Managing the personal or family budget can be challenging, but with adequate tools, this task becomes easier. Currently, exist several applications that allow to monitor finances, organize expenses, and even help to save money.
We analyzed the advantages and disadvantages of some of the main apps for financial management available for Android and iOS.
1. YNAB (You Need a Budget)
You Need a Budget (YNAB) is an application for financial management that aims to assist the users to control their finances personally through a structured method. The application allows one to create budgets based on categories and income, define financial objectives, like eliminating debts or saving for determined goals, and offer extensive support with tutorials and tools to improve financial literacy.
However, some users can find a curve of learning when adapting themselves to the management philosophy of YNAB. Beyond that, there are reports of difficulties in the connection directly to the accounts bank, which can limit the user experience. Additionally, the annual subscription of YNAB is approximately $100, a value that can be considered high by some users.
2. Money Manager
The Money Manager is a financial management application that offers a variety of functionalities to assist users in the control of their finances. Among its main strong points are the generation of detailed graphs of expenses, the exportation of data, the backup in the cloud, and the efficient categorization of income and expenses. Beyond that, the application analyzes the data inserted by the user, producing detailed reports that facilitate the comprehension of financial habits.
Still, the interface of the Money Manager can be considered complex for beginners, which can make the initial adaptation difficult. Additionally, the free version presents limitations in some functionalities, being necessary to acquire the premium version for complete access. The cost of the premium version is approximately $19 per year.
3. Toshl Finance
Toshl Finance helps users monitor and organize their finances efficiently. With an intuitive interface, it allows the management of multiple bank accounts, the creation of personalized budgets, and support for different currencies, making it a versatile tool for those who want better control over their expenses and income. Additionally, Toshl Finance offers interactive tutorials that make learning financial management easier.
On the other hand, some advanced features, such as automatic synchronization with bank accounts and the creation of unlimited budgets, are only available in the paid version, which can be a limitation for users of the free version. The premium version costs approximately $19 per year, an investment to consider for those looking for more comprehensive financial management tools.
4. Money Wise
This free application for Android does not require internet access, allows the creation of multiple accounts, and has a password protection system. According to your needs, Money Wise presents you with daily, weekly, or monthly summaries and graphs with the indication of your expenses, divided into categories. Translated into ten languages, this application allows you to create tags and filters and export data (Excel or HTML).
5. Mint
“It is often referred to as one of the best personal finance apps by sites like Wired, CNET and Digital Trends,” says CNBC. Mint is a free app for iOS and Android that helps manage the family budget and allows you to track bank balances in real-time, sending alerts when you are about to exceed your available balance and allowing you to manage expenses. You can add expenses associated with credit cards, loans, and retirement savings accounts.
