There ought to be an elective class in universities that would teach impressionable youth proper handling of their finances. Most people entering the office world are blinded by financial freedom. They are finally earning their own money, not depending on mom and dad for allowance. At least, they shouldn’t.
But this new-found freedom will become their undoing. Irresponsible spending seems to be a plague for most millennials. You only live once, right?
After a few years, living in the moment will take its toll. You will find yourself in debt. If you live in an apartment, you may find yourself moving back in with your parents. If you already live with your parents, you will have a hard time moving out.
However, there’s an app for this (there’s an app for everything). We listed down the best financial apps you can use to track your salary.
Financius is a starter app for people who want to ease into managing their finance. Available for Android devices in the Play Store, it has a simple interface that is user-friendly and easy to understand.
After setting everything up, you will get the most relevant info when you open the app up: Your account balance, a pie graph of your expenses, as well as a line graph of the long-term trend of your expenses.
You can set up multiple accounts in multiple currencies – not that the average Joe would need it, but hey, who’s complaining? But most importantly, you can categorize and add tags to your transactions. If you keep at it, all your transactions will be accounted for.
What it lacks in features it more than makes up in a friendly user interface.
You Need a Budget
If you’re looking for something more complex, You Need a Budget (YNAB) is the one for you. In order to use it, you have download both the PC and the smartphone app (available for iOS and Android). After setting up your account, you input all the data you have so far in the PC app and it syncs with your smartphone.
Both small and large transactions are easier. For small transactions, you can input your expense right after you finish up with the cashier. For larger transactions, say, buying a new expensive smartphone spread over 12 months, you can set aside money for it by making a category and setting aside money for it every payday.
It’s complex enough to cover everything you need, but simple enough so you can use it daily.
This one is for people sharing an apartment with friends. If you live in a rented space together with four people, you can urge them to download the app so you can stop fighting over who’s due to wash the dishes, whose turn it is to get drinking water, or when’s rent due.
Create a profile for each roommate, so everyone knows how much each one already spent, or how much each has to give when rent and utilities are due. You can even split expenses. Best of all, it is also a communication app. Some people have totally different schedules that it is almost impossible to sit down and talk expenses, so this app will let you stay connected with your roommates with a built-in messenger.