Of the many benefits of smartphones, what stands out the most is the availability of apps for any aspect of life. Financial apps, in particular, have reshaped how individuals handle money every day. They give the user the ability to be conscious of every expense and monitor their financial state more efficiently.

Today apps even hold the key to completing a payment. Whether you are an international traveler looking to pay in foreign currency, or an international student paying for academics such as an essay from https://essaypro.com/buy-an-essay.html, today, these apps give you a clear picture of how you are managing your budget.

A 2018 Bankrate survey observed that among the smartphone users in the US, 63% have at least one financial app on their phones. It is not merely about managing money, but these apps allow users to spot any discrepancies in their accounts faster. And the introduction of biometrics has made it more secure.

If you are hoping to get more organized with your finances, then these apps are the best set in 2020.

1. Mint

Perhaps the most famed app in this category, Mint, has every feature necessary to keep an eye on your finances. Start creating budgets, track bill payments, and even receive a free credit score when you need it.

However, the most useful feature of Mint would be the linking your bank cards, loan, and bank account. It can automatically set budgets based on your spending habits. Users can classify their expenses into entertainment, food, and shopping, and see how much you could save by lowering your costs in each category.

Mint Sights can give you personalized recommendations, to help with investing and debt consolidation as well. For a free app, you cannot expect better features than what Mint offers.

2. YNAB

Fittingly titled, “You Need a Budget” is for every committed user who expects the best from an expert financial advice app. The service simply asks you to “give every dollar a job”, by allocating it to a specific purpose. The highlight of this app is planning for debt payoff. This award-winning software claims to help you save up to $6000 a year with its zero-based budgeting system.

The only downside would be that YNAB comes at a cost. After the initial 34 days’ trial period, the app charges you $11.99 a month or $84 a year. It might seem a hefty price to pay, but it includes benefits of personalized recommendations, connecting bank accounts, budgeting advice, free workshops, and other features exclusive to YNAB.

3. Clarity Money

Do you think you have too many subscriptions to manage? Clarity Money might be what you need to cancel the ones you never use. Plus, it also includes all the necessary features for budgeting and saving. By linking your money accounts, its pie chart displays your spendings. It can even track price fluctuations on your recurring expenses.

After Marcus, a Goldman Sachs brand acquired the software, users also have access to Marcus High-Yield Online Savings account right from the app. You can choose how much you want to save and when you want to transfer money. Clarity Money is free of charge, and an excellent choice for the array of features included.

4. Acorns

Acorns is based on a very interesting concept. It “rounds up” your expenditure to the nearest dollar and invests the spare change. All you need is to link your credit card and bank account, and Acorns will automatically invest it based on your risk preferences. This micro-savings strategy could be more beneficial than you think.

The app targets those who need a bit of guidance to start saving. Users have the choice between a one-time or a recurring contribution. On its Found Money feature, Acorns has also partnered with several retailers. Upon making a purchase on these platforms with an Acorns linked bank card, the retailer will contribute a small amount to your Acorns account. It is one of the excellent apps to start a saving habit with small investments.

5. Personal Capital

What sets Personal Capital apart from the rest is it’s integrated tools on managing investments. It combines both AI algorithms and expertise from financial experts to offer tailored investment advice to all of the app users. The app allows you to assemble all your financial data on a single platform to evaluate the asset allocation and analyze the portfolio.

This free tool also offers budgeting features, separates expenses into categories, and visualizes them. Additionally, users can include any employer-sponsored or other retirement plan they already have and manage it from the dashboard.

6. Albert

This full-featured fintech app has got you covered in managing your finances. Users can link up the different accounts, for the software to track the net worth, account balances, and even guide you on savings. Albert’s proprietary algorithms determine how much you can safely save per week and automatically transfers that money into the in-app savings, which is FDIC insured. Users can also choose how much they want to save and set an amount to be transferred each week.

The Albert Genius is an additional feature you can pay for. It essentially acts as a financial advisor based on your spending habits. You can consult the app’s financial experts to receive their input on any monetary decisions you make.

7. Goodbudget

Goodbudget’s strategy is based on the envelope system, where you allocate a portion of your income towards specific categories. It allows multiple devices using the same account, making it a great choice for partners or families sharing a budget.

In comparison, where Goodbudget lacks is the missing choice to link bank accounts. Users are to manually add account balances, as well as enter the expenses. Similarly, you manually assign money towards each envelope or spending category. The premium version gives you access to unlimited envelopes and email support.

Wrapping Up

All of these apps have made it effortless to budget your money smartly. There is a myriad of options available for money management, and it helps to know why the aforementioned ones rise above the noise. With their unique features and algorithms, now it is up to you to decide which one will work best for you.