If you are alone in handling your own money, then it may be overwhelming to do so; yet there are various ways on where and with what you can use to make savings, spending, and other aspects of money easier to deal with. In the next five years, managers will ensure that the personal finance apps they develop are easier to use and effective to use. Whatever your age or experience, read our newbie guide and learn about 7 best personal finance applications to download this year.

1. Mint

Best for: Comprehensive budgeting and financial tracking

Mint has been one of the best personal finance apps for years, and in 2024 it remains the same. This free app enables you to consolidate your bank accounts, credit cards, loans and investment accounts. Mint helps you save money, record your expenses and even notify you when you are close to violating your budget. It also shows you your financial practices which can inform better decisions.

Key Features:

• Automatic expense tracking
• Customizable budgets
• Credit score monitoring

2. YNAB (You Need A Budget)

Best for: Budgeting enthusiasts

YNAB stands for You Need A Budget, and it is a budgeting app which puts a different way of tackling financial management. Another important thing about YNAB is that it’s not about past spending, but about giving every dollar a purpose and assigning it to a certain project or goal. It teaches you how to budget your financial needs and wants and how to manage your finances in advance when it comes to bills. YNAB is perfect for the users who aim to increase personal finance control and are willing to follow the plan strictly.

Key Features:

• Zero-based budgeting system
• Goal-setting features
• Real-time expense tracking

3. Personal Capital

Best for: Investment tracking and wealth management

Since it does a lot more than just help users to save money, and help track investments as well, Personal Capital is ideal for those who want to not only budget but also manage. It has expense tracking features compliments of the IFTTT integration and contains powerful investment applications. You can connect your accounts if you want to see your worth, monitor your investment, and even get an idea on how to manage your retirement fund. Personal Capital is exactly what is needed for all those people who want to advance from simple tracking of their financial situation to constant monitoring of how their money is being spent.

Key Features:

• Investment tracking and analysis
• Retirement planning tools
• Detailed net worth calculations

4. PocketGuard

Best for: Simplified budgeting

PocketGuard is not complex; in fact, it is one very easy to use money management app. You can achieve your financial goals keeping track of your income, bills and expenses and determine how much money you have to spend. The “In My Pocket” feature is perhaps its greatest asset: it bestows upon the user a figure representing the amount of money they should ideally be able to spend after all their fixed obligations have been met. It’s ideal for the people who do not want to be bothered by words like ‘management’ when managing their finances.

Key Features:

• “In My Pocket” feature for easy spending tracking
• Automatic bill tracking
• Savings goal features

5. Honeydue

Best for: Couples managing joint finances

While Honeydue does make managing money as a couple a little easier, it can still often times be complicated. This app is best suited for couple who need to manage their finances together. This is where you can link accounts, allocate money, and pay the bills, all the time discussing your spending with each other. It makes budgeting easy and convenient for both partners because Honeydue also included joint and separate spending.

Key Features:

• Joint financial management
• Bill reminders and alerts
• Customizable categories for individual and shared expenses

6. Goodbudget

Best for: Envelope-style budgeting

If you like the traditional envelope system of budgeting but are gearing towards using an app, then Goodbudget is the app right for you. Goodbudget is an example where you assign funds to categories which have their own virtual envelope such as food, shelter, and fun. It also breaks down the envelopes for you, meaning that as you spend, the app reduces the balance of the amount to facilitate the budgeting. In today’s world, it’s perfect for those who prefer a physical way of budgeting that can easily be transferred online.

Key Features:

• Digital envelope system
• Expense tracking for multiple users
• Debt payoff tracking

7. Acorns

Best for: Beginners in saving and investing

Acorns is a micro investing app that enables you save pocket change and invest them to make more money. It is connected with your bank accounts and rounds up your purchase to the nearest dollar, investing the rounded up amount in ETF portfolios. Acorns is a simple application that lets you begin investing without a significant amount of money. Retirement accounts and cash-back are other features also provided through partners, through the app.

Key Features:

• Automatic investing with spare change
• Tax-advantaged retirement accounts (IRA)
• Educational resources for new investors

Conclusion

Practical tips for handling our own budget do not need to be lavish, let alone with these top applications in our disposal. If you are looking to gain better control of your finances, save money for the next big purchase, or even start investing these personal finance apps can help make your journey in 2024 easier. Select the one that suits you best and get on track toward your money’s worth today!

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Daniel Aryeetey

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