The new financial year just started and there is no better time than now to get your money in order. It is important to track your expenditure and understand where to cut costs to increase your bottom line. It can be a daunting task and micromanaging every single expense can be tiresome, luckily there is an app for that.
Many apps in fact, here is a look at some expense tracking apps that may just help you save some money in the long run.
Wallet
Wallet is a comprehensive expense tracker that allows you to collect all your financial accounts in one place for easy tracking. Its not free and most of the cooler features like automatically updating your daily spends require a membership. You get a two-week trial however, to try out all the features before deciding whether this is the app for you.
It also allows you to create goals and allot a certain amount of money to it, warning you when you are close to the limit, so that you know not to overspend. You can even track all your warranties and points on loyalty cards. It also has detailed statistical graphs that show you how you spent your money in an easy, visual format.
If you decide to get a membership, the premium plan costs $4.19 a month (approx. Rs 310) or $24.99 (approx. Rs. 1,850) if you opt for a yearly renewal. There is even a lifetime membership with a single payment of $24.99.
Wally
Another centralised accounts app which like Wallet allows you to bring a lot of your financial accounts together in one place. It provides you fast insights and detailed statics on your spending and breaks them down by category, for example – Dining, Entertainment, Clothing, etc. You are even day-to-day breakdowns of your spends.
Like Wallet, a lot of its features are locked behind a paywall but unlike Wallet you only require to pay a $19.99 (approx. Rs. 1,500) fee once to unlock premium for life.
Money Manager
If syncing private financial information with third parties has you worried, then you may want to look at simpler options like Money Manager. There is no support for account syncing or automatic entries of any kind, so you are going to have to make entries yourself. If you are willing to live with that trade-off, then you will find a simple no-nonsense experience here.
It still gives you a ton of statistics on all your spends, allows you to divide them into various categories has support for double-entry booking for insurance, loans and real-estate plus allows you to save photos with your spend, so that you know what exactly you spent the money on.
You can pay for access for the premium features with a one-time fee of Rs 390 or interestingly, you can also unlock premium features of the app by recommending it to friends and family. You earn points for doing that and you can those to unlock more features.
Monefy
Another great centralised app that tracks all your spends in one place. The user interface is also intuitive with a very simple and easy to understand layout that divides your spends into different categories. You can also choose to view expenses from a particular time frame by manually inputting the dates. The free version is limited and even simple things like changing the currency is locked behind a paywall. Thankfully, the wall is not too high and requires a one-time payment of Rs 199.
Walnut
Walnut is a comprehensive money tracking application with support for multiple account linking, detailed information on your spends and a credit line based on your CIBIL score. The company also dabbles in insurance, so you get a lot of extra services on top of money management.
There are also no extra fees, which makes this a good free alternative to the others.
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