In the digital age, no one likes to carry around a lot of cash – anyway, I know not. This can be especially frustrating when you’re keeping track of your spending, who you owe money to, who you loaned it to, and where it all goes over the course of a month.
As always, there are many apps to help you do different things with your money. Apps exist to figure out how to manage your money, control spending, send money to people, track who owes you, and more.
In this article, I will show you some applications that you can use to do everything I mentioned here, and you can choose the applications that make your life easier.
How to manage your money
I am beginning to realize how difficult managing your expenses can be. For the most part, I use my debit card linked to my checking account to make purchases. I use it at the grocery store when I go out to lunch with my coworkers and on weekends when I go out for a walk around town.
At the end of the month, my bank statement looks pretty ridiculous. All these small transactions make browsing difficult. I still know that everything is there, but if I wanted to see where I could save some money, I would not know where to look in the first place.
Look like you? Even if this is not the case, you can still take advantage of the visual management of your money. These applications make the process a lot easier.
Mint was on our radar back in 2007 when Karl wrote about it. Simply put, if there is one application that I want you to remember, this is it.
Mint is a free personal finance app that helps you compare your bank accounts, credit cards, CDs, brokerage, and 401 (k) with the best products. It offers a visual representation of your finances and is very easy to set up. Use it to manage your budget, get credit card advice, and understand how to invest.
Here’s a great video showing an overview of what Mint can do:
For helpful tips on how to use mint, read Bakari’s article on How to Use Mint to Manage Your Budget. Online expenses
Thrive (directory app) is also a great app if you’re looking for an easy way to keep track of your spending. With Thrive, you get an overall financial health score, which shows how financially healthy you are. It also shows you grades in other areas and gives you advice on how to make improvements.
Thrive splits your spending on you and shows you where you can save. Compare your current budget to last month, and view your average and target budgets for six months.
Looking for an even easier way to track your expenses? Texthog (the app directory) allows you to easily store, organize, and access your receipts, expense reports, and more via text messages, the web, email, iPhone, and even Twitter.
A free Texthog account gives one user the ability to track expenses, view unlimited reports, and get budget/bill reminders. Take a photo of your receipts and use tags and categories to keep track of everything.
To check Texthog on your iPhone, you can search for the app on iTunes.
Speaking of texting, have you heard of Venmo? Venmo (help app) is a cute little app that lets you pay and charge your friends using your phone. Send and receive secure payments by linking your card to your account. It allows you to settle the small loans you give/receive, eliminating paper transactions for small amounts of money.
To use Venmo, all you have to do is create an account. Then you can send and receive money to other accounts simply by using text commands in SMS. Accept the request for “trust” from your friends and make transactions without authorization by sending a three-digit code.
This is a pretty solid app that I have been using a lot lately with my friends/colleagues. It’s great when many of you are going to lunch and not everyone has money for them. “I’ll just put this on my card and Venmo all of you afterward.”
Owe Me Cash is a great app that I recently discovered and very easy to use. If someone owes you money, you simply log into Owe Me Cash via Twitter, Facebook, OpenID or your regular account and report the debt to the application. The app will send automatic reminders to those who owe you money by phone, text, and email so you can get paid!
This app is more fun than serious, but it doubles as an easy way to keep track of who owes you what. Let the app make your friends pay you so you don’t have to do it yourself – it’s a win-win.
Your finances will never look better with these apps. Say goodbye to paper money and change.