Best applications to monitor your financial health

NEW YORK: You have read about fitness apps offering better health monitoring and overall happiness. But have you ever tried downloading apps that keep your financial health in good shape?

The best of these financial apps let consumers see multiple accounts at once, track spending and balances, and set and monitor saving goals – all in real time.

For example, try “Level Money”. Once it has access to a user’s credit and banking account information, the app tracks expenses against the individual’s virtual wallet.

Using income and spending history, the app subtracts estimated recurring expenses and adjusts available funds based on a preset savings rate.

It provides a look at how much money is left for discretionary use on a daily, weekly and monthly basis, USA Today reported.

“The app acts as a financial GPS, offering a simple way to spend smarter and save more,” Jake Fuentes, Level Money Inc.’s co-founder, was quoted as saying.

BillGuard, a free iPhone and Android app, monitors credit or debit card transactions and spots suspicious activity.

Here, every purchase made with credit and debit cards is categorised. The effects on a user-set budget are calculated to show current balances as well as where and how funds were spent.

Another app called “Mint” is the most comprehensive personal-finance smartphone tool available.

It helps users track expenses, set saving goals, get spending alerts via text or e-mail and manage investments held in brokerage and retirement accounts, the report added.

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