Technology is here to make life easier and there are so many personal finance apps out there to do so. Whatever you and your hard earned cash need, there is an app for it. These apps will help you run the whole personal finance mile from budgeting, tracking, making payments, setting goals, saving and investing.
If you use any of these personal finance apps, let us know what you think about them by commenting in the comment section after this post. Here is a complication of five amazing personal finance apps that will make your life and personal financial planning much easier.
*The selection of these apps is based on personal and client experiences.
1 – CBA’s Loop
CBA’s Loops is an amazing digital financial planner that will help you reach your goals, grow your savings and remain financially stable. It offers you the opportunity to budget your income, monitor spending habits, set multiple goals, save money to reach those goals, earn interest on savings and get personal loans of up to KES. 3M. Aside from just saving and investing through Loop, CBA has ensured that customers get the best rates in the market while also choosing when to get a payout.
Due to its simplicity and convenience, there are n more excuses for not going for that vacation, buy a new house or whatever your goals are.
Rates & Costs:
- Pay bills using Loop for services such as cable bills, power bills, government bills such as parking fees, land rates or business permits, will cost about KES 44 per transaction.
- Investing using Loop will enable you to earn 70% of the CBR rate, with a break or no break option on savings. Upon maturity, your funds will be deposited back into your Loop account.
Read more on CBA’s Loop rates and costs from their tariff guide here.
Why it’s great: You can do everything with Loop – budget, pay bills, track, save, earn and even borrow. What more do you need from a financial app?
2 – Wally Next
Wally Next is a great app that helps you set financial goals, set savings targets and really keep track of where your money goes. It’s really amazing what this app does, considering that it’s free. Particularly, it’s great for those who are clueless about personal finance. For those who are not sure how much they actually spend every month or always coming short, and sinking into short-term debt to fund lifestyle habits. Wally Next allows you to keep detailed records of all your expenses, making it easier for you to identify where your money is going.
Why it’s great: If you are keen, Wally Next helps create more accurate budgets.
3 – Good Budget
It is considered one of the best personal finance apps for those keen on tracking their income. It allows you to set budgets, allocate money to different budget items, track your budget and keep it all in check. This app displays everything in charts and helps you make better financial decisions. At the end of the day, its all about getting on top of your income, spending and savings.
Why it’s great: Good Budget utilizes the envelope system – which is essentially budgeting using the cash-only system where you divide your money into digital “envelopes” or categories based on expenses.
4 – Expense Manager
Expense Manager (by Bishinews) is a great app to track your expenses. It is full of features that set it apart from most of these other personal finance apps. Aside from tracking expenses, the app also allows you to create a budget, organize bills, track spending, create reports, calculate loans and more.
Why it’s great: Expense Manager is a great app to help you really tame your budget. It will reveal your financial weaknesses and strengths too.
5 – Branch
Branch is one of those great lending apps that you wish did more. I feel its a great app for those looking to grow themselves not just fund an exorbitant lifestyle. The app enables users to have access to larger loans and reductions in interest depending on their payback time. Who wouldn’t love that?
It has limits though, on the amount you can actually borrow at any particular time.
Why it’s great: Your diligence is rewarded with a higher loan limit, and lower interest on borrowing.
Ultimately
There are very many personal finance apps out there that can help you get your life in order. If you are clueless about personal finance, start by managing your expenses with a great money management app. From there, grow your savings using the different investment strategies out there into great sources of passive income.
If you are already using a personal finance app, please share with us some of your favourites. Help someone else discover too by commenting below.
Image credits: Top by Raw Pixels, via Pexels.
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