The COVID-19 pandemic forced people who were left without work to think about prudent financial management and the importance of savings. A PWC study found that 55-62% of Gen Xers and millennials do not have a cash cushion for unforeseen situations. And 49% of Americans struggle to pay their monthly utility bills. This explains the increased interest in personal finance management apps. Let’s talk about five platforms that will help you manage your income and save money reasonably.
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 in detail so that a user can see what their budget is spent on. People correct their buying behavior by analyzing statistics. Thus, they save more for retirement or create a cash cushion “for a rainy day”.
Mobile and web platforms allow you to 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 carry out 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 financial apps that will help you save money
According to Google research, 6 out of 10 smartphone owners prefer to use a mobile app rather than a website to manage their finances. Users can regularly monitor the balance and movement of funds and detect fraud faster. Take a look at 5 apps that have earned the trust of clients.
NARVI personal finance solution
Andersen, a European financial software development company, has created 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 to save money reasonably.
With this application, a user can easily monitor their income. The system “suggests” what the money is spent on every month. A person sees expenses and adjusts them in such a way as to accumulate funds for a large purchase. For example, if a client has a habit of drinking coffee every morning in a cafe near their office, and it costs a lot, they can limit daily spending and save money. The platform also recommends banking products and purchases (for example, loyalty programs from various retailers).
The application has an AI mechanism – a robo-advisor that recommends profitable investment and trading options. A personalized cybersecurity system protects personal information and users’ money from hacking and theft. NARVI helps to develop financial self-discipline and teaches the client how to properly manage their budget, set goals, and successfully achieve them. Over 200,000 clients started to use it in the first months of the platform’s launch. 70% of customers enter personal data to tailor 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 collects bank and pension accounts and investments in one place. A user gets a complete overview of their financial condition and evaluates their capital. They analyze whether they are moving in the right direction and carefully plan expenses based on the data collected.
The toolbar displays monthly statistics of income and expenses in the form of a pie chart. The panel details expenses by date, category, or vendor. In broader categories (for example, “Pets”), it specifies information (“Royal Canin Cat Food”) so that the user understands what they overspend money on and corrects their financial habits.
Personal Capital helps you uncover hidden account fees that accumulate and cut savings or old subscriptions that you forgot about a long time ago, but on which money is spent monthly. The platform calculates how much you need to save to reach your retirement goals or save up for education.
Goodbudget expense planning platform
Surely you have come across the good old method of distributing money into paper envelopes when it is necessary to have a separate source for a certain type of expenses and put cash there. So, the Goodbudget app is a digital embodiment of this old proven way to manage personal finances.
The platform helps users not to track expenses but to 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 where money from bank accounts is transferred. For example, $200 for “Repayment of debts”, $100 for “Utility payments”, $150 for “Dinners in a cafe”, and so on. Thus, you can spend money by category and set limits.
The application has a function to synchronize budgets for couples. Spouses see how each of them spends the common money and discusses. For the user to pay bills on time, a date with a reminder is set for each envelope. Also, upon arrival of the 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 helps relationships flourish.” The platform was created specifically for couples in love with different relationship statuses who set up a joint account and manage the budget together. So, couples can deposit money into a joint checking account and pay rent from it.
The platform “remembers” the dates of payment of bills and automatically makes payments next time. When the money runs out, the system reminds users that it is time to transfer a certain amount. No more figuring out who’s paying the bills this month. The platform eliminates disputes by making it easier to maintain 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 gives budgeting advice. A user sees the movement of their money and plans how to manage the budget more rationally.
A person examines the list of expenses, filtering by the date and name of the seller. It is possible to compare costs in a particular store for the current and previous years. When a client notices that they are overspending on a particular category, they can set a limit to control this. The application also “hunts down” the user’s subscriptions to services, and they can be canceled directly in Clarity Money without visiting the platform.
The application offers the function of setting up automatic deposits. This means that a user can “ask” the app to withdraw $50 every month and send it to a savings account. The piggy bank is automatically replenished until the required amount is collected. With Clarity Money, you can become a financially literate person and increase your credit rating.
Budget management apps teach users how to consciously approach income, plan expenses, and create a cash cushion for unforeseen events. People know that they need insurance and want to prepare themselves for a good standard of living in retirement. Financial organizations respond to their demands by creating mobile platforms that facilitate planning and savings procedures. Our top 5 personal finance apps are among those that help you build the right shopping habits and prepare for the future.