There are two types of people when it comes to money: those who spend and those who save. The savers have a natural aversion to spending money: they must think, analyze, and weigh the pros and cons before making a purchase. The spenders, on the other hand, tend to be more liberal with their money; they are more prone to having their money “disappear” without realizing where it went. Spenders should attempt to keep better track of their cash flow. It's this group that will benefit the most from these six money management apps.

You Need a Budget

The You Need a Budget app (YNAB for short) can help you keep track of your spending (as the name implies). You set up your budget with categories (food, eating out, utilities, etc.), and after any spending, you go in and manually record how much you spent in each category. The idea is to help you have more of a grasp on exactly where your money goes. At $60 you may need to work the cost of this app into your budget, but fortunately, you can try it for free for a month before committing to the purchase. (For more, see our introduction to budgeting basics.)

This free app is designed to help people save money without realizing it. While most of us know the importance of an emergency fund, very few people actually have taken the time to set one up. Digit will link your Digit savings account to your checking account, and every few days, it transfers a small amount of money from checking to savings. It is designed to “learn” your spending habits so that you won’t accidently overdraw your account. The biggest downside: you have to confirm your security question quite often (as in daily for some users, depending on their bank).

Level Money

Level Money is a great, free app that helps you track your spending daily, weekly, or monthly. You can see exactly how much you have in your account, and seamlessly track your spending as your account value goes up and down. The biggest problem with Level Money, however, is that there is only one category: money. You can’t break down your budget into different subcategories. It is supported by multiple banks.

Mint Bills (Formerly Check)

Mint has long been a prominent fixture for online money management. This site acquired the money management app Check and renamed it to correspond with the Mint brand. Mint is a great website that lets you keep track of all your financial information in one place, and now, much of that can be done on the app as well. You can even pay your bills through this app (although you have to do so a couple days in advance to avoid fees). The biggest downside: if you’re already a member, you also have to sign up with Mint Bills and none of your information will transfer. You also pay a convenience fee if you pay a bill with your credit card (and an additional fee to expedite it if you wait too long). The app itself is free.

Toshl Finance

The Toshl Finance app is a free app that does essentially the same thing as the YNAB app. You can track your earnings and your spending, but you will have to enter everything manually. There is no way to link your bank account to the app. Most of the app's features are available for free, but there are in-app purchases that grant access to some advanced features.


The Tricount app is a little different from many of the other money management apps, as it is designed to keep track of who owes money to whom. For instance, if you go on a trip with two other people, and various people pay for various aspects, in order to keep track of who has paid what you simply enter the information into the app and you don’t have to worry about keeping track. Since the app is free, it is a great way to keep track of ongoing shared expenses with no real downside.

The Bottom Line

The mobile app world grows every day. You could fill your phone with mundane apps, like Flappy Bird, or you could make the most of your limited iPhone storage space and use an app that will help you better manage your money. Each app has its perks, and each has its downsides. It all depends on how much functionality you want it to have and how much help you need to keep your spending on track.

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