As an adult, managing money is perhaps a challenging thing to do. From monitoring bank balances to tracking expenses, it could be time-consuming. However, understanding your cash flow is one of the successful ways to manage your finances. Therefore, it’s important to know how much is coming in and where it’s going. Thanks to the innovation of finance management apps, managing your bank account has never been this easy. You can also keep track of your spending.
Money management apps provide a wide variety of features, such as track subscriptions, email reminders and shared wallets which are essential for your overall finance control. Here’s one of the top money management apps to help you manage your money better..
Money Manager App
Golden Eggs developed this money management app. The Golden Eggs Money Manager merges money and psychology to help you stay on your budget. This money manager asks you to set long term life goals and then allocate a smaller weekly allowance to cover regular spending, with a monthly fun allowance to relieve the pressure and enjoy yourself more. The Money Manager also recommends having a separate transaction account for your bills and different savings accounts for future vs holidays.
Having two types of transaction accounts is helpful in budgeting. With one account dedicated for fixed bills like phone bills and insurance and one for day to day spending, you can control the flow of funds. Doing so will ensure that what you’ll spend for fun this weekend won’t leave you short on your car rego due next month. When you put everything into one account, you might end up spending everything on bills and other needs. You won’t have any to spend for holidays or save for your dream house. It would be too difficult to manage.
With your savings accounts, it’s also important to split them into different buckets – one for holiday savings to create great memories, one for buying things or for special occasions, one for long-term savings and other things you would want to save for.
Takeaway
Whilst we want to get organized in our spending, it can be tiresome to track expenses manually. Fortunately, budgeting apps exist to automate the entire finance process. However, the only issue is, there are a wide variety of subscription-based and free apps available in the market.
For the most part, you don’t need to worry about testing each one of these money management apps. The good thing is we spared you this hassle and provided you with the best one.
If you want to get a tailored money management solution based on your spending habits and current financial situation, we can help you. Golden Eggs can set you up on our Money Manager App and help create a setup that works for you. Contact us today.