The best personal finance apps on the market

It seems the case for most normal working people in the UK that – even though the figures appear to show the economy is improving – financial pressure…

It seems the case for most normal working people in the UK that – even though the figures appear to show the economy is improving – financial pressures are still a huge concern.

The effects of the credit crunch are very much continuing to be felt and the fast-paced modern world of business means that we must react quickly or risk being left behind.

Much of this is driven by advances in technology. This will ultimately be more of a help than a hindrance if you are able to stay abreast of the most cutting edge products. An area where this is undoubtedly true is personal finance apps.

Rather than having to rely on expensive advice from accountants or trying to muddle through page after page of jargon via a Google search, there are now a range of apps on the market that can offer guidance specifically tailored to your individual situation at the touch of the a button.

Obviously, this depends on having the correct device at your disposal to start with – and for this purpose alone, it's not worth shelling out on an expensive Smartphone that will break the bank.

But for those who want to be able to quickly and easily manage their personal finance wherever they are, here are some of the best options available.

BillGuard

This is an app that comes free of charge and is available via iOS or Android platforms. It works by syncing the accounts of all your debit and credit cards into one handy program. This can then monitor every transaction that is made, offering immediate protection against any fraudulent activity or security breaches.

The user will be immediately alerted of anything suspicious and informed where it took place, allowing them to act before it is too late. The app can also help trace the details of hackers and offer a significant aid when trying to retrieve any stolen funds.

Level Money

Any financial expert will tell you that careful budgeting is the best way to stay on top of your money, but estimating what you actually have once taxes, credit repayments and any interest is taken into account can be a very difficult task.

That's where Level Money comes in. Again, it is a free app that can be used on both of the aforementioned operating systems.
It works by the user inputting all their financial information into the calculator – from the obvious stuff like your overall income and rent, right down to the average price of your morning coffee. This can be done on a monthly, weekly or even daily basis – meaning you can meticulously plan and ensure you never find yourself in the red.

The app will subtract everything that is immediately deductible according to the user's regular spending levels. This will then be taken away from income at the beginning of a chosen spending period, which is normally pay day. The user then has a detailed breakdown of how much they have left over to spend on payments they had not already accounted for.

Mint Personal Finance

This is an award-winning app that has taken debt management to a whole new place. Like Level Money, this uses budget spending calculations that are subtracted from your income, but the difference is that it is not reliant on estimates provided by the user – some of which have the potential to be overly subjective and ultimately inaccurate.

Mint Personal Finance analyses the user's accounts over a period of time, creating real life, trend-based calculations of how much is actually spent each month. The longer the app has been in use for, the more comprehensive a picture it is able to create. The eventual result is that the user is able to instantly decide whether a purchase is within their budget, rather than regretting it further down the line.

Conclusion

These are just a few of the ways that modern technology can be used to keep your finances in order and help protect against fraud. All of the above are provided by reputable companies and if considering alternative personal finance apps, you should always be sure that the creator is equally trustworthy.

It's also worth bearing in mind that everyone's personal situation is different, so it could prove best to try out a few apps before making a decision regarding which is the best for you.

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