Financial planning is crucial in these tough economic times. Managing your money may seem like a difficult and tedious task. But it doesn’t have to be one with the right money management tools. The best way to keep track of personal finances is to harness the power of these tools that can help you manage money more effectively and efficiently. While some allow you to track cash flow by collating all of your financial information, other apps let you do your budgeting, export data, and work offline.


ALSO READ: 5 Ways to Budget Your Time … and Your Money


So take control of your finances now with the best budgeting software solutions available. Here is a list of the top applications to help you efficiently manage finances.

1 .Quicken

money-management-tools-quickenAn all-in-one solution to manage money, Quicken is the undisputed king of budgeting tools. If you are looking for a tool to take charge of your finances, you cannot ignore Quicken.

The personal financial software allows you to connect to your financial institutions, sync data between devices, track each transaction, and download all transactions. It is the most appropriate tool to track investments, pay off bills, and be in control of your budget. Can money management get simpler than this?

Cons: The Mac version is not as robust as the Windows version.

2. Mint

Whether you want to track assets, income, liabilities, or net worth, Mint is one of the best money-management-tools-mintfinance management software apps to see where all of your money is. Owned by Quicken, the money management tool can track your investments, bank accounts, and credit cards and categorize your spending, giving you a clear picture of your expenses. The easy-to-use tool gives you a financial overview, showing you where you are splurging money. It can be used to plan budgets and future expenses as well. This is exactly what money management is all about!

Since its launch in 2009, Mint has improved upon its original features while periodically adding new ones. The Mint budget page is its most powerful feature, allowing you to add sliding bars, with each representing an expense category. You may even set dollar limits for your expenses on each category for a selected timeframe.

Your budget bars automatically fill up with each transaction, going from green to yellow and red as they approach the limits.

Mint offers one centralized location to link all of your credit card statements and bank and investment accounts, allowing you to see where your money is going. Mint Bills feature allows you to see your bank account balances and bills under one platform, directly pay off bills from the app. The application even sends you alerts if funds are getting low.

Cons: There is no feature to electronically track cash transactions with Mint.

3. YNAB

YNAB stands for “You Need A Budget.” Designed to help you build a reasonable budget, YNAB is your key to making smarter financial decisions, giving you a clear picture of your finances. If you seek a straight-up budgeting tool, YNAB gets a clear edge over the competition. It is the best money management tool to create your monthly budgets in a breeze.

money-management-tools-ynabSince the application uses the familiar spreadsheet layout, creating budgets is no hassle. You can create monthly budgets based on your income. It provides powerful reports and graphs, helping you get a clear view of your expenses, make smart spending decisions, and take control of your money.

The subscription-based YNAB costs $60.00 per year. However, you may want to try their free 34-day trial period before actually buying the tool.

Cons: Since the application is not online, it requires you to manually input all the information.

4.Personal Capital

Get a clear picture of your financial life with Personal Capital that helps you track your budget and investments. The award-winning program provides unprecedented transparency into your banking, investment, and retirement accounts. With complete transparency into your wealth, you can efficiently grow your net worth, optimize your investments, and meet your short-term and long-term goals.

The application features a Retirement Planner to see if you are saving enough for money-management-tools-personal-capitalretirement, based on real data from linked accounts. You can evaluate your savings and spending and make changes accordingly to ensure you are in good shape for retirement.

Additionally, Personal Capital features an excellent personal cash flow tool that tracks investments, returns, and dividends across multiple accounts, so you know how hard your money is working.

Cons: The spending feature is available only on mobile app. Web users cannot access it.

5. BudgetPulse

Budget planning just got easier with BudgetPulse. A perfect blend of simplicity and functionality, BudgetPluse allows you to track spending, set financial goals, and take control of finances quickly, easily, and efficiently.

money-management-tools-budgetpulseThe easy-to-use budgeting software helps you visualize your expenses and savings with charts and graphs, control money and overall spending, and track how much is left in the bank. Export and import your budget data to and from spreadsheets, bank statements, and other financial management software. Does money management get better than this?

Cons: Though the online personal finance software is easy to get started with, it requires you to manually input data, as it doesn’t sync with financial institutions.

6. BudgetSimple

As its name suggests, BudgetSimple is a simple budgeting tool to set up budget, track expenses, manage bills, and learn how to live within budget. Link it to your financial institutions and set up a budget with the information from credit card and bank account statements and learn where you can cut expenses.

View your progress with the help of charts and know how well you are managing budget. money-saving-toolsbudget-simpleThe proven method will help analyze finances and calculate if you are working toward your financial goals or are spending over your set budget. BudgetSimple is your ultimate tool to building your wealth, reducing debt, and managing finances better.

Cons: The application requires you to set up a budget every month, though you may copy your previous goals and budgets.

7. GoodBudget

The best way to keep track of personal finances is to set aside a specific amount for different categories each month. A proven budgeting software solution, GoodBudget is budgeting with a why – so you can stick to your budget, spend on what is important in life, and make savings for big expenses.

money-sacing-tools-good-budgetThe all-inclusive software is built for everyday life, with powerful features that help you create a budget that works and have everything in hand. A digital envelope budgeting system, GoodBudget allows you to create digital envelopes and analyze your spending in the form of charts and graphs.

Cons: GoodBudget is a manual budget tracking app, unlike most other tools that are automated. The free version offers limited envelopes, and you need to get the paid version for more envelopes.

8. Inex Finance

money-sacing-tools-inex-financeBring all of your accounts together with Inex Finance. It is one of the best finance management software tools available that keeps track of every single transaction in a color-coded way. The visually appealing tool is a great way to get a holistic view of your accounts, so you can see where your finances are heading and can use money wisely. With Inex Finance, you can efficiently manage your debts, monitor installments, and schedule recurring payments, so you can achieve short-and-long-term goals and track progress over time.

Insightful stats and graphs give a clear picture of your finances, so you can run financial analyses to compare expenses over a period of time, track your net worth, and plan financial future. Save time and money by automating repetitive processes.

Cons: It has a simple interface, which is functional and quick. However, the mobile app is slow and needs to be optimized for better user experience.

9. Budget Boss

Creating budget was never as easy and fun as with Budget Boss. With its intuitive interface, the personal financial planning software helps set up budget within minutes. Get an instant analysis of your expenses with the cash flow visualization feature that learns your spending habits and helps you set up a budget accordingly.

money-saving-tools-the-budget-bossIf you are looking to get your finances sorted, look no further than Budget Boss – your tool to tracking your financial budget and expenditure pattern, managing cash flow, and taking charge of your finances. The application encourages users to stick to a set budget and increase savings and bank balance for the future. A touch of color in the graphics helps users identify key areas of spending. Bar graphs and pie charts help better analyze data.

Cons: The layout has a lot of data and graphics, which could make things look cluttered.

10. ReadyForZero

If you are looking to get out of debt but are unsure how to go about it, ReadyForZero can come in as a handy tool. Enter all your debts and let the online finance program make a payment and debt plan for you, so you can track your monthly payments to pay off debts fast and see your debts decrease month after month.

money-management-toolsreadyforzeroThe application provides you with the tools required to take the next step and stick to the plan, removing spending triggers and creating a positive environment to help you attain financial freedom. Improve your finances, monitor credit & spending, get out of debt, build wealth, and create a healthy financial picture with one of the best online money management software programs available.

Cons: The free plan offers basic features. You will need to subscribe to paid plans to get enhanced features.

If you don’t manage money, you will end up with nothing. Leverage these best online money management software solutions to keep track of your expenses and save for the future because “money saved is money earned.


 

For more money managing tips and tricks, check out the WSS course: Managing my Life 101!

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