Your Android smart phone provides a means to toss your checkbook register and budget ledger into the trash can. With this new technology, your entire financial life now resides in that small computer in your pocket.
Using financial applications requires you to enter each transaction as it occurs into the application interface. Budgeting applications require you to set up individual budgets for each category you want to include such as bills, food, gas and entertainment.
As you create new transactions, the category of the transaction adds the transaction to your budget so you get real-time, up-to-date information on your accounts and financial status. Here are five Android applications for managing your budget.
1. Pocket Money by Catamount Software ($4.99 USD)
Pocket Money lets you keep track of multiple accounts, set up budgets and track your expenses. Pocket Money provides graphical representations of your budget so you get a complete, accurate view of your financial status.
The biggest benefit to using Pocket Money is the ability to sync your software program to other Androids, iPhones and desktop computers. This eliminates double entry of transactions and shares information with your spouse or partner.
2. MooLa! (Checkbook & Finance) by Christopher Perry ($4.99 USD)
MooLa! provides an interface to track your expenses from your bank accounts. Each transaction is categorised. When you open the “Trends” screen, you see a pie graph showing your spending habits by category. This is a great way to see where your income is going and budget your remaining funds accordingly.
3. Mint by Intuit (Free)
The Mint application works seamlessly with the web-based Mint financial service. The Mint financial website puts all your bank accounts, credit cards, loans and other financial data into one dashboard. So if you’re confused by how much you spend, or you need a credit cards guide, this is the app for you.
Mint does not store your login information rendering it safe to use. Mint allows you to set up budgets for individual categories such as bills, gas and entertainment. As transactions occur in your accounts, you categorise these transactions. The reports or budget screen shows your total progress towards your budget. The Mint application lets you view your web-based account from your Android smart phone.
4. Easy Money by Handy Apps ($9.95 USD)
Easy Money manages your financial life. You enter transactions as they occur. The Expenses by Category screen shows your current spending by category allowing you to modify your spending to reach your monthly goal. The Accounts Overview gives you a glimpse of your current financial standing.
The Upcoming Bills screen ensures you never miss a payment again. It also tracks bills you already paid so you know when you pay your bills or when one transaction is past due.
5. Money by iBear LLC ($1.99 USD)
Money by iBear LLC acts as your personal finance manager. Like all the other applications on this list, it tracks transactions, adds transactions to your budget and ensures you always know where your money is going. Money stands apart from the competition by using a calendar interface.
You get a visual representation of when your upcoming bills are due so you never miss a due date. The due dates show a circle around them indicating a financial transaction will occur on that date. Money also works on the iOS platform and has a desktop application for keeping in sync with your partner or spouse.
Tracking your spending and making changes according to your spending habits is the only way to financial health. You need to take control of your financial life and control out-of-control spending habits. These five Android applications help you achieve this goal and find financial independence.