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The mobile marketplace is flooded with personal finance apps and tools for household management. Level Money and Personal Capital both offer features that help individuals track a variety of expenses and revenue, including residual income streams.

What Is Residual Income?

The portion of an individual's income left over after all debts and budgeted monthly expenses are paid is called residual income. In economics, the terms residual and passive income are sometimes used interchangeably to refer to income that is generated from sources that require little direct effort, such as rental properties or royalties.

Level Money

This user-friendly app is ideal for simple personal finance management. The setup is straightforward. Just add your income and expenses, connect your financial accounts, and let Level Money track your residual income throughout the month. The app also offers daily and weekly views, making it easy to manage discretionary income and spending. Real-time reporting allows users to always stay on top of their finances.

Personal Capital

Another free app for Android and iOS users, Personal Capital is the best choice for individuals with more complex financial management needs. In addition to tracking income and expenses, users can also manage their investments with this app. Graphs and charts visually present residual income, spending and portfolio activity, providing an at-a-glance overview of personal finances. Additional tools, including fee calculators and the Investment Checkup feature, offer advice that could increase discretionary income and improve portfolio investments.

The best app to track residual income depends on the complexity of your financial circumstances. If your portfolio includes multiple streams of passive income and a variety of investments, Personal Capital may be better suited to your needs. But if you want an app that is simple and easy to use, Level Money is ideal for basic household financial management.

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