For those of us who are mathematically challenged keeping track of our spending, saving and budgeting can be a bit of a nightmare. A spreadsheet used to be the answer back in the dark ages; before online tools and better still the advent of the smart phone. Today however, for those of us who are either a little inept with our addition and subtraction there are a whole host of money management apps available to help us keep track of our finances. The beauty of these apps is that most are free and can help you to effectively budget (the best way to save money) with minimum effort on your part.
1. Minted?
Probably one of the leading apps is Mint; it's produced by a global leader in the personal and business accounting world and the functionality of the app is therefore no surprise. The app doesn't allow you to move money around or make payments but it does allow you to track all of your accounts. Once you've input all the account information into the app it gives you a brilliant overview of how much (or little) is available and what bills are due. Mint organises your outgoings into simple groupings so that you can see where money is going - crucial to identifying areas of overspend and potential savings. It will also very helpfully recommend bank, investment and credit card deals that may offer savings - saving you time as well as money.
2. Phone draining your Pockets?
The problem with smart phones is often data usage. Real time management of your data allowance is offered by DataMan. This app could be a real saver if you regularly go over your allowance leading to higher rate charges for mobile data. While your provider will often let you know you've reached your limit they often do so after the fact, which isn't at all helpful. The DataMan app alerts you in real time and can save you a fortune or worse still a data black out! DataMan is not free, sadly, but at £1.49 it's almost certainly worth the investment.
3. Expenses, Expenses, Expenses
Spending Log is not dissimilar to Mint, but is a simplified way to track your outgoings. Crafting a budget is all very well if you know exactly what and where your hard earned cash goes but until that point it can be somewhat pointless. Spending Log allows you to clearly identify where the cash is going, which can be a good way to make the basic decisions for a budget. Planning carefully based on real information will help to make an effective weekly or monthly budget and as the app is free there's very little to lose!
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Emma Paterson, Director at Money Saving Spy. The UK's Leading Money Saving Website!
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Also consider cloud based expense reporting software from Replicon which helps manage the expenses that flows unnecessarily with the flow. The expense reports made up of this tool is quite impressive in managing the financial budgeting approach.
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