Editor's pick: 5 great personal finance apps
By UK CreditCards.com
Published: 16 October 2011
We need to own up to it: We are a nation of smartphone addicts. Last year, the number of smartphones shipped was up by 74.4%, according to mobiThinking.
However, smartphones aren't just for communicating or playing games. There are plenty of free or low-cost smartphone apps available that can help you track your budget on the move and get your finances back in order.
Here are our picks for the top five on the market:
HomeBudget is an expense tracker designed to help users keep on top of their monthly finances. The app can be synced with bank accounts and UK credit card accounts so that users are always fully aware of their money in real time.
The credit app supports both outgoings and incomings, has a payment history and also includes a bill tracker. Users are able to categorise their payments, create monthly reports and charts and calculate their balance whilst on the move.
Pros: Very user-friendly so it would suit those who are not
Cons: iPhone users have to pay.
Platform: iOS 4 or above/ Android 2.2 or above.
Price: £2.99 or free, depending on your phone.
Managing your credit cards and other personal finance products is simple with EasyMoney. The personal finance app provides users with a simple but intelligent data system, a budget planner, a bills reminder and an expenses tracker.
Other features of the app include interactive reports and graphs, split transactions, the ability to export CSV files to your desktop and the ability to take and store photos of bills and receipts. This is definitely one of the credit card apps most packed with features.
Pros: 30-day free trial available for those who want to
try before they buy and the ability to back up important data onto an SDcard
for added security.
Cons: Not available on the iPhone. Also, the £5.99 price tag is quite high for many users.
Platform: Android 1.5 or above.
The Mint.com app allows you to set up a budget, securely track your finances, create manual transactions, monitor your cash flow and even track investments.
Keeping an eye on the amount you are spending on your credit cards will help you manage your monthly outgoings and prevent you from going into unmanageable debt.
Pros: Very smooth and easy to use.
Cons: Users are unable to change or delete transactions easily, and there can be delays between the app and your bank or credit account.
Platform: Android 2.1 or above.
MoneyManager is a personal finance app that allows you to manage your money more effectively. It is also one of the most downloaded money apps on the Android market.
The app allows users to check incoming payments and outgoings and get a general overview of the day's transactions. The app also allows users to log transactions in categories, such as credit cards, mobile phone and car. The same thing can be done for incomings too -- it's not all about what goes out. Users can then pull reports to see an overview of their monthly finances.
Pros: Very user-friendly, so it would suit those who are not
technologically minded, despite being a very complex app.
Cons: iPhone users will miss out on this one as it is only available on Android devices. Some users have also complained of the app losing data during updates.
Platform: Android 1.6 and above.
5. Pageonce -
Money and Bills
Pageonce is the smartphone counterpart of its desktop version. It allows users to control money with real-time alerts and reminders. The app organises and tracks bill payments and displays all bank and credit card accounts in one place.
Key features of the app include detailed statements, an unlimited number of displayed accounts and the ability to track your investment portfolio and mobile phone usage. The app also features credit card deals, such as frequent flier miles.
Pros: Enhanced money management including investments and
credit card rewards, plus a simple overview of cash flow with account
reminders. Pageonce also supports thousands of institutions so the app is
useful to millions of people.
Cons: You have to manually check for updates. There have also been complaints that the app is slow and sluggish to use.
Platform: iOS 3 or later/ Android 2.0 or later
Price: Free / £8.08.
The bottom line: No matter which smartphone app you choose, make sure you use it on a regular basis. Keeping an eye on the amount you are spending on your credit cards will help you manage your monthly outgoings and prevent you from going into unmanageable debt.
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