There’s no denying the importance of having control over your finances, whether you’re working part-time as a busy mom or devoting the majority of your day to a career path of ongoing growth. Unfortunately, no matter how much you earn, the key is how you manage your money, as countless hardworking professionals with sought-after jobs find themselves carrying crippling debt burdens despite their high annual income. On the other hand, myriad individuals earning a mere minimal wage have proved that a few healthy spending habits and saving discipline can eventually lead to financial stability. 

However, gaining control of your finances doesn’t have to be endless hours spent budgeting and finding ways to reduce your cost of living, as there are a few useful apps out there that will do most of the hard work for you. While you should consider lucrative savings options such as Wealthsimple TFSA account or high yield invests that minimize risk, you should also consider using some of these innovative financial apps to simplify the effort of managing your money.

Financial Calculator

One critical factor that can hold you back from obtaining financial freedom is a lot more simple than you may have imagined; flawed financial calculation. Unfortunately, not everyone has a knack for numbers, and accounting is so much more than merely counting numbers and finding totals. So, if you find yourself battling to balance your personal finances every month, you should consider Financial Calculator as an app that will do all your calculations for you. This app will even calculate the interest on loans and debts, helping you avoid paying a larger total at the end of the day. However, Financial Calculator is more of a collection of calculators, so you will decide which calculator you need for specific calculations. The app also offers more than sixty different calculators, and there are no in-app purchases or hidden costs to worry about while getting your finances in order.

Good Budget

When budgeting, there’s generally one rule to follow; do not exceed your budget. However, if your calculations are incorrect, going over budget is almost inevitable for most of us. The age-old envelope budget method may still be used today by many people, although this method is not entirely the best as modern options are far more straightforward. Because the envelope method is as simple as putting each bill amount in an envelope, most people might not find it practical in today’s day and age as hardly anyone withdraws their entire salary to obtain the cash. Alternatively, the Good Budget app is built on the same system, allowing you to divide up your funds within the app to accommodate each expense and bill in “envelopes.” This app is not just a great way to keep track of your transactions, but it is also rated as one of the best budgeting apps out there at the moment.

My Finances

The innovative My Finances app allows you to manage several accounts, plan for future expenses such as an upcoming vacation, view your entire history of transactions, and analyze your spending. The app has varied categories for home budgeting, and as soon as you add an expense to a category, the app will do the rest for you. What’s more, you can also customize your categories by assigning different colors to each, which might not be an essential function. However, it will make budgeting more of a personalized experience. As if that’s not impressive enough, the app takes budgeting one step further by allowing you to set recurring expenses and updating these automatically each month. My Finances is a subscription-based app, so there is a relatively small cost applicable for users, although the features and functions are undoubtedly worth the nominal fee.

Monefy

While you may get a little stuck on this innovative app’s pronunciation, that won’t matter much when you realize all the app has to offer in terms of money management. It is quite similar to My Finances, offering relatively identical features and functions. However, this app may be considered somewhat more user-friendly for some. depending on your preferences. The app’s usability has recently been simplified to stand out in the world of money management apps, suggesting that it will be subject to ongoing improvements. A few useful features this app offers include personalized currencies and categories that can be created within existing categories. Although, you can also upgrade your experience with Monefy Pro for a small extra cost.

22Seven

22Seven’s first impression is quite impressive; the beautiful design and user-friendly layout ensure it stands out from the sea of apps in this category. This app is a top option for anyone that generally battles to navigate smartphone apps. However, the expense-tracking app offers all the standard budgeting features while also allowing you to integrate multiple accounts. You will receive an automatic budget breakdown and have complete control over your expenses and transactions from various accounts. You can incorporate your cheque accounts, savings accounts, credit cards, and even in-store cards. What’s more, this app also allows you to invest your money wisely, enabling you to integrate tax-free savings and investments into your budgeting system.

Choosing The Right Money Management App

There are so many money management apps on the market that choosing the right one can seem like a challenge. As most of the apps in this category are subscription-based, you will want to spend some time comparing your options. Some may offer a free trial period that allows you to navigate the app for some time before deciding if the functions and features are what you need. Therefore, the best way to pick the most suitable app is to opt for trial versions and assess what each has to offer. Be sure to consider factors such as usability, accessibility, integration, report generation, and monthly subscription cost. It is often not the best idea to opt for the cheapest app, as you may only get standard features and functions.

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