Managing your finances isn’t just about curbing spending or saving more – you also have to know where your money is going. Without insight into how and where your income is being spent, it is rather difficult to save, budget or plan effectively.
Still, tracking every bit of spending can be tiresome and perhaps even impractical when you have to sit down with a pencil and paper (or spreadsheet), trying to recall your purchases.
Thankfully, with money management apps, you can easily input income and expenses in real time and have the app do a tally for you.
Since there are tons of apps available, we’ve compiled some of the most supportive programs that you can download to your smartphone or tablet.
Here are five top money management apps to try:
1. BNM My Tabung
Launched by Bank Negara Malaysia, this app is made for the everyday user; it’s light, has basic features, simple graphics and is easy to use.
The app lets you input incomes, set budgets and record expenses to track cash and credit movements. You can also view the remaining amount left in the budget you’ve set for each category (e.g. food, transport and entertainment) and control your expenses accordingly. In addition, quick-glance icons give you an instant picture of your financial state.
To make logging easier, the app comes with a ‘favourites’ feature that lets you add frequent expenses to a list.
What’s great about this app is that it does not require any special permission and thus, it’s definitely one of the safer apps to use. Moreover, BNM does not store any of your information on their servers. The app is free and available for Android and Apple devices.
2. Fast Budget
This app is extremely helpful to those who have trouble keeping track of credit card expenses.
Input credit limits, interest rates, due dates as well as what you’ve charged to the card and the program will help you monitor when repayments are due. You can also check on your spending capacity to avoid exceeding the credit limit.
Apart from that, the app lets you view your incomes and expenses with a quick summary based on day, week, month and year or by category. You also have the option of generating pie and bar charts to see your expenses, income or both in graphic form.
The app’s free version is quite extensive and sufficient for a basic user whereas the premium version (RM9.99) is ad-free and lets you export data to Microsoft Excel. One interesting feature of the premium version is a ‘hidden wallet’, which allows you to add income and expenses from a small business or hobby without interfering with the regular tally.
Users will find this app from Bank Rakyat designed with a clean interface and uncomplicated features. It’ll most likely appeal to those who need support when setting and achieving savings goals. To help you reach your target amount, the app shows you just how much you need to put away based on your savings deadline.
In terms of its basic use, you’ll be able to track daily spending as well as view your commitments vs. incomes and how much you have left to spend each month. Additional features include a financing calculator where rates can be sourced directly as per Bank Rakyat’s products or input manually. There’s also added security through password protection.
With this app, you’ll need to register an account where you can access your data from any device, eliminating the need for synchronisation. This app is free and available for Android and Apple devices.
4. Expense Manager
If you are looking for a comprehensive money management app that is sophisticated enough to cater to small business users as well, then this one might just make the cut. Use the app to track fixed expenses, incomes, savings, and loans as well as planning for side projects.
Its attractive user interface, video tutorials and finance tips makes it one of the more engaging money apps around.
Loaded with free and premium features, you’ll be able to export data to Microsoft Excel, log transactions through voice recognition software and attach pictures, receipts and invoices as support documents.
Even though this app isn’t exclusively for Malaysians, the program’s features are universal and can be customised for local currencies.
As a comprehensive finance tracking app, you can expect an immense number of planning and budgeting tools at your disposal. Use this app to track normal spending, create budgets, monitor debt, and set saving goals.
Its features further extend to assist users to capture recurring bill payments and shopping expenses as well as spending for special events and travel. In addition, the app is equipped with a finance calculator to instantly compute simple and compounding interest rates – an especially helpful tool when choosing financial products.
To make logging easier, you can even scan receipts and have the total automatically added to your list of expenses.
What’s impressive about this app is that it’s categorization of expenses remarkably pinpoints the exact direction of your expenditure. With it, you’ll be able to control your finances and manage debt much more effectively.
Other Ways to Track Your Money
If you need more help with tracking your expenses, try using less cash and instead more traceable sources such as debit cards, online banking and credit cards. This way you can monitor your money through transaction statements and stay ahead of your finances.