In my previous article on “Budgeting for Newbies“, I introduced the golden rule of budgeting and showed how we can optimize our budget to suit our goals. The best way to prepare ourselves from upcoming price and GST hikes is to keep our spending habits in check by creating and sticking to a budget plan.
However, creating a budget plan is only the easiest part. What makes it difficult is having to track our expenses. Many tried but gave up after a period of time. Luckily for us, technology caught up and as we transition to a cashless society, tracking our expenses will be a lot easier.
Here are my top 3 picks:
1. DBS/POSB NAV
*Image from DBS
DBS/POSB recently launched their GPS NAV, tracking the cash flow from our accounts. If you only bank with DBS or POSB, this would be the perfect tool to monitor cash flowing in and out of the account when you make cashless payments.
On top of that, it comes with a life goals tracking tool called ‘Sail’ which allows users to input and track their goals. It is really cool to play around with to see how much we need when we retire based on our current spending.
However, the calculation from their insights aren’t the most accurate and I feel there is room for improvement. When I transfer money from my personal POSB Savings account to my own Multiplier account, it is considered as “Money out”. Here’s my average money out when I transferred between accounts multiple times (Just for experimental purposes)
But if you don’t do frequent transfers between accounts, this app would be the best “lazy” app.
Pros: Automated tracking, simple interface with goals tracker, perfect for the lazy tracker.
Cons: Requires the user to log into iBanking every time they want to check their progress, only limited to DBS/POSB (But able to manually input non DBS/POSB “money out”)
2. Seedly app
*Image from Seedly
If your transactions are with different banks, tracking becomes a lot trickier as DBS/POSB NAV can’t track those transactions or even help us sort them into various categories. Thanks to Seedly, there is now an app that allows users to sync accounts across multiple banks, making it convenient to track our spendings.
Pros: Able to track transactions from multiple banks, simple interface, comes with an input button for transactions paid in cash.
Cons: Requires the user to sync their bank accounts manually which includes logging into iBanking and entering OTP.
3. Money Manager
If you are like me and enjoy looking at graphs and numbers, this is the app for you. The categories are fully customizable and allow users to delve deeper into which areas they are overspending on.
Over here, you can see I spend a lot on beverages and I might want to cut that next month.
I really like the fact that it comes with a ‘goal post’ which allows the user to see if he or she is on track.
Classic and simple to use…
This app doesn’t allow us to sync with our bank accounts. That means we need to cultivate a habit of tracking our expenses manually. Thankfully, it allows us to enable a shortcut on their notifications for quick and easy inputs.
Pros: Crunch numbers for those who enjoy analysis, day to day goal post, customizable categories.
Cons: Manual input of every expense.
These are my top 3 budgeting and money tracking apps. Let me know what you think and if you have a better app, feel free to share and I’ll definitely look into it! Thanks for reading and happy building your layers!
*Featured image from Singapore Business Review