June 16, 2024
finance apps

Looking for the best finance apps for you in 2023?

With financial goals ranging from building wealth, saving for the future, and achieving long-cherished dreams, effective money management has become a critical skill for individuals across the globe. As incomes grow, expenses fluctuate, and investment opportunities abound, the need for a firm grip on one’s financial affairs has become paramount.

Fortunately, in this digital age, many tools and resources are at our fingertips, empowering us to take charge of our financial destinies like never before.

In this article, we’ll share the 10 best finance apps for you in 2023; carefully read through them!

Why Should I Use Finance Apps?

Finance apps can be incredibly helpful in managing your finances and achieving your financial goals. Here are some ways in which finance apps can assist you:

1. Budgeting

Finance apps can help you create and track your budget by categorizing your expenses and income. They give you a clear overview of where your money is going, making it easier to identify areas where you can cut back or save more.

2. Expense Tracking 

These apps allow you to log and monitor your daily expenses automatically or manually. They provide insights into your spending patterns and trends, helping you become more conscious of your financial habits.

3. Financial Goal Setting 

You can set specific financial goals such as saving for a vacation, paying off debt, or building an emergency fund. Finance apps help you track your progress toward these goals and motivate you.

4. Bill Payments and Reminders 

Many finance apps have bill payment features that remind you of upcoming due dates, avoiding late payment fees and ensuring your bills are paid on time.

5. Account Aggregation: 

Some apps can sync with multiple bank accounts, credit cards, and other financial institutions, allowing you to view all your financial information in one place. This simplifies financial management and reduces the need to log in to different accounts.

6. Investment Tracking 

For those who invest, finance apps can help you track your investment performance and your portfolio’s growth.

7. Credit Score Monitoring 

Certain finance apps offer credit score monitoring services, giving you a better understanding of your credit health and how to improve it.

Read: 10 Best Apps For Managing Money In 2023

Best Finance Apps

Here is a list of the best finance apps for you in 2023: 

  • Mint
  • Personal Capital
  • YNAB (You Need a Budget)
  • Acorns
  • Prism
  • Simplifi
  • Goodbudget App
  • PocketGuard
  • Stash
  • EveryDollar

1. Mint

Mint is a popular personal finance app that helps users track and manage their money effectively. It syncs with bank accounts, credit cards, and other financial institutions to provide a comprehensive overview of your financial health. Mint categorizes expenses, creates budgets, and sends bill reminders, helping users stay on top of their finances effortlessly.

Additionally, Mint provides monthly bill tracking services, such as payment reminders, to prevent late fees. The software also lets you examine portfolio fees and keep track of your investments. A few educational tools are provided by Mint, including a blog with different personal finance subjects, a house affordability calculator, and a loan payback calculator. 

Mint safeguards your data through features like security screening with Verisign, multi-factor authentication, and touch ID mobile access. The company keeps your login information in a different database with numerous hardware and software encryption levels.

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2. Personal Capital

Personal Capital is an app that offers a wide range of financial tools, primarily focusing on investments and wealth management. It allows users to track their net worth, manage investment portfolios, and plan for retirement. The app provides valuable insights and recommendations to help users make informed financial decisions.

3. YNAB (You Need a Budget)

YNAB is a budgeting app that follows the “zero-based budgeting” philosophy, where every dollar is assigned a job. It encourages users to be proactive with their finances by giving every dollar a purpose, whether it’s for monthly expenses, savings, or debt repayment. YNAB also offers educational resources to improve financial literacy.

You can manually enter each transaction, import data from a file, or sync your bank accounts with YNAB. The business advises starting by watching video tutorials, attending a live class, or reading a manual to master the fundamentals of the program. Unlike some of its rivals, YNAB takes a proactive approach to budgeting rather than focusing on tracking previous spending.

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4. Acorns

Acorns is a unique finance app that promotes micro-investing and automated saving. It links to your bank account, rounds up purchases to the nearest dollar, and invests the spare change into diversified investment portfolios. 

Acorns also offers additional savings and retirement features to help users grow their wealth.

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5. Prism

Prism gives you a complete picture of your finances by displaying your bills and financial accounts in a single app. More than 11,000 billers, including major banks and even minor energy companies, are listed on the app.2 When you add your invoices to the app, Prism automatically keeps track of them and notifies you when they are due to help you avoid missing payments.

