5 influential budgeting apps in the US FinTech ecosystem
By Pavithra R
Money management, also called investment management, is the process of expense tracking, investing, budgeting, banking, and evaluating taxes of one’s money. The advent of various online banking, budgeting software, and personal finance apps has made the process easier, allowing users to categorize and track monthly expenses in a streamlined way.
In this time of uncertainty, a budgeting app can play a vital role in getting finances on track. Here is a list of 5 popular budgeting app providers hailing from the United States.
Personal Capital acquired by Empower Retirement is an online financial advisor and personal wealth management company. The company provides a comprehensive budgeting solution that helps create budgets, tracking spending, and saves for the future. It also provides a robust set of tools and resources to help users manage investment portfolios, asset allocation, and retirement planning. Personal Capital is free to use.
Wally offers an easy and fast way for people to track all their accounts, day-to-day spending, and budgets. It centralizes all accounts of the user so that they can learn, manage, and improve finance. Wally offers flexible budgeting periods, enables categorization, and tracks progress. It is perfect for families, households, friends, and colleagues and is currently available for free download.
Mint is a leading personal finance app from Intuit to manage personal finances, budgets, and bill payment tracking. It is an all-in-one finance application that easily creates budgets and provides suggestions based on user’s spending. It also checks free credit score and gives tips to help improve it. It is free and connects to almost every US financial institution connected to the internet.
YNAB, otherwise known as You Need A Budget empowers people on how to break the paycheck-to-paycheck cycle, get out of debt, and save more money. The firm builds budgeting software with the general theory “give every dollar a job”. Each dollar in savings is saved for a specific purpose. The firm offers a 34-day free trial, after which users have to subscribe with $6.99 a month.
Albert is a new type of financial service that uses powerful technology to automate your finances, with human experts’ team to guide you. Its’s automatic budget provides an updated snapshot of income and spending whenever the user needs it. It helps understand spending on a deeper level. All transactions from the financial accounts that are connected to Albert’s account are automatically categorized to generate a personalized monthly budget. Albert calculates how much money users can safely spend at any given point in the month using proprietary algorithms, decides the amount to be saved, and automatically transfers that money into Albert Savings.
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