A personal finance app android for most people is indispensable for recording cash inflows and outflows in managing daily finances.
For small traders such as MSMEs, using a personal finance app can help them manage their business. But of course, not all applications will suit the needs of each user.
But for a simple application, if someone just wants to control their expenses, the personal finance app is quite helpful. And this is a pretty good idea to apply in daily life.
- 1 What is the personal finance app android?
- 2 How do personal finance apps work?
- 3 Best android app for personal finance management
- 4 How secure are personal finance apps?
- 5 How to use personal finance apps safely?
- 6 Final thought
What is the personal finance app android?
Personal finance app for android is a software that functions to manage finances and helps you to track spending, savings, accounts payable, and also investments. The software can be downloaded using a smartphone-based Android operating system.
This software is designed to assist individuals in controlling their financial balance. It can be used to record daily expenses, dividing shopping categories. Know cash flow and other basic functions. Some applications can connect with your bank. So you can track money spent from your bank deposits.
Although there are several designs of personal finance apps for Android, each one has different features because it was designed by a different developer.
How much a cost for personal finance app for android
In general, the personal finance app for Android is designed with a free version and a paid version.
Of course, both have different features. Free versions usually only provide basic features such as records for disbursements and cash inflows. So that every time the user inputs new data, it will automatically calculate cash inflows and cash outflows. So you can find out how much you spend in a month.
If you produce a negative value, it means that your expenses are greater than the budget. So that it can be a correction.
Although there is a paid version, it is generally not very expensive, in the range of $25 per year. This is usually used by personal who want to get more helpful features in managing their daily finances.
How do personal finance apps work?
How the personal finance app works use artificial intelligence, which can help manage money that may be busy in everyday life.
For workers whose income is not fixed, who may not receive their earnings on the same day, using a personal finance app can help them keep track of expenses.
Using the personal finance application, you can check the status of your bank balance and savings account whenever needed.
Some apps can move spare money or suggest different offers that are suitable for you. You can also choose to allocate money to the life goals you have set for yourself.
The personal finance app also uses artificial intelligence to interact with you and make recommendations or provide solutions for your finances. It can help save a very small amount of money, which is a much more flexible option.
Advantage of uses personal finance app
The main advantage of using a personal finance app is that users can track their financial condition in real-time. So that users can find out if there is a budget that is outside the purpose of financial planning. It will help users to achieve financial management goals.
If before you often buy something just because you want but don’t need it, in the future with the help of a personal finance app you can spend what you need and reduce spending just because you want to. Selecting and using a personal finance app also adjust to user needs.
Best android app for personal finance management
Smartphone users who use the Android operating system are now increasingly popular. For Android smartphones, there are various applications available on the Google Play Store. Some of these applications are useful in helping personal finances. Here we find some personal finance apps for android.
AndroMoney application can track your income and expenses in a simple and detailed view. The app will display detailed custom budgets, graphs showing your expenses, and storage capacity via Dropbox and Google Docs.
This application will help you determine the budget for traveling and watching movies, eating, gadgets, household, and furniture needs, to shopping for clothes.
This application is not only designed for Android but also supports IOS and Web, you can visit web.andromoney.com for more details.
For android smartphones, you can download and install via the google play store here.
Looking at user reviews, most of them give a five-star rating with a total rating of 4.7 from around 259 thousand reviewers. This means that users are satisfied with this application which has more than one million downloads at the time of writing.
However, some features may cost money to get them. With a light size app, this application has helped many users to manage their personal finance.
AndroMoney offers users various features, Multiple accounts and support account balance & account transfer, cloud storage with Dropbox, Google Docs. Synchronization with other devices, downloadable currency rates, hierarchical categories with custom attributes, simple custom budgets, trend, Pie and Bar charts for Expense and Cash Flow, Password Protection, Overview expense, and income summary and Back up data to Excel/ Mac Number.
The developer of Cash Droid claims that this is the best financial management application compared to other similar applications. The reason is, the graphic display on Cash Droid will analyze your finances and imported CSV files (on the Cash Droid Pro version).
Similar to AndroMoney, Cash Droid can also group your income and expenses. For example, the source of funds comes from basic salary, and expenses to pay for insurance, bills, and car service.
This application launch in 2011 and the last update was in March 2015. It seems that the developer gives less attention to this application even though more than 100 thousand users download the app.
Reading the average review from nearly two thousand reviewers, this application gets a rating of 4.1, meaning that this is quite satisfactory, but unfortunately, the developer seems to have stopped updating this application. If you want to try it can be downloaded here.
Monefy personal finance app android
Monefy has several categories that you can use to manage your budget. A simple and effective interface is the mainstay of this application. You simply enter the number of funds, then select the right category. This application offers convenience in managing your daily finances.
It might be a bit wrong to place this application in the third position because compared to Cash Droid, this application gives a higher rating of 4.5 out of 167 thousand reviewers.
Monefy offers cool features, just like AndroMoney, this app also supports Google Drive or Dropbox account synchronization.
Visual detailed information graph of the transaction list manage categories. Multiple currency support with lock screen widget, there is also backup and export data in one click, multiple account support passcode, ID, built-in calculator, and dark theme.
This application is a multi-purpose personal finance app, able to calculate budgets, and is also a very useful financial management tool.