The software allows you to schedule payments for the same day or several days in advance. Due to this, paying invoices no longer requires logging into several accounts.

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6. Simplifi

Simplifi by Quicken is one of the best finance apps because of its effective tracking capabilities. It’s the greatest choice for managing how much you can spend in the interim between paychecks. After a free 30-day trial, you must pay $3.99 a month (billed annually at $47.99) or $5.99 per month to avoid paying in advance for the app.

You must sync your bank accounts before seeing a complete picture of your finances. The program automatically categorizes your expenditure, keeping track of subscriptions and recurring bills.

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7. Goodbudget App

The Goodbudget app uses the envelope system, Kakeibo, which means “household account book” in Japanese. The envelope system is designed to inform you how much money is allocated to each expense and how much is saved each month.

The one special feature of the Goodbudget app is its use of the envelope system for consumers to organize and budget their monthly expenses.

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Also, read: 10 Proven Strategies to Boost Your Affiliate Marketing Sales in Nigeria!

8. PocketGuard

PocketGuard is one of the best finance apps for you because of its ability to show simple numbers: how much you have, how much your bills are, and how much is left over. The app also shows you—in a helpful customizable pie chart—the things you spend on mostly. You can also set a spending limit on the app. 

Another good feature of the app is its ability to link your recurring bills and help you negotiate better rates, such as your cable bill or cellphone. The app does this by serving tailored offers to its users once they input information in their profile section about themselves.

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9. Stash 

Stash allows you to track your spending and set savings goals. If you want to automate these goals, you can use tools like round-ups and automatic investing to help you achieve your goals passively. 

Along with passive saving, Stash’s bank account features no overdraft, minimum balance, or additional fees. Additionally, cheques deposited directly into the account can arrive up to two days earlier.

When it comes to investing, Stash enables anyone to get started with as little as a few dollars, thanks to fractional shares or parts of a single piece of stock. You can start funding your preferred businesses without buying an entire claim.

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10. EveryDollar

This finance app offers a zero-based budgeting framework that’s simpler (and perhaps easier to manage) than YNAB.

When using EveryDollar’s free edition, you manually enter all incoming and outgoing cash each month rather than syncing your accounts. Additionally, you categorize budget line items and set bill-paying reminders.

The paid version of the app allows you to connect with your bank account. Your transactions automatically appear in the app, providing custom reports and recommendations based on your habits. You can also connect your saving and investing accounts.

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Factors To Consider When Choosing The Best Finance Apps

Choosing the best finance app can seem small compared to other personal finance choices. But the right budgeting app can make a big difference in your financial life.

Always keep your needs and goals in mind before choosing a finance app. The correct budgeting app lets you acquire useful cost and savings information. Here are a few features to consider before you commit to a budgeting app:

1. Fees 

Finance apps have different costs. While some budget apps require a monthly cost, you can find a good number of them that are free. While it may be tempting to select a free app, consider the paid apps as well. A budgeting app might be well worth the cost if it helps considerably improve your financial outlook.

2. Features

Try a few different applications to see which best suits your needs, as each has different features and advantages. The features you’ll look for are familiar if you’ve used a mobile banking app. 

The best finance apps often include tools for connecting your accounts, getting warnings for upcoming payments, making budgets, keeping an eye on credit ratings, keeping track of expenses, and setting financial goals.

3. Security 

Your personal information must be secure, especially when it comes to banking details and logins. Although the majority of budgeting apps provide some kind of security, some are more advanced than others. Make sure to research each app’s level of security encryption.

You may find security features on their websites, such as 256-bit encryption and multi-factor authentication. Along with using a secure Wi-Fi network, features like this will help deter intruders from accessing your information.

4. Customer service 

If you run into an issue when using a finance app, having a technical team you can contact can be helpful. When selecting a finance app, find the available customer service options on the app and the desktop version, if applicable. It also may help to read reviews of others’ experiences with the app you’re considering.

Conclusion

The finance apps listed above cater to diverse financial needs and aspirations, from budgeting and expense tracking to investment analysis and retirement planning. By harnessing these tools’ power, you’re optimizing your financial potential and building a strong foundation for your future financial endeavors.

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