Top 5 Money management apps for 2023

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Financial Planning is basically when a person or a business manages their money intelligently in order to be able to achieve all goals and objectives while at the same time being ready for any sort of monetary impediments that might occur.  

A budget helps you commit and stay focused on your financial goal, while real-time tracking helps you make the right decisions at the right time. However, money management is easier said than done. Budgeting and real-time tracking can be daunting, needing significant amounts of time and effort which can cause confusion. In order to solve this problem money management apps were introduced.


Why Use an App to Manage Your finances?

Monitoring, recording and calculating your finances can be exhausting. One of the major reasons why you should use a finance management app is the ability to track, record and calculates your expenditure thereby easing you of the work load. This can help you spot out areas where you may be overspending and help you to stick to a budget and set financial goals. A financial management app is a useful tool to help you motivate your personal financial strategy. It allows you to monitor your spendings and manage your cash flow on a daily basis.


Top 5 Money Management Apps for 2023

Here is a list of the best money management apps in Nigeria to aid you in your financial planning:

1. Piggyvest 

Is an online money saving app which uses the simple saving idea of a piggy bank’. It presents you with the opportunity to use the ‘piggy bank’ feature to attain personal savings goals more quickly. There are several other features for various purposes such as ‘Target Savings’ which helps you save for multiple reasons like holidays, school fees, and parties etc. ‘SafeLock’ which secures your funds by locking it to avoid impulsive spending. There is also the opportunity to invest in little bits that are affordable whilst still enjoying the same rate of returns as well as a co-investment option. Every option is adequately checked and secured by Piggyvest and you can comfortably track the progress of your investments. 

Download Piggyvest here

2. YNAB( You Need A Budget) 

Is a personal finance management app that guides you on how to manage your money. It works by making you assign each free dollar to a category. This way, you can plan where your money will be spent. One of the benefits of this app is that it displays the user’s financial reports and syncs transactions so that users can easily categorize their finances at a glance. With over a million downloads, it has gained popularity and works for both android and iOS devices.

Download YNAB here


3. GoodBudget 

Is a simple budgeting app that works as a digital envelope system. The envelope system divides your income into specific spending categories like rent, electricity, household purchases, dining expenses, healthcare, groceries and gas expenses. This kind of system ensures that you don't spend more than your income, and remain on budget for each category of expenses. For many users, this system helps cut down on impulse buying and also helps in labeling each of your digital envelopes by category, and then sets a maximum amount you can spend. You can also use envelopes to track your saving goals. Goodbudget has a free and paid plan.

 The paid plan is $7/month or $60/year.

Download Goodbudget here


4. Financial Calculator 

This app helps in calculating the future value and current value of your financial assets. Some of its features help you to; perform financial calculations easily, compare interest rates, compare lease and loans, determine how much time is needed for you to pay off debts, and to calculate the exact VATs and tips you should give for services rendered.

Download Financial Calculator here


5. Money manager

This is one of the most popular personal finance management apps. This app has been recommended for its easy-to-use programs and user-friendly interface. With little icons to differentiate specific expenses and income, it gives a more graphical display which helps users navigate the app easily.

Download Money manager here



Summary 

The financial industry over the years has invented creative and Innovative ways to seamlessly manage our personal finance. With the introduction of these money management apps, you can keep your spendings under control, save money and invest strategically to reach your financial goals.





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