Trying to get your finances under control? Now you can, with just a few clicks. There are a multitude of mobile money management apps promising to handle everything. Do you need help setting and maintaining a budget? Paying your bills on time or putting aside funds for your retirement plan?
I am not tech savvy but I have read that each app contains a sophisticated technology and a user-friendly interface, making it easy to see where your money is going, keep track of your bank balances and monitor family expenses.
Approximately 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a new survey of 1,000 adults by personal finance website Bankrate.com. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%).
The Canadian Payroll Association says things are getting tougher for working Canadians. The association said the survey found that more than half of employees — 51 per cent — would find it difficult to meet their financial obligations if their paycheque were delayed by a single week. That was up from an average of 49 per cent over the past three years.
Avoid living paycheck to paycheck, eliminate late bill payment fees, over-draft fees & credit card interest:
Level Money (free)
The goal: Live within your means
The idea here is simple: Level Money pulls in your income, then deducts recurring bills and the amount you wish to save each month, then divides your available funds into daily, weekly and monthly allowances. Each purchase is deducted, allowing you to tap into your dashboard to see how much you have left by day, week and month.
Home Budget ($4.99)
The goal: Stay on top of household spending
Sync multiple credit and debit accounts and track spending in one place with Home Budget, which also exports data to a desktop for easy analysis and syncs devices so all family members can work off the same budget.
Mint Bills (free)
The goal: Banish late-payment fees
Say good-bye to stamps and snail mail. After a one-time setup, Mint Bills sends bill-pay reminders (email or push notifications) and lets you know when bank balances are running low, so you also avoid overdraft fees. Bill pay by bank account is free; paying with your credit or debit card results in a transaction fee.
The goal: Manage your expense account
Photograph, categorize and tag your receipts, or input manually and add to any number of expense reports. Expensify also allows you to track time spent and mileage and offers currency conversions.
Bill Guard (free)
The goal: Avoid fraud
Bill Guard keeps track of all purchases and monitors hidden fees (such as that $45 annual renewal fee your gym charges each January) and allows users to report and dispute a fraudulent charge by contacting the merchant from inside the app.
This app also keeps track of month-to-month spending by category so you can see where your money is going on a regular basis. In addition, it will flag suspicious purchases and send a push notification when it does.
Saved Plus (free)
The goal: Increase your monthly savings
Can’t seem to set aside a lump sum each month for savings? Saved Plus lets you choose a percentage figure, then takes that percentage from each purchase you make and kicks it over to your savings account.
Wish to set aside 10 percent? Buy a $12 salad, and Saved Plus will squirrel away $1.20. You can set a ceiling, so that $15,000 trip to Italy doesn’t deplete your checking account.
Square Cash (free)
The goal: Make sure Junior has enough spending money
Can’t wait a few days for that check to arrive? Download Square Cash, link it to your debit card account, then draft an email, copying email@example.com with the dollar amount in the subject line. The recipient will then get a link that lets him deposit the amount in his bank account.
Weekly limit: $250, unless you provide a mobile phone link; or provide your name, Social Security number and date of birth to access $2,500 in funds.
This is my cell phone: I have never used any of these apps so let me know what you think. Do you have any suggestions for money related apps?