We are committed to researching, testing, and recommending the best products. We may receive commissions from purchases made after visiting links within our content. Learn more about our review process. Managing your money isn’t the easiest thing to do. Now that we no longer balance a checkbook, tracking and expenses and keeping up with the bank balance can get a little difficult. Personal finance apps can connect with your bank account and help you keep up with your spending. Not only that, personal finance apps can help you pinpoint areas that you’ve been spending, track upcoming bill payments (some allow you to pay your bills directly through the app), keep up with your credit score and investment portfolio. The best personal finance apps provide several different features (e-mail reminders, bill due dates, track subscriptions, shared wallets, etc.) for managing your overall finances. All the apps on our list are available on both iOS and Android, so you can enjoy no matter which smartphone giant you’re partial to.
Best for Wealth Management: Personal Capital. Personal Capital. Courtesy of Personal Capital. Personal Capital is a personal finance and wealth management app that allows you to manage your assets and investments along with your everyday spending accounts. The service integrates with more than 14,000 financial institutions so you can link your accounts within the app. While you can connect to your bank account to track spending and create a monthly budget, the app really shines in helping you track and optimize your investments. You can track your portfolio by account, asset class or individual security. With built-in intelligence available on the tablet version of the app, you can discover opportunities for diversification, risk management, and discover any hidden fees you may be paying. Comparing your own portfolio to major market benchmarks allows you to determine whether you’re on track to meet your investment goals. Personal Capital provides registered financial advisors who can provide you with customized advice tailored to your goals.
The interface is clean, but perhaps a little too clean. There are no icon buttons for frequently used features. All commands are done from the File, Edit, or another menu. But the online documentation is understandable, so this is definitely worth a try if you want personal finance software with bare-bones features. It’s released as Open Source Software, designed specifically for use with Linux. AceMoney for Linux offers a variety of personal finance reports plus budgeting, investment tracking, and e-commerce features. It imports account transactions from most financial institutions using QIF or OFX downloads, and it supports over 150 currencies. It automatically downloads exchange rates via the internet.
If you’ve used other personal finance software, the account registers will look somewhat different with future bills showing up in the registers in a pale gray font. AceMoney supports scheduled transactions, which can be viewed in a list format or on a calendar. The bills calendar feature is a nice touch that’s not available in all desktop personal finance software. Entering Transactions: To enter a new financial transaction, click on the New Transaction button found on the left while using account registers. It brings up a window that allows you to enter the payee, the amount of the transaction, a check number and other details.
If you’ve ever bought or sold stocks, there’s a chance you may have done so based on feelings and emotions rather than cold, hard evidence. You may want to believe you trade based on objective information, keeping an eye focused intently on your investment goals. But you’re human. You buy a stock because you saw a pundit talk about it on television. You sell a stock because it’s lost some value and you’re freaked out. You’ve probably bought or sold stocks simply because it feels good to make a transaction.
These include: Attention Bias: There is evidence suggesting that people will invest in companies that are in the headlines, even if lesser known companies offer the promise of better returns. Who among us hasn’t invested in Apple or Amazon, simply because we know all about them? National Bias: An American is going to invest in American companies, even if stocks overseas offer better returns. Underdiversification: There is a tendency for investors to feel more comfortable holding a relatively small number of stocks in their portfolio, even if wider diversification would make them more money.
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