Home Lifestyle Hard-hit consumers: Keep track of your every cent with these 3 apps

Hard-hit consumers: Keep track of your every cent with these 3 apps

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With the prices of food and petrol increasing, financial planning and keeping track of your money has become important for hard-hit consumers.

File picture: AP Photo

HARD-HIT consumers, stretched to the limit with increasing food and petrol prices, need to keep a sharp eye on their finances to avoid getting into trouble.

That’s where a budget comes into play. Pre-tech days, people would draw up a budget in their diary. Nowadays, however, easy-to-use apps are helping consumers keep track of their money ensuring that their necessary finance information is one click away. Not only that, you will also have a good indication when you are going over-budget or when you have some extra cash to spare for a treat.

Here are 3 budgeting apps to consider:

1. 22Seven

A free budgeting and investing app developed by Old Mutual, 22Seven helps people track their spending across all accounts. People can create a personal or business profile on the app and the app is open to everyone to make use of, not only the bank’s clients. With the app, people link bank accounts, credit and store cards, investments and loans.

App features:

  • Creates budgets based on your spending.
  • Helps you invest your money.
  • Assist you in meeting your financial goals.

2. Wallet

Wallet is a free app that acts like a personal finance manager by allowing users to track their finances, get weekly spending reports and even plan their shopping.

App features:

  • A blog that offers people advice on their finances.
  • Bank accounts can be synced with the app to track transactions.
  • Budgets that can help users plan and save money.

3. Goodbudget

The Goodbudget app makes use of the envelope method. With this method, a person’s income is divided into different categories and the total allocated amount of money for each category is put in an envelope.

People will then have to make conscious decisions before spending their money because the user will have to remove the money from the envelope before making any purchases.

Instead of physical envelopes, Goodbudget has created digital envelopes on the app that will have people track their spending.

There is a free version of the app and a version that people will have to pay a subscription fee for.

App features:

  • Users of the app can chat with each other.
  • Resources such as podcasts and articles to help people track their money.
  • Reports that people can analyse to track their spending trends.

IOL Wealth

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