SAN ANTONIO — SAN ANTONIO – Staying on top of your budget is now easier than ever with technology. Here are recommendations on personal finance apps that can make the process simple.
There are many personal finance apps available that can help organize your money. Many of them are designed to track income, debt, investments and other expenses. Which one is right for you? KENS 5 spoke with a financial advisor on his recommendations and how each one works.
There are different levels of the software. Depending on your financial needs, Quicken can create a customized budget for personal or business use. It can also, organize your investments.
“It’s been around for a long, long time. I believe since the 1980’s. I’ve been personally using it since 1992. It’s evolved quite a bit. This is one though, that will do everything. However, it does take a lot of work. If you’re willing to put in the time, you can create some great reports from it, transitioning from software to the web,” explained Karl Eggerss, senior wealth advisor and partner of Covenant.
“It’s an aggregator. What it’s meant to do is links your credit cards, it links your mortgage balance. It links your bank accounts, your investments. You can see everything right in there. It also, does track your spending. It’s a great, free tool for users to start with,” explained Eggerss.
“EveryDollar is a budgeting app and it’s considered a zero-based budgeting app. What that means is you simply put in your income and then, you’re trying to match those dollars with the expenses. So, you’re really defining where every dollar is meant to go. It keeps you on track. There’s a free version and there’s also, a premium version,” said Eggerss.
4. Tiller Money
“This one is a premium service. You do have to pay for it on a monthly or yearly basis. Tiller Money is an excel spreadsheet overlay. Very detailed. You can track your expenses every month. It will pull all your accounts into it. So those that really want to get into details and in the weeds on budgeting, this is your tool, but a very advanced tool at that,” said Eggerss.
It’s not a budgeting app but can help you invest your money. Acorn allows you to link up your debit or credit cards and round up your purchases. The automated savings tool is designed to take the extra change and transfer it into an investment portfolio.
Eggerss also, shared that there is a financial tool he uses with his clients that is called Covenant Wealth Central. For more information, click here.