Best Apps for Improving Your Money Management Skills

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Successful money management skills are possessed by those who exercise discipline. Nobody is born with discipline, and therefore, it takes a lot of practice and patience to master it. There are hundreds of resources and applications that can assist you with improving your money management skills, but which one is the best? To start you off, here is a list of applications that you can install on your smartphone to improve your ability to manage, and save, money.

Mint

This application is designed to help users organize their finances and expenditures based on available income. If you have upcoming bills that you are supposed to take care of, Mint will notify you in time so that you do not miss a payment. Notifications are also sent when you are about to reach your credit card limit, when you transfer funds, when you close an account or when you receive payments. Mint allows you to plan your finances and to monitor account activities.

Acorns

Acorns encourages you to get in the habit of saving the little change left after regular transactions. If you purchase an item whose price tag leaves change in cents, the transaction will be rounded to the nearest dollar, and the cents will be deposited in your index fund as savings or investments. All you have to do is link it to your credit card or your debit card.

BudgetSimple

This application is designed to help you create a budget – and stick to it. If you have it on your phone, you can keep track of your monthly expenses by identifying all areas where you spend your money, and how much you spend.

RetailMeNot

If you want to get good deals and save money, then you should install RetailMeNot on your smartphone. With this app, you will not have to pay full prices for many things that you buy. There are daily discounts, promo codes and coupons which will help you save big.

Level

Level is a day-to-day money advisor that guides you on how much you should spend from your income. Money management activities in the app can be scheduled daily, weekly or monthly. The widgets allow you to enter your allowance, and as time goes by, the app will show how well you are following your budget so that you can improve your money management skills.

Expensify

This app is recommended for you if you are the type of person who wants to note every little expense you make. You can create expense reports, take pictures of receipts, track time and print out the information anytime you want to generate an expense report. Maintaining a spending journal like this can help you to figure out where you are wasting money.

Money Wise

This is another application for budget tracking. You do not need to be connected to the internet to enter information, as is the case with other apps. Everything can be done offline, including budgeting and expense management.

Digit

Digit is an app that makes it easier for you to save as you spend. You can keep track of income versus spending, and any little money that you can afford to save will be moved into your Digit account. After the money is accumulated in this account, you can withdraw it at anytime. You can also get notifications of upcoming expenses.

Wally

Wally does not just manage your money, but also provides information that makes you understand your finances better – to help you make well-informed financial decisions. Your information is secure, because it is not stored on online servers, but on your phone.

Groupon

Groupon is actually a type of coupon app. It notifies you with daily, unbeatable discounts available in your area. As a user, you get the opportunity to save a lot of money by taking advantage of promos and discounts on the things that you want to buy.

Splitwise

Ever go out to eat with friends and agree to split costs, but then have to spend time figuring out what everyone owes? If your friends and you all have this app, you do not have to worry about unnecessary expenses arising from shared dinners or accommodation fees. This app will help you to split the charged costs accordingly.

Budget Boss

Budget Boss is an app that studies your spending habits and helps you design a budget to that extent. If you have future financial goals, the Budget Boss will suggest areas that you should adjust so that your budget is sustainable, which is a key factor in creating a budget that works.


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