- January 5, 2017
- Posted by: Melbourne Accountant
- Category: Financial Intelligence
Banking and managing money keeps getting easier and easier. I don’t know how long it’s been since I’ve had to actually go to a bank to deposit a check. Just today, I settled up some vacation expenses among friends without ever leaving my armchair.
Personal finance apps help us remember to pay bills, keep an eye on account balances, and stay within our budgets—things we need to do daily and for which we often need reminders. The automation available in today’s personal finance apps is astounding.
Some apps, including Mint, can consolidate all your transactions across multiple credit cards and bank accounts into one view. You can see all the transactions that happen across all your accounts, and get a tally of all your balances: That is, your net worth.
How Much Are You Worth?
Knowing how much money you have and how much you owe is where everyone should start, and there are two apps that excel in that area: Mint and LearnVest. With either of these apps, you can not only calculate your net worth, but also go through your spending habits with a fine-tooth comb. You can set financial goals, such as getting out of credit card debt or buying a home.
What the Apps Know About Your Money
Many personal finance apps extract real-time data from your financial accounts, including savings and checking accounts, investment services, lenders, and credit cards. The information they pull helps to paint the most accurate portrait of your finances on the fly.
The account authorizations for most of the apps recommended here have read-only access, meaning the app won’t be able to move money from your bank accounts. In fact, they won’t even be able to see the full account number. The apps can only see account balances and details of line-item transactions. You should still keep all this information safe and locked with a PIN in any app that accesses it. The exceptions are apps that you’ve authorized to pull money from your bank account to put into a new savings or investment account.
As you cobble together a set of mobile financial apps that meet your needs, keep in mind what kind of information you will want to see or know when you’re out on the town. Also think about what kind of information it would be helpful to get quickly, since many of these financial apps load faster and display information with greater ease than your typical bank app.
This online tool suitable for your mobile, tablet or desktop gathers all of your banking information in one place. My Prosperity allows you to view and access bank accounts, credit cards, property information, shares, superannuation and any other assets in one place. It’s designed for finance professionals, like FinancePath, to use with clients. The best part is, it allows you to connect with your lending consultant online at any time. Plus, you can create and track personal money goals and receive free finance reports and data tailored to your interests.
With one login, this online tool and mobile app connects all of your accounts including bank, credit card, loans, superannuation, investments and loyalty accounts, giving you a 360° view of your money. You can track your spending categories to easily identify habits that are effecting your savings, and set a Safe Spending zone to help keep you in the green each pay cycle. You receive money alerts to your phone or email so you never miss a bill. And, via the web, you can view your net worth including property, vehicles and assets. See how you compare to the rest of Australia and how your net worth changes over time.
Pocketbook Personal Finance Expense Tracker
This budget planner app is designed to streamline the way you manage your personal finance. By syncing with your bank, the finance app (used by more than 200,000 Australians) let’s you see your balances, view your transactions and setup budgets, fast. It automatically organises your spending into categories such as clothes, groceries and fuel showing where your money is being spent. You receive notifications of fees charged to your accounts, and you’ll never miss a bill again with automatic bill detection.