People who love staying on top of their finances and making sure they’re consistently earning and spending wisely should consider using a budgeting app. It can be highly beneficial to the average person, and several different types can suit each need. Since it’s such an important issue and something that everyone struggles with, this article discusses the most helpful qualities you should consider before choosing a finance app.
A Helpful Breakdown of Your Expenses
When settling on the best budgeting app, you’ll want to consider how much information about your expenses it gives you access to. Some people don’t keep track of anything other than credit card purchases, while others log every purchase made in cash. As you can see, there’s a big difference between those two methods, and your chosen finance app should reflect that if it’s going to be accurate. While some people will do well with simply having a budgeting app that automatically calculates everything for them based on credit card purchases alone, others may need an itemized breakdown of their expenditures so they can stay as precise as possible.
The Ability to Take Pictures Of Receipts
Most people have no idea what to do with their receipt once they receive it at the cash register or after they get out of a business meeting or other professional setting where a lot of money has been spent. This is where apps that can take pictures of receipts come in handy. It starts collecting dust in a drawer somewhere, and there’s no use for it unless you want to keep track of how much you spend each month. If you’re dedicated to being as accurate with your records as possible, definitely look for a finance app with this feature and provide an easy way to add these receipts into the system right away after paying for something.
A Quick and Simple User Interface (Ui)
Some people want an app that will do everything they ask it to whenever they request it, while others would instead use a more straightforward one without having too many bells and whistles. Whatever your personal preferences are, there’s no point in adding a ton of extra steps to your daily life if you can avoid it. In this case, you’ll want to find a budgeting app that’s as easy to use as possible without being too limited or straightforward in terms of functionality.
A Dedicated Customer Service Team
Suppose you’re going to use a finance app regularly and depend upon it to keep track of your expenses. In that case, the last thing you want is for something unexpected to happen on your account or for something else significant to go wrong during its course of action. Your best bet is probably going with an app from a well-known company. However, if you choose one from a firm that doesn’t have much experience offering these apps, ensure they provide excellent customer service to handle any issues quickly.
Detailed Reports About How Your Money Was Spent
Finally, it’s good to look for a finance app that provides you with detailed reports about how your money has been spent over the past several days, weeks, months, and years. The more information you’re given about where each dime goes and for what purpose, the better off you’ll be in terms of budgeting and saving. It may seem unnecessary at first or like an exercise in redundancy once you get used to entering all your expenses into the system every time. Still, it does help give you a clearer understanding of how much each category means to your overall finances if you take this extra little step.
The essential quality of a budgeting application is that it should provide you with helpful, relevant information at the right time. Ideally, the app will give you specific insights into how much money you can spend on various things (and even more ideally, where this money comes from your budget comes from). Good apps will help remind you to stay within your limits and track everything for you as you go through each month. In short, a good app provides as little or as much personalization as possible while still doing its job well.
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!