(This article was originally published on the 21st February 2018 and updated on the 13th April 2020).
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 Milennials 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 to also improve on your spending so that you don’t overspend on unnecessary items. We have gathered a humble list of FREE 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 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.
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. 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.
3. 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. 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. My Tabung (Android and iOS)
This financial app is created by Bank Negara Malaysia. This app allows you to create your personal/household budget, record and track income, savings and expenses. In general it showcases simple graphic which is easy enough for users to analyse their spending.
5. 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.
6. Money Manager (Android and iOS)
Money Manager allows you to group your income and expenses into categories. Users can create up to 12 expenses 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 save your receipts or memories with that app. The app also allows you to synchronise your accounts like home loan, credit car, 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.
In general, any of these apps would be a great way to help you keep track of your loans and debts by breaking things down to a more manageable level. We hope that you would find our suggestions useful and be more financially organised.
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