Personal Finance gurus say that the best way to save money is to keep track of your finances by creating a budget. This will enable you to see what your biggest expenses are and it will also tell you how your are spending your money. Many people are too lazy to set up a budget or keep track of their spending habits. Luckily for them, the advances of mobile technology has led to some great apps being launched that help keep track of finances. One such app is Toshl Finance.
This app which is free allows you to analyze your finances by comparing your incomings against your expenses for the month. For incomings, you will just have to put a figure once at the beginning of the month as you know how much money you will be getting into your bank account. For expenses, it is recommended that you input them on a daily basis so that you are basically putting them as and when they come up. Inputting expenses this way will ensure you don’t miss any expenditure. You can also tag your expenses so that you can see exactly what you are spending your money on. Logging on to the Toshl Finance website once in a while further aids to the user experience as it will enable you to get a clearer picture of how you spend your money as it gives expenditure in an easy to read diagrammatical format. So you will know if you have been spending too much money on those early morning coffees or those daily snacks bought from the supermarket.
Adding to Toshl Finances usefulness is its ability to create a budget within the app. You simply set an amount for your budget each month and the app automatically re-adjust the budget remaining figure every time you input an expense. The app will also alert you when you are approaching your budget in order to warn you not to overspend.
The app can be great for when your saving towards something. I have used it with success to save for a deposit on caravan finance that I got through Auto Finance Online and without it, I’m not sure I would of been able to save for the deposit.
Toshl Finance is a useful app for anyone who wants to keep track of there finances or someone looking to save some money. Whilst the app is very useful, it is not the only finance app available and below are 2 other of my picks if Toshl is not right for you.
There are also other app you can get for your phones which can help you with your finances. One of the best Apps for IPhone is Mint . This App lets you keep track of multiple accounts and alerts you on high spending. As Mint is one of the best Apps on the market, you will need to pay to download this app.