Financial Calculators apps offer several features, such as Auto Loans, Auto Lease calculators, Return on Investment, Commercial Loan calculators, and many more.
You can determine which is more efficient for your finances between buying or renting something. This financial application also helps you to understand compound interest rates and helps you to be more consistent when setting goals, such as realizing the dream of owning a private house.
This app was launch in January 2011 and the last update on 3 April 2021 at the time of writing. It has been more than 5 million users download the app with a 4.5 rating.
This app is made by Bishinews, an Android app developer based in America since 2010. Website FNcalculator.
Finance and Investment Calculators, Loan/Mortgage Calculators, Retirement Calculators, Stock Calculators, Credit Card Calculators, Auto Loan, and Lease Calculators, Miscellaneous Calculators.
Denis Solonenko developed this application as a multi-account application that can manage finances in various currencies. Financicto helps you to see in a simple way how good or bad your current financial cycle is.
With this application, you can immediately record all types of your daily income and expenses. If you forget where your money can increase or decrease, you can track it through Financisto.
After tracking, this application will display the type of your expenditure along with the date of the transaction.
Financisto also got a 4.5 user rating with a total download of more than 500 thousand downloads.
Support multiple accounts and currencies, home currency and exchange rates, Transfer at downloadable rates, Scheduled & recurring transactions, Split transactions, Hierarchical categories with custom attributes, Recurring budgets, Projects and payees, Filtering and reporting, Cloud backup (Dropbox, Google Docs), Automatic daily backups, QIF/CSV import/export.
Download apps in google play store.
The Mint personal finance application was developed by Intuit Mint which is specified in the field of budget trackers and money management planners.
Mint apps can help to refresh your financial cycle. This application support multiple accounts, performs automatic categorization, bill reminders, and keeps track of your financial goals. Mint is also able to do credit scoring effectively.
Mint really helps you to prepare a budget so it doesn’t exceed your income. For example, when you spend money to eat immediately write in the Food & Dining category while clubbing with friends records the expenses in the Alcohol & Bars category.
Then, when you have spent money for shopping, immediately record the expenditure according to the type of goods purchased, whether it is daily necessities, clothing, or electronic devices.
Mint apps have been downloaded by more than 10 million users with a minimum Android version of 5.0. This application also getting a 4.5 rating from more than 190 thousand reviewers.
Monitor your cash flow, Mintsights™ personalized insights to spend smarter, custom budgets to automatically categorize your transactions.
FamFina with the motto Family Financial developed this application with a simple appearance, but very useful for tracking your personal finances. This app was relatively new that launch on 7 October 2020 and the last update was on 26 December 2020.
However, this application gets a positive response from users with a rating of 4.8 out of 349 reviewers. Not as many as Mint and other applications, this application has more than 5 thousand downloads.
Manage budgets, accounts, and categories for free. Export to excel and pdf. Your data is safe and will not be lost even if you change your smartphone. Record notes and proof of transactions. Scan barcodes. Separate financial records and transfers between different accounts or e-wallet. The budget feature lets you control your expenses from the start of the month. Can work with two smartphones at once, and can share accounts with family. Keep more than one book, so you can separate your personal financial records and your business financial records.
How secure are personal finance apps?
Personal finance apps are indeed useful in helping track your finances. However, using this application also has its own risks. Some applications may ask for your sensitive personal data, such as bank accounts and so on, which may be vulnerable to hacker attacks.
The vulnerability of developers is that they are not financial institutions that have official regulations as a requirement, so there is no guarantee that the developer really aims to help.
By giving budget apps access to your personal data, also exposes the data breach vulnerabilities you pass to third parties. Because of important personal information without you knowing it. Maybe a third party using its information without you knowing it.
Even if you delete the app on your smartphone, the developer may still retain your username and password thus allowing them to steal the information available on your former account.
How to use personal finance apps safely?
Maybe when you know the risk vulnerabilities using a personal finance app, you worry about the security of your personal information. The following tips may be useful for using personal finance apps safely.
Change your password and username regularly
If you have used personal finance apps, pay attention to your passwords and personal information, it might be better not to link personal information such as bank accounts, credit cards, and other confidential information.
Change passwords regularly and don’t use the same username when switching to other applications.
Choose the trusted brand
You need to do research whether the personal finance app you choose has a good reputation or there are many data breaches. If the app has a bad reputation and lots of data breach reports, go and find another trusted one.
It is also important that you read the user terms and conditions which usually describe how they collect data and use it.
Keep up to date an application
You are also important to pay attention to your system applications that may require updating, it may provide newer security.
Don’t access apps via Wifi or public internet
Public internet or Wifi is usually not encrypted, it presents its own vulnerability to leaking your data. If a third party captures your data, they may use it for cybercrime.
You can rent a VPN for security because it uses an encrypted connection. Although there is no guarantee it is safer than the open public internet.
Using personal finance apps can help you track and plan your finances. You will be more loyal to the budget plan and adjust it to your personal or family income.
But you also have to be careful in choosing a safe and reliable application. Because it provides its own risk if you choose an application that gets a lot of data breach reports.
Additional warning, this article is only providing information and not investment advice, all risks due to investment or decisions are the responsibility of each investor or user.
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