Best Money Management Tools to Use in 2023
Do you know?
Only 32% of households in the United States create a monthly budget.
However, tracking your expenses and budgeting your finances can give you financial stability and freedom. It helps you get rid of your debts more quickly and save money more effectively.
People who properly budget their finances are seen to be more secure, and confident while having better control over their money. Managing your finances properly helps you achieve your financial goals more easily.
When it comes to budgeting, we often find ourselves messed up with managing our money. Fortunately, there are plenty of money management tools that have made it easier to develop a monthly budget and help you stick to it.
Various essential tools either for your business or for your households like a paystub generator, easy billing, expense tracker, budgeting tool, etc soothe your financial journey. These financial management tools have made the whole process of financial management easy, transparent, profitable, and cost-saving.
In this article, I’ve mentioned the 5 best money management tools to use in 2023 along with their notable features, pros, and cons to make it easy for you to choose one that best fits your requirements.
1. MINT
Mint is the most popular personal finance management tool that comes with an entire suite of various mini tools. It tracks your expenses and adds them into customized categories to help you set limits on your spending.
Features
- Helps you create customized budgets according to your net worth and expenses
- Maintains track of every single penny spent and enables you to determine where you can save more
- Keeps a record of your credit flow, provides reports, and recommends changes
- Monitor your progress towards your saving goals
Pros
- Links your all finance accounts to allow you to manage all your money in one place
- More secure and free to use
- Automatically categorizes transactions
Cons
- Disrupting advertisements
- Limited goal-setting options
2. Albert
Albert is a multifaceted financial app that gives you thorough assistance to develop a personalized financial plan. It tracks your spending and helps you save more by delimiting your spending habits. Albert develops an automatic budget and enables you to have a quick eye on your net income, expenses, and leftover money. It offers various financial benefits and helps you save more.
Features
- Guides you to invest your money in the same app
- Generates reports for your transactions and previous budgets
- Offers you instant advance cash up to $250 when you run out of cash
Pros
- Albert’s debit card offers you cash back and annual cash bonuses.
- Gives on-demand support with smart alerts
Cons
- Less-focused budgeting tools with limited educational features
- Takes time to qualify for a cash advance
3. Personal Capital
Personal Capital is a twofold financial tool with money management and an automated finance advisor. It provides a robust budgeting tool that is a perfect solution to invest and plan your retirement. You can manage your wealth, track your cash flow and develop a thorough savings plan.
Features
- Helps you build an advanced tax optimization strategy to minimize your expenditure on taxes
- Gives you access to experts to devise strategies for your investment and retirement plans
Pros
- Allow online access via the website
- Accessible and comprehensive investment management tools
- A clear and complete dashboard tracks all aspects of your finances
Cons
- It doesn’t work if your net worth is less than $100,000
- Some app features are more limited
4. EveryDollar
EveryDollar is another popular budgeting application by a well-known name in finance, Dave Ramsey, and his team. It is an easy-to-use finance management tool that helps you build insights into your cash flow, track your expenses, and plan a monthly budget even more quickly than other apps. It allocates your every single dollar and enables you to build better strategies to reach your savings target.
Features
- Enables you to customize your budget categories
- Automatically tracks your expenses and account balance
- Monitors your spending history and gives suggestions
- Helps you track and manage your financial goals
Pros
- Easy to use with efficient budget management tools
- Offers a thorough report of every dollar spent
- Gives access to various educational features and advice by Ramsey
Cons
- The free version is very limited
- Lack of features to track your investments
5. You Need A Budget (YNAB)
YNAB is an easy-to-use budget-tracking tool that helps you spend money smartly and pay off your debt. The goal tracking and reporting features enable you to track your progress toward your goal.
Features
- Sync with multiple devices enables you to share your budget with anyone you want
- Provides your regular financial reports in the form of graphs and charts
Pros
- Offers live classes to help you manage your finance, pay off your debt and save more
- Easy to customize, track expenses and create spending goals
Cons
- Don’t contain bill tracking or bill paying features
- Don’t contain investment tracking features
Look at these fascinating facts.
- According to an estimate, 28% of people had a household income below $25,000 in 2020
- On average, a big part of the income of 30% of American adults goes towards paying off debt. While 29% of Americans are delaying significant purchases because of debts.
- 26% of non-retired adults have no retirement savings.
A financial imbalance occurs when you are not able to manage your finances properly. Planning a saving strategy and budgeting your expenses can help you add more money to your savings account, pay off your debts and finally make planned investments and savings for your retirement.
