(This article was originally published on the 21st February 2018 and updated on the 2nd February 2021).
Keeping track of your income and spending on a monthly basis is really crucial, as it affects how much savings you have at the end of the month. According to a research by World Bank, 40% of Millennials in Malaysia admitted that they spend more than they can afford. And most of the spending are contributed towards food and utilities.
With careful planning of your expenditures will not only help you understand your own spending habits but also improve on your spending so that you don’t overspend on unnecessary items. We have gathered a humble list of FREE budget mobile apps to help you get financially organised.
1. HeyAlfred (All app stores)
This financial assistant app is a Malaysian based company by HA Tech Solution Sdn Bhd. The app itself uses AI technology to help you to keep track of all your financial assets by linking to all your bank accounts and e-wallets. To simplify, the app breaks down your spending into different categories as shown in the illustration above. This app is solely made for budgeting and no transactions can be made through this app. You can even set a budget for yourself and the app itself will ‘warn’ you before you overspend. The app also allows you to chat with their chatbot named ‘Alfie’.
2. Mint (Android and iOS)
Mint is an all-in-one financial planning tool. Mint is web-based but it is accessible through apps too. It helps you to manage and organise your finances such as bills, credit score, credit debt, investment and more. Mint also alerts you when you are being charged for fees, exceeding your budget, suspicious transaction, etc. It also provides you with a weekly summary. You can also get access to ‘Mintsights’ whereby the app provides you with insights on how to save more, spend smarter and pay debt. The only downside is that only those with access to financial institutions in US are able to link it to the app. Otherwise, you can always create a dummy bank URL and account number for record purposes. Overall, it is a pretty straightforward app to use.
Monefy (Android and iOS)
This app is a simple way to track your everyday expenses by adding them to the app’s interface. It is simple, easy to use and you can see your spending patterns in a pie chart for a certain amount of time that you can specify. It has a built-in calculator which could be quite handy for some of us. Monefy allows you to use the app on multiple devices or even with your family or partner. You can even synchronise your data with Google Drive or Dropbox account.
4. Goodbudget (Android and iOS)
Goodbudget is web-based but it is accessible through apps too. This financial app works based on an ‘envelope budgeting method’, only that it is done virtually. Sort your finances and stick to your budget limits without having the hassle of keeping actual cash in physical envelopes. The app also allows you to sync your data with your loved ones.
Money Manager (Android and iOS)
Money Manager allows you to group your income and expenses into categories. Users can create up to 12 expense categories and 5 income categories, which is great for people who have more than one source of income, like those who run multiple businesses at once. You can also capture photos of your receipts or memories with that app. The app also allows you to synchronise your accounts like home loan, credit card, student loan, etc. The only downside is that only those with access to financial institutions in US are able to link it to the app. Otherwise, you can always create a dummy bank URL and account number for record purposes.
Direct Lending, a personal lending platform which offers bank and koperasi loans with interest as low as 2.75% and processing time as fast as 2 working days! Check your eligibility with us for free. If you enjoy reading contents like this, hop onto our blog and Facebook page for more finance related information.