It’s user-friendly and helpful if you want to better understand the general state of your finances: Users like it because of a simple intuitive interface and customizable tools like bill reminders, and the ability to save for multiple goals. Mint is the most well-known mobile application for managing personal finances. But there are a few apps that are the most popular among users. Of course, since every person has a different style of money management and different financial goals, there’s no single opinion on what budgeting app is the “best”. The history of personal finance management started in 1983 with the founding of the Intuit company and its flagship product… You guessed it, Quicken, originally written for MS-DOS and the Apple II.īudget app 3D illustration by Shakuro Top personal finance apps for iPhone and Androidīefore building your own app, you might want to test several popular personal budget apps to find out why people like them and how you can make something different to gain your competitive advantage. The very first financial apps and services replaced the good old notebooks allowing people to keep records not on paper, but on a computer. Personal finance apps (also called budgeting or money management apps) are mobile applications that sync your credit cards, bank, and investment accounts under one roof, keep track of all your expenses and visualize them in convenient graphs and charts. What are financial apps and why people use them Making money isn’t my problem it’s saving it 🥴 Such apps are present on people’s phones, the market growth is promising, and you can have your share now while it’s still easier. Looking at the statistics, which show that 19% of Americans spent their savings during the pandemic, we can say that people need a good, faithful assistant for budget management.Īccording to Statista, the majority of people under 30 in the UK use some form of an app to help them budget. It’s the rush of compulsive spending after a long inability to do this. Therefore, now the creation of an app for accounting and costs management is very important in helping users spend money wisely and not to be left with an empty wallet. In a situation when people had no opportunity to travel, to go to restaurants, or to any other public places to spend money for relaxation.Īnd this is another psychological moment you should consider while creating your budget app in 2021.
Grueling lockdowns deprived us of any possibility to shop outside. A long, difficult pandemic time has affected how people distribute their budgets. And for people who want to save money, an app should offer simple ways to accumulate wealth. For spenders, you must offer schemes for reducing costs and budget-conscious spending. So, a budget app must meet the requirements of both groups. Users from these groups will use the app in completely different ways, and they are looking for particular features of money management. There are two types of people: spenders and savers. One of the most important steps in creating an app for budget management is understanding the problems of the future user.Īll people, regardless of social status, subconsciously manage their money flow according to the same psychological model. To address this problem, the money management apps were created whose role is to simplify things. Managing personal finances can be overwhelming.
Yet, they have the tendency to pile up and fester into bigger problems. Unaccounted small expenses may seem insignificant, and only seem to exist when you are looking straight at them. To be financially secure, you have to not only keep track of how much you earn but how much you spend.
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