My go-to mobile app for money management: MyFinances

Once upon a time, there lived a girl. She earned a few kilos of stardust a month, lived modestly, yet ended every month with a sad-looking bank account. There weren’t any pots of stardust under the bed either. To investigate her spending pattern and find out where exactly her treasure went, she started logging it all into an excel sheet. It was monotonous, inconsistent and difficult to keep up with. When it comes to finances, it can be a lot for many people to know what the best ways are to manage it effectively. There are so many people who have plenty of assets and earn a very good salary but simply fail to incorporate any kind of wealth management strategies into their financial planning. This needs to change!

The said girl in the story above is me (in case you hadn’t guessed). I like efficient management options, and the excel sheet just fell about a mile short. I looked for other options and found a few free mobile applications to manage my finances. Yes, we’re at the point in technology advancements where freelancers, new startups, and even big Mobile application Company giants have started to build mobile applications to help people in their personal lives, as well as help businesses with analytics, performance as well as much more by building custom software applications to cater to the needs of a business or demographics of personal users, instead of just building mobile games to make a profit from ad views.

After test driving a few of them, I finally found one that fit all my requirements – My Finances. It is free (there are in-app ads but I don’t mind them), easy to use, can manage multiple accounts (I have current and savings), and shows a monthly summary of income and expenses. There are predefined categories, with specific expenses under each of them – like under the food category, there is a supermarket, restaurants, general and every day. I can also add more categories and expenses if I want (say, cat food?).

I have been using MyFinances for over a year now and love it. It works wonders for budget management and shows when I need to stop with ordering Chinese takeout. I have a current account and 4 savings accounts (personal, couple-current, couple-fixed, mister). I can automate recurring expenses, like rent and phone bills. There are statistics and charts as well, but I don’t use them. Summaries are enough for me to have an overview of my spending pattern. Lastly, I can also export my account, in case I need to share it with someone. This usually helps when N and I need to plan a holiday and take stock of our couple-current-savings account.

So, there you have it. MyFinances is available on PlayStore, and has had over a million downloads. Before you ask, this is not a sponsored post. It is something that I personally use, love and wanted to share with you because I know others might be looking for something along those lines as well.

This is how I do manage my money, with Myfinances app. How do you manage yours? App or you can just wing it you are a wonder woman (like Mother India)?

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