If you are like the majority of Americans, you too must be winging it when it comes to managing your finances. A recent report by CNBC says that “75 percent of Americans manage their own finances, with no help from a professional.” There is less than 20 percent who have a financial advisor by their side or are savvy enough to use a money management app on their smartphone. In what category do you belong to?
Here Are the Best Money Management Apps You Should Have in 2020
1) Clarity Money
How about letting AI handle your finances in 2020? Clarity Money is an AI-powered money management app for those who wish to stay away from the legwork needed in managing money. Once you download this app for your smartphone, you won’t feel the need to look for any other finance app.
Pros:
- Artificial Intelligence-powered tool.
- One-stop solution for all your money management needs.
- It makes you cognizant of your spending habits.
- It helps to declutter your life.
Cons:
- You might get logged out for no reason.
- The app can be made from user-friendly.
2) Goodbudget
As the name suggests, Googbudget is a budget tracking app by Dayspring Technologies. The app/web version can be accessed from all devices. You must definitely have heard about the “Envelope Budgeting Method” from any of your friends or relative. Before the age of technology, people use to keep their money in paper envelopes labeled according to their category. Goodbudget uses the same concept but without the use of paper.
Pros:
- An environment-friendly way to track and manage a budget.
- Use of tried and tested methods to manage money.
- No need to sync the app with your bank account.
- A digital wallet is provided to keep your money safe.
Cons:
- Some app functionalities may differ for Android and iOS devices.
- Sometimes the money in the envelope does not reset after the arrival of a new month.
3) PocketGuard
PocketGuard is popularly used in the US and Canada. This money management app is created and maintained by PocketGuard, Inc. The “In My Pocket” feature is what has made this app so popular in North America. Before making a purchase, all you have to do is enter the value of the product/service you wish to buy. The app will calculate the money in your account and let you known if you can afford it or not. It is always great to make financial decisions based on facts and figures.
Pros:
- Once you connect your bank account, transactions get updated automatically.
- Install and get started within seconds. No need to fill up lengthy forms.
- Get results in less than a week.
- Easy to use and user-friendly interface.
Cons:
- There are 1 or 2 major glitches in the app.
- While calculating the amount in the pocket, the app does not take in to account the closing balance.
Summary
You don’t have to install all three above-mentioned apps on your phone. Clarity Money and Goodbudget have all the features a paid money management app offers. Although, feel free to experiment with them. Stick with the one that suits you the best.