done for them. YNAB runs $11.99 a month or $84 a year, but it also gives users a free 34-day trial to make sure it's right for them before they ask for a commitment. Perhaps the best news about YNAB is they claim users save an average of $600 a month or more than $6000 a year using the app. Want to take it for a spin? Download it on an iOS or Android (News - Alert) and you're on your way.
Personal Capital
Personal Capital is one app that might be considered a step beyond simple personal finance since it delves more deeply into investing than others. Still, for anyone looking for a way to crack the personal finance nut this year, it might be worth looking into. This is a company that is heavy-duty investing, even if that is only your goal. The company flaunts that they offer everything you need to invest, especially the tools to do it, for a monthly fee of 0.89 percent of the assets managed.
Wallet
Wallet is another app that might be considered an old-timer in the personal finance world, but it is also very comprehensive and easy to use. Nearly all the usual boxes are checked regarding what this app offers, and it even allows users to manage multiple currencies. There's a free version as well as a paid premium version.
EveryDollar
EveryDollar is another app that has budgeting as its primary goal. EveryDollar works uniquely in that it works backward, beginning with your goals. As you plug in your financial variables, it's easy to see where you are on your financial path and what you need to do to accomplish your goals. EveryDollar offers a free version as well as a premium plan.
Anyone who has trouble keeping track of their finances would do well with an app. An app will help keep track of where your finances stand and serve as an accountability partner for when you are tempted to get off track.
