Bad at personal finance? 5 useful apps to manage your monthly expenditure, make room for savings

a hand holding a cellphone: Bad at personal finance? 5 useful apps to manage your monthly expenditure, make room for savings

© Faizan Javed
Bad at personal finance? 5 useful apps to manage your monthly expenditure, make room for savings

Handling personal finance is a cumbersome challenge, with several among us struggling to keep their monthly expenditure in check. Technology in the case could be a major boon, as a number of applications could allow you to keep an efficient tab on expenses, while also make room for savings and act as a guide for investments.

Here are five useful apps to manage your personal finance.


Available for both iOS and Android platforms, Goodbudget is one of the most preferred applications when the goal is to increase the quantum of monthly savings. The app allows the user to divide their expenses under various digitised ‘envelopes’, under the headers of rent, groceries, bills and entertainment.

Furthermore, the app also allows you to divide the household budget among those with whom the expenses are shared. It also includes a feature to track the monthly expenditure.

While the app is available for free, its advanced version can be used at a monthly fee of $7 or annual charge of $60.

Also Read | 3 personal finance steps to stay in control of money matters during COVID-19


For those who end up questioning themselves how their monthly earnings get nearly completely exhausted, Pocketguard app could be an answer. The application, available in both iOS and Android versions, analyses your monthly income, expenditure and savings.

In the form of pie-chart, it explains where your money is being used up the most, and allows you to set spending limits through the app to help in the budgeting process.

The paid version of the app, which costs $7.99 a month, also comes with a feature to automate your savings.

YNAB (You Need A Budget)

YNAB or You Need A Budget is useful for users who aim to set strict financial goals. The app allows you to set your priorities – from erasing debts to maximising savings.

The app, while focusing on budgeting, also allows the user to share access with others such as spouses or close family members. For paid members, swift online aid is available in the form of real-time interactions.

While the app is available for both iOS and Android users, it must be noted that it is free for 34 days, and thereafter, you can use it only after paying a monthly charge of $11.99 or annual fee of $84.

Personal Capital

One of the top-rated applications for managing personal finance, Personal Capital allows you to take a holistic view on your finances, manage day-to-day expenditure, track portfolio performance and aid in taking investment decisions.

The app can also analyse your debt erasure plans, monitor cash flow and help to estimate your net worth. Notably, it is also available in desktop version along with the mobile app.

Clarity Money

This is one of the applications which you can use in addition to other apps for personal finances, as it keeps a track on your subscriptions and the monthly spendings on them.

With more and more media entities resorting to the subscription model, it would be of immense aid if an app can warn you against spending on a service which you no longer use.

Apart from recommending you to cancel unused or underused subscriptions, the app also keeps a tab on your expenses and offers options to improve the management of personal finance.

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