Expense managers for your smartphone
If you find that your money just slips through your fingers like sand, what you need, aside from some restraint when you’re shopping, is an app that tracks your daily expenses.
With shopping gone digital, you’re always at risk of making a purchase. Work occasionally turns into window shopping, which often results in actual shopping. Once it’s done, you forget about it; well, that’s common. What’s also normal is for a more responsible version of yourself to emerge by the end of the month, questioning where all your money has vanished. A few days pass and you’re at Flipkart again during your lunch break. If you want to put a stop to this cycle, what you need is a way to budget your expenses. It’s a good way to disincentivise those unnecessary expenses. And who knows? If you succeed, maybe you could even reward yourself with whatever you’ve been eyeing all month. Give one of these apps a whirl and see if it works for you:
W3Force’s My Budget Free
This app first asks for your income and then allows you to subtract all your expenses from your earnings at the start of the month. You can segregate your expenses by type and mode of payment. So you could keep purchases by card and cash as well as food and entertainment separate. It’s accessible only after entering a passcode, so don’t be worried about anyone else spying on the details. While it could get annoying, the app also lets you set a budget for yourself; so if you cross it, it will keep reminding you that you’re overspending. Create reports to analyse your spending over the year.
Pros: Password protection, separate purchases, data backup, budget setter, multiple currencies
Cons: All manual
Bishinews’ Expense Manager
This one has all the basic features, such as a manual expense tracker, allows you to set up multiple accounts and store your details in Dropbox. However, it has some fun additional features. You can, for example, save pictures of receipts instead of keying in the details and save in multiple currencies. So even if you’re shopping in Bangkok, you can open another account and know exactly what you’ve been spending. You can also set up alerts, so you don’t, for example, pay any penalty on delayed phone bill payment.
Pros: Store pictures of bills in one place, multiple currencies, export to desktop, store in Dropbox
Cons: No automation
MCube’s Mobile Wallet
The technologically-advanced Mobile Wallet lets you add the alerts you receive from your bank to your expenses. Covering Citibank, HDFC, ICICI, SBI, HSBC and Standard Chartered, this app asks you if you’d like to add any ATM withdrawal or card bill to your expenses. Aside from this, it lets you do this basic stuff, such as add expenses manually, set budgets and add notes to expenses.
Pros: Tied to SMS alerts from your bank, export to desktop, store in Dropbox
Cons: Single currency, no picture function
Quang Tran Hong’s Money Lover
Like the others here, the one is available in 45 currencies, so it doesn’t matter where it was developed. It only covers the basics. It tracks your spending by letting you key in your salary, enter expenses and add categories. You can set up alerts, so you, for example, know when your credit card bill or mobile phone bill is due. You can create reports to track your spending over the months. There’s no cloud support or automated services.
Pros: Track expenses, create reports, multiple currencies
Cons: All manual, no cloud support