By Michelle Wanjiku
How much money do you have saved up?
This was a question I was asked by a friend and didn’t know how to answer. After working for as long as I have, I should have a substantial amount of money saved up.
However, this was not the case, I had very little to show for all my years of working, this is because I was very poor at managing my money.
By the end of the month, I couldn’t tell you where my money had gone; I could not say how I spent it or what I spent it on.
This realization made me worry, what if I lose my job now? I won’t be able to survive for more than a month, not only that I wasn’t making any gains when it came to my financial situation.
There was no way I could grow wealth if I didn’t know where my money went. So I started looking for ways to manage my money and this is how I came across money management apps.
At the beginning of last month, I challenged myself to stop spending money blindly and actually track and manage my spending.
One of the best ways to ensure you don’t waste your money is to know how you spend your money. An easy way to do this is to have money managing apps that will help you track your spending and more.
SEE ALSO >>> Here Is The Best Financial Advice You Will Ever Get
The good thing is most money management apps are free to use and can really help you sort your finances out.
Here are some of the money management apps you can use
If you use M-Pesa to conduct most of your payments or just have a lot of money flowing through M-Pesa then this app is for you.
This is a local app generated from Safaricom that notifies and records all your incoming and outgoing payments generating cash flow statements.
This app will help you track your transactions on mobile money and this will help improve your spending habits. The app can be found on Google Play.
2. Money Manager Expense & Budget
For a free app, Money manager has a lot of features that will help you track your spending, record your transactions, review your finances on a daily, weekly and monthly basis as well as manage your assets.
Managing your finance should not be a hard task otherwise you won’t want to do it, Money Manager makes managing personal finances easy which goes a long way in pushing you to actually do it.
If you have no idea how to start creating a budget, then Mint is a good app to start with. The app can create a budget for you based on the financial data you input.
That’s not all the app also gives you financial advice, such as how you could spend your money.
4. Money Lover
Most money management apps use dollars or euros but Money lover also offers you the chance to manage your money in Kenya shillings.
It also helps you track your income and expenses. You can also use the app to create a budget that suits your financial situation.
RELATED ARTICLE >>> 5 Bad Financial Habits In Your 20s That Will Make You Poor In Your 30s
If you are looking for an app to help you save money for something specific the Unsplurge is an app you should look into.
The app enables you to set up a goal and shows you your progress when it comes to how much you have managed to save towards that specific goal.
Having a visual representation of how close or far you are to reaching your savings goal will push you to save more. So having an app to show you this will greatly improve your saving habits.
There are obviously numerous money management apps each offering a variety of features you may need, you just need to find an app that works for your financial needs.
Building wealth will only be possible if you become smart with your money. With a good budget, you will be able to achieve financial success much faster as opposed to blind spending.
READ ALSO >>> Must Read! The 10 Commandments of Personal Finances
So use one of the money management apps listed above and become smart with your money, it’s the only way you will be able to build your wealth.