21 June 2024 | By INDIE
If you have credit cards, have you ever noticed how your monthly bill sometimes leaves you scratching your head? “Did I spend that much?” you might have wondered. After careful analysis, you would realize that the individual sums you spent were small, but taken as a whole, they translated into a significant amount. Moreover, since you had probably not kept track of your expenses, the monthly bill came as a bit of a shock.
In such a scenario, the key is to be aware of how much you spend and perhaps also plan your future expenditures accordingly. Whether you have a credit card or not, having an expense tracker could certainly be an immensely beneficial option.
A good expense tracker app helps you set a budget tailored to your lifestyle and financial goals. Depending on your spending categories and frequency, you can set limits for each, which can help you remain within your budget.
A good expense tracker app helps you record all financial transactions together. This could include utility and grocery bills, sums set aside for entertainment, and other expenses, all of which can be accessed and managed from anywhere.
These apps' real-time tracking feature allows you to alter your spending patterns on the go. This means that you instantly know where you are spending, and you can accordingly adjust your budget.
Using an expense tracker gives you a better picture of how much you can cut down or adjust so that there are more funds at your disposal to save and invest.
An expense tracker not only helps you keep a tab on expenses, but you can also analyze the trends in your spending patterns between different periods, the result being that you can monitor your progress regarding judicious spending.
Managing expenses does not always need to be an individual affair. You might want an expense tracker to manage the overall household expenses, including your partner and other family members. Some of the best expense tracker apps can have collaborative tools that can make managing family finances that much easier.
Also Read: The Impact of Expense Tracker Apps
Here are some best expense tracker apps that you can consider are as follows:
Expense Tracker Apps |
3 Key Features |
Money Manager Expense and Budget |
Easy access to data |
|
Detailed statistics |
|
Free to use |
Wallet - Daily Budget and Profit |
Cloud synchronization |
|
Preparation of detailed charts and reports |
|
Allows creating your category |
Buddy: Budget & Save Money |
All details are categorized together |
|
Splitting different transactions |
|
Comprehensive overview of all expenditure |
Spending Tracker |
Good visuals to display statistics |
|
Safety of data |
|
Unlimited entries |
Rydoo |
Scanning receipts |
|
Managing daily allowance |
|
Changing currency |
Axio Expense Tracker App |
Tracking expenses through SMS |
|
Money transfer through UPI |
|
Payment reminders |
TrackWallet: Expense Tracker |
Monitoring of income and expenses |
|
Tracking budget in real-time |
|
Detailed reports |
Expenses Manager: Swift and Simple |
Planning budget |
|
Interface easy to use |
|
Comprehensive financial analytics |
These can be useful tools for current expenses and planning future spending. They can also save you the hassle of storing paper receipts, which take up unnecessary space. The good thing is that there are a variety of expense tracker apps to choose from, and you can select the one that best meets your requirements for managing your budget and spending.
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
