Financial management is Greek to many people. However, we all understand how important it is to keep track of our expenses. Indeed, the easiest way to stick to a budget is to do regular accounts. This is where finance applications will come in handy. Many people have already discovered the benefits of using budgeting apps that you will find in abundance in both markets.
According to the latest study, undertook by the FINRA Investor Education Foundation, over 20 percent of Americans exceed their budgets. In other words, they spend more than they are able to earn. Therefore, one of the best ways to change the situation for better is to use a budget or finance application. In this article we’ll discuss the benefits of using personal finance applications, talk about their basic features and give short reviews of the most popular apps. If you are interested in this area and want to get some insight in it, keep on reading.
There are two basic types of budgeting applications – simple and complicated. When using simple or “manual entry” applications, users need to enter information about all their expenditures manually. Complicated finance apps are linked to the user’s bank account and therefore we can call them “linked apps”.
Famous Personal Finance Apps for Android and iOS
Users can choose from a great variety of free and paid personal finance apps. Here are a few the most popular applications for iPhone.
- HomeBudget with Sync. This application is highly rated by the users and has 4.5 stars. Basing on numerous positive reviews, it’s safe to say that HomeBudget with Sync is very easy to setup and use. This program is great for managing family budgets, as it synchronizes a family budget in the cloud to the phones of both spouses. This app will cost you $4.99.
- Moneywiz. This is another popular app with 4.5 stars. For only $4.99, you will get your personal financial assistant. Moneywiz allows creating custom budgets and importing all your accounts. And of course, the app synchronizes your data across all the devices you use.
- Dollarbird. Though this app is cheaper than the two mentioned above ($1.99), it has the same high rating of 4.5 stars. The app has a very intuitive and simple design and will make budget managing a lot easier.
- Mint.com. This finance app you can get absolutely for free. The app is very popular among users. It synchronizes with the Mint.com account and keeps track of everything on your phone: credit cards, expenditures, bank account, loans and much more.
- Level Money. This one is also free and very effective when it come to managing personal finances. Many users agree that this is one of the most beautiful budgeting programs. Level Money links to the bank accounts and allows assessing your fiscal position within a given month, week or day.
General Features for Personal Finance Apps Development
It is quite clear that with personal finance application you can organize your finances in a quick and hassle-free manner. However, it is crucial to choose the app that will meet your particular financial needs, as almost all features of personal finance app developers from Letzgro can do.
When choosing a budgeting app, make sure it has the following general features:
- Ease of use. Personal finance app should be easy to set up and use. You should have no difficulties with setting up accounts, viewing reports (which should be detailed, by the way) and tracking transactions. A decent app will also allow you importing data in various formats.
- Banking and Bills. To make well-thought financial decisions, it is necessary having an app with a good set of banking tools. Thus, it is essential having tools for importing account information from your bank, having a free access to online banking, as well as using a bill-pay service. Many finance apps allow not just checking accounts and managing savings, but also keeping track of your mortgage and credit card accounts and also loans.
- Archiving and Security. Finance software should give your sensitive information (bank information, account numbers, personal information, etc.) a reliable protection. Everything should be protected by a password. Moreover, top programs allow archiving and restoring your data.
- Reporting. Without this function keeping a total control over your expenses will be pretty difficult as reporting gives a detailed information about all your expenditures. In other words, it shows what you spend your money on. Generally, reporting is presented in the form of line graphs or pie charts, showing your money flow.
- Help and Support. Though this feature may seem optional, it is crucial in all senses. Quick and professional customer support is an absolute must, especially for paid apps. To get the maximum of your personal budgeting software you need to be sure that you will get quick help, as well as answers to your questions anytime you have difficulties using the app.
- Tax options. To have a total control over your money flow, do not forget to manage your taxes. The best programs enable exporting your financial information into tax application. It makes it easier to estimate your capital gains and tax withholdings, as well as find missed deductions.
In addition to basic functions, some personal finance apps may have certain specific features, like:
- Mobile payment system integration – a feature that allows making payments using your phone
- Reading receipts – feature aimed at giving advanced options for viewing payment receipts and statements.
Whatever software you choose, make sure it gives a detailed information about your expenditures and features an easy-to-use interface.
Monetization of personal finance applications
In order to survive, companies developing free accounting software need to have an additional source of profit. The easiest way to generate some profit out of free apps is to monetize them. There are lots of ways on how to monetize free software. For example, in exchange for using free accounting services, some apps require an access to your private fiscal information which is then used for monetization. Otherwise speaking, they generate profit by selling insights into the spending habits of a user. This method is absolutely legal. Moreover, all the data is collected anonymously and is never used for users’ identification. Another good monetization strategy is advertising.
Custom Development of Personal Finance Apps with Letzgro
Even though Play Market and Apple Store are crammed with diverse accounting applications, finding the one that meets all of your requirements might be pretty difficult. If this is the case with you, Letzgro will create finance app customized to the financial needs of your business.
Letzgro is a software development company specializing in developing custom software solutions. We work with all popular technologies, platforms and devices and have 8+ years of experience in developing premium Android and iOS applications. Our dedicated team of skilled and experienced developers will create a flawless, straightforward and efficient personal finance application for you. With such an app you will manage your personal or business finances like a pro!
Software solutions created by our company are used by our customers all around the world. To get a more detailed information about the products we deliver, just check our portfolio. If you have any questions, do not hesitate to contact us. Just describe your needs and we’ll do our best to fulfill them.