With the advancement of technology over time, trends in every business have changed. The banking and finance sector is one of these constantly evolving industries, especially in light of the growing importance of mobile banking in finance.
Nearly all mobile users in today’s world have at least one banking or finance app installed on their phone or tablet to complete various daily tasks. Due to their confidence in their data security, the younger generation makes up the bulk of these users. However, users of all ages are installing and utilizing these apps at a steadily increasing rate.
It is anticipated that by 2026, the app market’s revenue will reach $565 billion, with a projected annual growth rate of 6.58% for the total revenue.
The COVID-19 pandemic contributed greatly to people adapting to using personal finance apps.
Table of Content
- Benefits of Using Personal Finance Apps
- 5 Free Best Personal Finance Apps for 2023
Benefits of Using Personal Finance Apps
There’s a good reason why personal finance applications are so popular. Viewing balances, making transfers, sending immediate payments, creating accounts, and investing can all be done online. Here are several major advantages of these apps:
1. Saves Time
Traveling to a bank, typically only open during regular business hours, only to perform a transaction or check an account balance can be rather inconvenient. A financial app can complete anything whenever a user thinks about it without leaving their current location. To make a deposit or an online payment, you don’t need to wait in a huge line at the bank.
The accessibility of personal finance apps is arguably their biggest advantage. Users can make adjustments and updates directly from their mobile devices as long as they have an internet connection, whether at work, on the go, or distant from a computer.
According to a report by Statista, 90% of individuals use mobile banking applications to check their account balances, and 79% use them to monitor recent transactions. This is because it is easy and fast to do so.
3. Promotes Automation
Push notifications are often sent to mobile devices by many of these apps. This implies that consumers can receive alerts whenever there is a suspicion of fraudulent activity on a particular account, when the balance is dangerously low, or when their credit score changes.
4. Keeps Your Data Organized
People are more likely to be organized and on top of personal money when they have the information they need to monitor their accounts daily. There is never any doubt regarding an account balance thanks to the precision of apps, which is almost real-time. It is simple and effective to keep track of all earnings and outlays.
Using finance applications to handle your money has several drawbacks, and they include the following;
1. Cyber Fraud
Even when strict security measures have been put in place, it doesn’t mean you are 100% safe from fraudsters. As security measures and technology to prevent the exploitation of your financial and personal information are continuously being developed, cybercriminals are improving at getting around the mechanisms in place and finding loopholes in new software and apps.
As we are all too aware, no system is perfect, and technology is not immune to mistakes and malfunctions. While this is not frequent with the larger, most renowned finance apps, you should be aware of it.
The last thing you need is to find out that you can’t access your financial accounts because the system is down when you have an important bill to pay or a transaction you need to make. It is, therefore, advisable to have a backup system when using personal finance apps.
5 Free Best Personal Finance Apps for 2023
For managing your total finances, the best personal finance apps come with a variety of features, such as email reminders, due bill dates, subscription tracking, shared wallets, etc. Most personal finance apps work regardless of your smartphone’s operating system; they are accessible for iOS and Android.
Below are examples of the best finance apps:
The well-known personal finance app from Intuit, Mint, shows you your entire financial position in one location. Mint retrieves your transactions when you attach your credit and debit cards to your account, classify them, and display how you spend your money.
You can keep track of your expenses and payments and establish an easy financial plan to follow. You can also obtain a breakdown of the elements that go into your credit score on the website to keep track of your credit health, and access to your credit score is free. You can also handle utility payments and keep track of your finances.
- Reminders for bill payments let you know what is due, when, and how much money is available in your accounts to pay down your obligations.
- Free credit score monitoring is available, along with fraud and identity warnings.
- Although the program is free, there are ads all over it.
- In the past, continuous improvements to user interfaces and experiences have gotten mixed reactions.
- There is no integrated bill payment tool despite the bill reminders.
Prism is a free app that aids in improving financial management. Like Mint and Personal Capital, it functions as a financial aggregator, but instead of combining bank and investment accounts, it does so for income and expenses.
You’ll have a full picture of your budget when your expenses are synced with the app. You can pay your invoices and compare your income to your expenses there. This app’s simplicity is its primary strength.
It doesn’t guarantee to control every aspect of your finances or to make you wealthy. Instead, it concentrates on the most fundamental aspect of managing your finances, your monthly budget.
- Paying your bills is simple using Prism since it concentrates on just one aspect of money management. Your entire financial life is not crammed into one app, clogging up the platform.
- Can help raise credit score: Prism can raise your credit score by assisting you in making on-time payments on your credit cards and other loan accounts.
- Diverse payment options: You can make payments using your bank account, a debit card, or a credit card.
- Prism protects personal information by never selling it.
- Potential service charges: The service is now free, although Prism explicitly states in the Terms and Conditions that they reserve the right to do so with 21 days’ notice. It doesn’t necessarily imply they will, but you should be aware that it’s a possibility.
- It has limited features.
- The app displays numerous ads.
3. Empower Personal Wealth (Formerly Personal Capital)
Point to note: The budgeting tool is free. Wealth management fee of 0.89% on up to $1,000,000 balance
Empower Personal Wealth, a personal finance and wealth management platform, enables you to manage your assets and regular spending accounts. The program excels in helping with asset tracking and maximization, even though you can use it to control costs and establish a monthly budget by connecting to your bank account.
You can also monitor your portfolio based on a particular account, asset class, or security. The app software has built-in intelligence that allows you to find chances for diversification and risk management and uncover possible hidden fees.
By comparing your portfolio to significant market benchmarks, you can establish whether you’re on pace to reach your investment objectives. Personal Capital offers licensed financial consultants who can give personalized guidance based on your objectives.
- Consists of an investment element
- Access to financial consultants
- If you want a straightforward budgeting tool, it could be confusing.
- Wealth management costs are pretty high.
4. You Need a Budget (YNAB)
Instead of tracking previous transactions, this software is made to encourage users to make financial plans in advance. With YNAB, you create a plan for each dollar you earn according to the zero-based budgeting method.
Immediately after receiving your paycheck, you can instruct YNAB how much of your money should go toward specific categories, such as costs, goals, and savings. When you’re forced to choose what to do with your money actively, the theory goes, you’ll become more intentional with it.
The YNAB website has a wealth of instructional materials that explain how to utilize the app and budget to assist users in climbing that learning curve. There is a free 34-day trial, after which fees are charged.
5. Pocket Guard
Simplifying is a prominent theme in PocketGuard’s feature set. You can track bills and connect your bank accounts, credit cards, loans, and investments. The software uses that information to calculate how much money you have left over after allocating funds for objectives, bills, and essentials.
Additionally, PocketGuard keeps track of your net worth and allows you to check your finances manually without linking your accounts. Depending on your preferences, there is a free and a premium version of the Pocket Guard.
Your needs and tastes will determine which personal finance app is ideal. Personal Capital can be useful for individuals seeking an app with an investment component, while Mint is more useful for those seeking free software with extensive budgeting options.
You should consider your financial needs and goals when selecting the best software. Most personal finance applications have both a free and a premium edition. The free edition could have more restrictions and advertisements than the paid version. The cost of the paid versions of personal finance applications varies, but they are often affordable.
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