Top Personal Money Management Apps in Nigeria
Managing your finances is one of the hardest things to do; especially in this era where the naira has lost a lot of grounds in comparison to other currencies even within the African continent. In fact, having low capacity to manage money is as old as man. There have been cases of very wealthy persons who went broke within a short period of time due to financial mismanagement on either the part of their financial advisers or on their own part. There is an old aphorism in Nigerian Pidgin English of note in this regard and that is the fact that “money and man nor dey stay together”. This means that one would definitely be tempted to almost always want to spend – even at the detriment of their sustainable financial survival. Thus, money management or budgeting apps would come in handy in ensuring that your sustainable financial health and survival is guaranteed. In this article, we shall be discussing relevant personal money management or budgeting apps accessible in Nigeria.
Benefits of Using Personal Finance Apps
According to FINSMES, the following are reasons why everyone should personal finance apps:
How Can Personal Finance Apps Benefit You?
Primarily, personal finance apps can help make the concept of budgeting, earning, and saving gets easier for everyone. They come with a myriad of features that can simplify all critical financial tasks necessary in running a business. From staying on top of your budget to checking your credit score, these applications can be of great use.
Below are the benefits associated with these apps that you shouldn’t miss:
- You Can Enjoy A User-Friendly Interface
With the help of advanced technologies, personal finance apps are user-friendly. They come with an easy-to-use interface that gives you direct access to all relevant financial information relating to business and personal use. Also, these personal finance apps have a wide range of tools that can support guaranteed financial transparency. They can do tasks like projecting asset management cash flow and even filing for a VAT return. These activities are essential to managing business affairs and their corresponding finances.
- You Can Organize Your Finances Efficiently
When it comes to personal finances, you need everything to be in their proper places for financial efficacy. If you’re organized, you always feel better with the direction your money is heading, especially for your business. Thanks to personal finance apps, you can monitor your income and expenses. In other words, the use of these applications can help you get organized with your personal and business finances efficiently.
In addition to money management apps, working with companies like www.teachmepersonalfinance.com can help you become more knowledgeable about personal and business finances. Also, it has been a great resource of reviews about financial apps such as Mint, Stash, Trim, and many others.
- You Can Have Better Accounting Of Your Finances
There’s no doubt that accounting is an essential feature of every personal finance app. They consist of fixed assets, a general ledger, payable and receivable accounts, and bank reconciliation. Moreover, some advanced apps come with professional tools that can make personal budgeting easy and hassle-free. If you’re looking for a better way to account for your business finances, using apps can be extremely beneficial.
- You Become More Confident With Your Financial Decisions
Sometimes, you tend to worry about how and what you’re going to do with your finances. You may be hesitant to make any financial decision, especially if it involves higher personal and business risks. However, by using a personal finance app, you can have an added level of confidence when it comes to your money and how you’re going to manage it. You’ll feel that every financial decision you make for yourself and your business is proper and worthwhile. Take note that if you’re confident about how you handle your finances, you can free yourself from too much stress in both your personal and business life.
- You Know How To Meet Financial Goals
Whatever your financial goals are, personal finance apps can help you achieve them. By using these apps, you’ll have an idea about your process and how close you are to meeting your goals. One of the features of these modern applications is the receipt of monthly emails that remind you how your everyday personal and business financial decisions impact your finances. So, if you want to track your progress quickly, it’s best to choose an app you’re going to use wisely.
- You Commit Fewer Mistakes
Committing mistakes is very critical when it comes to money matters. As much as possible, making financial decisions should be done carefully to avoid paying more money later on and putting your business at a greater financial risk. With the help of personal finance apps, you can review your previous transactions, thus making it easier for you to catch mistakes. Remember, the earlier you spot the errors, the better.
Personal Money Management Apps You Should Not Ignore
Nairametrics could not have put it better on this one when they itemized the relevant that help people manage their spending and finances properly.
Here are some free money management apps that can help you control your spending.
Intuit Mint, also known as Mint, is the money management app that brings together all of your finances. From balances and budgets to financial goals, the platform provides all your money essentials in one place. Mint gives you a more complete picture of your financial health by bringing everything together: account balances, monthly expenses, spending, your free credit score, net worth, and more. You can easily connect your cash, cards, loans, investments, and more to the app. Intuit Mint is available in the Apple store.
- Mint helps track your transactions, budgets, expenses, and subscriptions.
- Mint helps you reach your goals with personalized insights, custom budgets, spend tracking, and subscription monitoring—all for free.
- You can easily see your monthly bills, set goals, and build stronger financial habits.
- The app alerts you when you’re close to going over budget. It also notifies you when subscription prices go up and uncovers old ones you don’t use.
Inflow is a personal finance management app that allows you to link all your bank accounts in one place, track your spending across expense categories, and create budgets to help you stay on top of your financial game. Inflow is available on the Web, Google Play Store, and Apple App Store.
- Smart Budget: Create budgets for your expenses on Inflow to see where your money is going.
- Intelligent Categorization: Machine Learning models automatically sort your transactions into expense categories, from Transport to Airtime and Data to Food and Entertainment and several more, so you don’t have to do any work.
- Create Custom Expense Categories: Need to know exactly how much you’re spending on car repairs monthly? Or you want to create a budget for your subscriptions? Inflow lets you create custom expense categories.
- Insights to manage spending: Inflow lets you know when you are spending too much and over your budget.
Sparkle is a digital ecosystem providing financial, lifestyle, and business support services to Nigerians around the world. Licensed by the Central Bank of Nigeria (CBN), Sparkle is what most people would refer to as a digital bank.
- Manage your money: Get real-time instant notifications for your transactions and also view how much you spend daily, weekly, and monthly through a simple display showing a breakdown of payments by category, such as transport, utilities, and food, all in-app.
- Save for things that matter to you. Using Sparkle Stash, you can save for different goals at the same time. You can save for a targeted amount or keep your savings open.
- You can also do percentage savings, where you determine what percentage of your account balance will be going to your savings every day, week, or month.
PiggyVest is the largest single online savings & investment platform in Nigeria. The platform helps over 2 million customers achieve their financial goals by helping them save and invest with ease.
- With automated savings, you can save towards multiple goals and meet all your savings goals.
- You can set multiple savings targets like saving for rent, a car, vacation, or a new laptop.
- Save automatically or on your terms – set daily, weekly, or monthly savings. You can also save as you go.
A whole lot of people want financial freedom and stability. Having the know-how to go about it is key. Working on more jobs cannot ensure financial freedom and stability. Even the richest people with the fattest earnings can also run into huge debts. This is the reality of those who fail to manage their finances properly. Managing your finances helps keep you safe from debts and bankruptcy. Therefore, the need for a personal money management app cannot be over-emphasized.