Personal Finance Apps: Your Path to Financial Wellness

Do you keep your finances in check? If you’re anything like the general populous, then the answer would most probably be a no. Most of the people falling in the middle to low-income bracket face significant challenges in maintaining their financial budgets for the month, let alone the year.

With the rising concern about maintaining financial budgets and the rising capabilities of app development, personal finance apps are now gaining traction, allowing people to better manage their money and keep their budgets in check.

However, there are loads of personal finance apps in the market in 2023 as many companies have realized the need for fintech apps. So now the question arises: which are the best personal finance apps? These questions might also keep you up at night, but no worries, we are here with the best selection of the best budget app for you.

So, without waiting, let’s look into some of the best fintech apps you can use to simplify your financial budgets and always be on top of your expenses.

Some Statistics to Think About

The problem of the inability to maintain a budget is not a new thing, but with rising inflation, instability in the working class, and unexpected scenarios like the coronavirus pandemic, this problem has become more chronic for the general public. Thus, the need for these applications is now more than ever. Let’s look at some statistics that explain the dire need for personal finance applications in today’s climate.

a. A study by PwC found that 54% of employees are stressed about their finances, and 45% of employees find financial matters to be the most stressful issue in their lives.

b. According to a report by CNBC, 64% of workers in the United States live paycheck to paycheck.

c. A survey by the National Foundation for Credit Counseling (NFCC) found that 69% of Americans have less than $1,000 as their savings.

Because of these financial factors, it is also taking a toll on the mental stability of the general public. Here are the psychological influences that bad money management is giving rise to.

a. According to Bankrate, 52% of U.S. adults said money has a negative impact on their mental health, including causing stress.

b. As per another report by CNBC, more than three in four Americans (77%) report feeling anxious about their financial situation.

Top Personal Finance Apps for Better Financial Wellness

As we stated before, there are a ton of budgeting and finance apps that are said to be the best and the brightest. However, every user is different, and one user might have different needs and expectations from the app than another. So, choosing the best app for finances for you is important rather than which app has the most downloads.

We are here with a curated list of the best fintech apps that are suitable for everyone, no matter your needs and requirements. Let’s explore further.

Mint

The first and foremost app we have in this list is the Mint finance and budget. Suitable for a range of different users, the Mint app provides an easy and simple way to track your spending and bills while keeping the headache to a minimum.

However, the thing that sets this app apart is its alert feature. It lets users know when they exceed a specific budget limit, allowing them to keep their spending in control. Moreover, the app offers a simple yet effective interface that is more than capable enough to take care of any level of complexity you might have in your budget. So whether you want to just log your daily spending or do some high-level financial bookkeeping, this app can handle it all.

EveryDollar

EveryDollar is the runner-up in our list that provides great features and an accessible way to manage your expenses. Providing its services to more than 10 million users, this application is considered one of the best apps for finances and budgeting. EveryDollar works on a zero-based budgeting method. This means your income minus expenses is always equal to zero.

The allows you to easily create unlimited budgets while allowing you to split expenses across various budget lines for better money tracking and a holistic view of your expenses.

You Need A Budget (YNAB)

That is as clear as an app name can get. You Need A Budget is yet another great product ideal for effortless budgeting and finance management solutions. Its advanced expense tracking allows you to track every penny you spend and also provides you a detailed report of your spending and net income. So that you can better analyze your financial situation and make decisions accordingly.

Moreover, you can also be on top of your debt with a loan planner integrated into the app. With this, you can easily calculate the time and interest you paid against the principal amount to get a better view of your loans.

NerdWallet: Manage Your Money

NerdWallet is a renowned money management platform that is considered as the best budget app for many. The app allows you to maximize your money’s potential by efficiently managing your funds and giving you a brief insight into your spending.

With the NerdWallet, you can monitor and manage your spending across multiple cards and get a holistic view of the total spending. Moreover, the app also gives you a chance to keep track of your bills and enables you to find ways to cut back on your spending.

Also, you can compare your spending on a month-to-month basis, enabling you to see the changes in your spending more briefly.

PocketGuard

PocketGuard does the tedious job for you so that you can put your time and effort on more important things. The free budgeting app crunches the numbers for you with its advanced algorithms designed to simplify and accelerate your budget management processes.

The app features various reports that give you a comprehensive view of your finances while allowing you to automatically manage your bills and subscriptions. Furthermore, PocketGuard also comes with a debt-payoff plan, enabling you to create a plan by connecting all your credit and loan accounts under one roof.

Wrapping Up

The best apps for finances are the ones that make your budgeting and spending easy and record your expenses a delight. These apps can help you keep your finances in check while allowing you the chance to save money and make investments for the future. This list mentioned above covers every need a user might have to streamline their expenses and enjoy financial and mental wellness.