As the world becomes increasingly digitized, it’s no surprise that financial management has also gone digital. Gone are the days of manually tracking your expenses in a ledger or calculator – now, there are countless money manager apps available to help you track your assets with ease. But with so many options out there, it can be overwhelming to determine which ones are the best.
After extensive research and testing, we’ve compiled a list of the top 7 money manager apps on the market today (2023). Whether you’re a budget-conscious individual looking to track your spending or a business owner seeking a more efficient way to manage your finances, there’s an app on this list for you.
1. Mint
Mint is a free budgeting and financial tracking app that’s great for beginners. It helps you see where your money goes by automatically categorizing your transactions and creating a budget based on your spending habits. You can also set financial goals and get alerts when you’re over or under budget. One of the best features of Mint is its ability to connect to your bank accounts and credit cards so that you can see all of your financial information in one place.
- Free to use
- Automatic categorization of your spending to help you see where your money is going
- Personalized budgeting recommendations based on your spending habits
- The ability to set up alerts to notify you of unusual activity on your accounts
2. Personal Capital
Personal Capital is a money management app that’s great for investors. In addition to tracking your expenses and creating a budget, it also offers investment tracking and portfolio analysis. You can see how your investments are performing and get personalized investment recommendations based on your financial goals. Personal Capital also has a wealth management service that offers financial planning and investment advice from certified financial advisors.
- Offers both free and paid services
- Automatic tracking of your spending, investments, and net worth
- Personalized investment recommendations based on your financial goals and risk tolerance
- The ability to set up alerts to notify you of changes in your financial situation
3. YNAB (You Need a Budget)
YNAB is a budgeting app that’s based on the principle of giving every dollar a job. It helps you create a budget by assigning your money to specific categories and tracking your spending. YNAB also offers financial education and support through its website and community forums. One of the unique features of YNAB is its “age of money” concept, which tracks how long your money has been sitting in your bank account.
- Offers a paid subscription service
- The option to connect your bank accounts and credit cards to track your spending automatically
- Customized reports to help you see where you’re spending the most money
- The ability to track your progress and see how close you are to meeting your financial goals
4. Acorns
Acorns is a money management app that focuses on investing. It helps you save and invest your spare change by rounding up your purchases and investing the difference. You can also set up recurring investments or make one-time investments through the app. Acorns offers a variety of investment portfolios to choose from, so you can find the one that best fits your financial goals.
- Offers a paid subscription service
- Automatic rebalancing of your portfolio to ensure it’s optimized for your goals
- Access to a team of financial advisors to help you make informed decisions
- The option to set up recurring investments to grow your wealth over time
5. Wealthfront
Wealthfront is a robo-advisor app that offers personalized investment recommendations based on your financial goals and risk tolerance. It also has a feature called “Path,” which helps you track your progress toward your financial goals and provides guidance on how to achieve them. Wealthfront has low fees and offers a variety of investment portfolios to choose from.
- Tax-loss harvesting: This feature helps you reduce your tax bill by offsetting capital gains with losses on your investments.
- Direct indexing: This allows you to invest in individual stocks rather than mutual funds, which can potentially lead to higher returns.
- Wealthfront offers a range of financial planning tools, including a retirement calculator and college savings calculator.
- Automatic rebalancing: The platform will automatically adjust your portfolio to ensure that it stays in line with your financial goals.
6. Betterment
Betterment is another robo-advisor app that offers personalized investment recommendations and low fees. It also has a feature called “Smart Saver,” which helps you save for short-term goals like a down payment on a house or an emergency fund. Betterment also has a variety of investment portfolios to choose from and offers financial planning services through its “Betterment Premium” subscription.
- Automatic portfolio rebalancing: Betterment will automatically adjust your portfolio to ensure that it stays in line with your financial goals.
- Tax-loss harvesting: This feature helps you reduce your tax bill by offsetting capital gains with losses on your investments.
- Automatic deposits: You can set up automatic deposits into your Betterment account, so you can save and invest consistently without having to think about it.
- Personalized advice: Betterment offers a range of financial planning tools, including a retirement calculator and college savings calculator, as well as access to financial advisors.
7. Acorns Spend
Acorns Spend is a newer offering from Acorns that combines a budgeting app with a checking account. It helps you track your spending and create a budget, and it also offers a debit card and FDIC-insured checking account. Acorns Spend also rounds up your purchases and invests the difference, like the original Acorns app.
- Round-up investing: This feature allows you to save and invest your spare change automatically, so you can start building your wealth without having to think about it.
- Automatic portfolio rebalancing: Acorns will automatically adjust your portfolio to ensure that it stays in line with your financial goals.
- FDIC-insured checking account: Acorns Spend offers a checking account that is FDIC-insured, so you can have peace of mind about the safety of your money.
- Personalized advice: The app offers a range of financial planning tools, including a retirement calculator and college savings calculator, as well as access to financial advisors.
An App For Everyone
There are many great money management apps on the market today, each with its own unique features and benefits. Whether you’re a beginner looking for a simple budgeting app or an experienced investor looking for personalized investment recommendations, there’s an app on this list for you. By using one of these apps, you’ll be able to take control of your finances and set yourself up for financial success.
Learn Build Profit is a financial literacy blog providing expert insights on income investing and passive income generation through dividend stocks and real estate.
