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As high inflation eats into wages and puts pressure on household finances, many people are turning to money management apps to keep a close eye on their finances.
Having a clear picture of your spending can help you cut down on unnecessary spending. It’s hard to pay less rent, but it gives you more control over how much you spend on dining out, movies, or subscriptions you may have forgotten about.
“To think that you can maintain the same habits when prices are so high is naive at best, and economic ‘suicide’ at worst, as it erodes your savings.” there is Instagram account on the same topic.
Maintaining the financial safety net should be a priority, she told Euronews Next, as inflation will increase unexpected expenses.
However, you don’t have to scrutinize your daily spending.
“We recommend people with low incomes review it once every three months, and wealthy people twice a year, and make adjustments as needed,” Kay added.
So what are the most popular money management apps? Here are some tips.
Use banking apps
The easiest tools for tracking your budget might be the ones you already have, but you’re probably not using enough of.
Many banks have services that allow you to view your spending in near real time as the data is directly linked to your payment instrument.
Another advantage is that you can easily transfer money to your savings account using the same banking app. However, if your accounts and payment instruments are spread across different banks, this option will not suffice.
Best app to track your finances: Emma or Money Dashboard (US Mint)
Both are approved by the Financial Conduct Authority (FCA) and Money Dashboard has been awarded Best Personal Finance App for the second year in a row. Covering hundreds of banks, it has a user-friendly interface that can give you a comprehensive overview of your expenses.
Both apps let you scrutinize your spending by category and offer budgeting tools like visualizing upcoming payments and setting budget goals.
Money Dashboard is completely free, but Emma relies on a freemium model (free basic plan with paid options). However, Emma is the only app that offers a cashback option. This means that if you choose a premium subscription, you will get discounts in partner stores.
These are not just budget tracking apps, they are neobanks. Visualize data from multiple bank accounts all in one place, categorize your spending, send money, get a free bank card, and send money.
One of the biggest advantages of neobanks is the ability to pay in various currencies and countries without fees. You can also keep track of your spending, even at destinations where you want to spend extravagantly.
Great for multiple people: Tri-count
Whether it’s vacations with friends, joint gifts, or living as a couple, spending money together can easily become a financial headache.
There is also an app for this. Tricount handles the accounting for the group’s expenses.
Here’s how it works: Enter the amount people donated and Tricount will calculate each participant’s balance and find the best payment method.
No more lengthy calculations or oversights. Tricount shows who owes whom and how much.
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