The COVID-19 pandemic has forced people left unemployed to think about prudent financial management and the importance of savings. A PWC study found that 55-62% of Gen Xers and Millennials don’t have a cash cushion for contingencies. And 49% of Americans struggle to pay their monthly electric bills. This explains the increased interest in personal finance management apps. Let’s talk about five platforms to help you manage your income and save money wisely.
Personal finance app usage statistics
A personal finance app is a digital tool that helps you manage your money wisely. Such a platform collects financial information and gives it out in detail so that a user can see what their budget is spent on. People correct their buying behavior by analyzing statistics. In this way, they save more for retirement or create a liquidity cushion “for bad times”.
With mobile and web platforms, you can track income and expenses, plan your budget and save money. Through such systems, it is convenient to pay for services, invest funds and improve your credit rating. You can perform many other important procedures for financial well-being.
According to Allied Market Research, the personal finance software market will grow by $500,000 by 2027 (a 5.7% increase since 2020).
5 finance apps that can save you money
According to a Google study, 6 out of 10 smartphone owners would rather use a mobile app than a website to manage their finances. Users can regularly monitor account balances and movement of funds, and detect fraud faster. Check out 5 apps that have won customers’ trust.
Personal finance solution from NARVI
Andersen, a European financial software development company, has developed a universal assistant for the clients of a large financial holding – the NARVI mobile app. The main purpose of the platform is to help users achieve their goals and learn how to save money wisely.
With this application, a user can easily monitor their income. The system “suggests” what the money is spent on each month. A person sees expenses and adjusts them to accumulate funds for a large purchase. For example, if a customer has a habit of drinking coffee every morning at a coffee shop near their office and it costs a lot, they can limit their daily expenses and save money. The platform also recommends banking products and purchases (e.g. loyalty programs from different retailers).
The application has an AI mechanism – a robo-advisor that recommends profitable investment and trading options. A personalized cybersecurity system protects users’ personal information and funds from hacking and theft. NARVI helps develop financial self-discipline and teaches clients how to properly manage their budget, set goals and successfully achieve them. Over 200,000 customers started using the platform in the first few months after its launch. 70% of customers enter personal information to customize the app to their own preferences.
360-degree view of money with Personal Capital
Although the main purpose of the Personal Capital app is investment management, it has a useful tool for tracking finances. The platform gathers bank and retirement accounts and investments in one place. A user gets a complete view of their financial situation and evaluates their capital. They analyze whether they are moving in the right direction and carefully plan spending based on the data they collect.
The toolbar displays monthly income and expense statistics in the form of a pie chart. The panel displays expenses by date, category, or vendor. In broader categories (e.g. “Pets”) information is provided (“Royal Canin Cat Food”) to help the user understand what they are overspending on and correct their financial habits.
Personal Capital helps you uncover hidden account fees that are piling up and cut savings or old subscriptions that you forgot long ago but are spending money on monthly. The platform calculates how much you need to save to meet your retirement goals or save for college.
Goodbudget expense planning platform
Surely you’ve come across the good old method of distributing money in paper envelopes when there is a need to have a separate source for a specific type of expense and put cash there. So the Goodbudget app is a digital embodiment of this time-tested way of managing personal finances.
The platform helps users not track expenses but plan them. You can prepare for major purchases or spontaneous situations before they happen. And at the same time, you won’t stay broke until the next paycheck. You can manually generate electronic envelopes into which money is transferred from bank accounts. For example $200 for “debt repayment”, $100 for “utility payments”, $150 for “dinner at a coffee shop” and so on. So you can spend money by category and set limits.
The application has a feature to sync budgets for couples. The spouses see how each of them spends the common money and discuss purchases. In order for the user to pay bills on time, a date with a reminder is set for each envelope. In addition, upon receipt of salary, the envelope “reminds” that it needs to be replenished. The platform works on Android and iOS and offers different features depending on the type of subscription.
Zeta budget app for couples
Zeta positions itself as “a financial tool that makes relationships thrive.” The platform was specially created for couples in love with different relationship statuses who set up a joint account and jointly manage the budget. So couples can put money into a joint checking account and use it to pay rent.
The platform “remembers” the payment details of invoices and carries out the payments automatically next time. When the money runs out, the system will remind users that it is time to transfer a certain amount. Never find out who’s paying the bills again this month. The platform eliminates disputes by making it easier to manage a shared budget.
Automated AI-powered savings with Clarity Money
The Clarity Money platform offers an AI assistant that analyzes account balances, credit card debt and investment balances and provides budgeting tips. A user sees the movement of his money and plans how to manage the budget more rationally.
One person reviews the list of expenses, filtering by date and seller name. It is possible to compare the costs in a specific store for the current year and previous years. If a customer notices that they are overspending on a certain category, they can set a limit to control this. The application also “hunts” users’ subscriptions to services, and they can be canceled directly in Clarity Money without visiting the platform.
The application provides the feature to set up automatic deposits. This means a user can “ask” the app to withdraw $50 each month and put it into a savings account. The piggy bank will be automatically refilled until the required amount is collected. With Clarity Money you can become a financially literate person and increase your credit score.
Conclusion
Budget management apps teach users how to manage income consciously, plan expenses and create a cash cushion for unforeseen events. People know they need insurance and want to prepare for a good standard of living in retirement. Financial organizations are responding to their needs by creating mobile platforms that facilitate planning and savings processes. Our top 5 personal finance apps are among those that will help you build the right shopping habits and prepare for the future.