Money management is a unique way of budgeting, investing, tracking, evaluating taxes and banking. Money management technology helps people to learn the process of saving money and make it profitable while lowering daily expenses.
Nowadays, thanks to your smartphone, you can manage your finances at your fingertips using money management apps. Most of these apps have been developed by renowned financial companies to enable people to learn how to responsibly manage their wealth. The main benefits of money management apps include:
- Gathering of coupons: It can help you save coupons for future use and save a lot of money on day to day groceries and personal hygiene items.
- Receipt records: Stores a record of the receipts from your monthly expenses, even those done online. At the end of the day, you can easily calculate your monthly expenditures.
- Investment tracking: You can keep a track record of money coming out and being put towards personal investments.
- Go paperless: You don’t have to ransack your whole house to find a single receipt, instead store your records right there on your phone!
- Compare prices: Before making a purchase, many money apps allow you to compare prices and choose the best one from across different websites and apps.
- Management of finances: Online management helps you to control your expense, savings, and investment from anywhere, anytime.
- Automated tasks: There are some apps that issue reminders of any vital tasks and process them automatically (i.e., bill payments).
Popular money-management apps include:
1. Track monthly expenses
Money saving apps (i.e., the Birdy and HelloWallet) focus on saving or identifying overspending as a point of money management. Goodbudget is also a wonderful app for keeping a track of your monthly expenses and paying bills on time.
2. Creating a better budget
TurboTax is one app that helps you create a monthly budget by calculating all of your monthly expenses, and sticking to it.
3. Money saving apps
Apps, such as Venmo, are useful for getting cash-backs on purchasing of clothing, groceries, and other retail necessities.
4. Tracking monthly expenses
Expensify and BillGuard teach you to keep the balance between income and expense, and even help you identify ways to save.