4 Money Apps To Help You Manage Money Better

“Wah lao! Everything is so expensive these days, how to survive?”

“Every time I look at my bank account at the end of the month, I’m left feeling puzzled. Where did my money go?”

“Looking back, my only regret is not having any savings in my younger days.”

Let’s be honest, we’ve uttered these words more than once in our lifetime. With bills and increasing living expenses, Malaysians are looking for help to stretch their Ringgit further.

The cries from working class adults are often related to the struggle to keep afloat with the burden of increasing financial strains. Here are the top 3 financial concerns faced by Malaysians today:

With housing prices increasing faster than the increment of income, purchasing a home may seem like a distant dream to many. Even with an increasing amount of home loans and government schemes available to help Malaysians own their first home, the entry cost remains hefty.

It is no secret that Malaysia has a severe public transportation issue. Due to the lack of a comprehensive transportation system, many working class Malaysians opt to own a car as their main mode of transportation. However, with Malaysia ranked as second in the region with the most expensive car prices, owning a car can definitely be a financial strain.

Owning a credit card is a huge convenience but also a huge nuisance to those who lack self-discipline. Coupled with the FOMO (Fear of Missing Out) syndrome, some people may be driven to living a lifestyle that is beyond their means. When not managed properly, this could result in excess credit card debt and a bad credit rating.

Do you face these similar problems? Great news – there are many apps that can help you to manage your cash flow better. Start budgeting and tracking your expenses and you’ll start gaining control over your personal finances to reach your financial goals. Here are some of the best money apps in the market:

Money Coach helps you create smart budgets for every day and every occasion. Its simple interface allows you to track your everyday spending (from food, coffee, drinks as well as weekend indulgences) and plan for every occasion such as a vacation, a wedding or purchasing a new house.

The unique smart budgeting option allows you to set a budget allocation for each category of spending at the beginning of the month. This helps you keep track of your expenditure and savings on a daily basis. It’s also equipped with the option of setting your current currency to different foreign currencies. This would help alleviate the headaches of currency conversion for those who travel and shop abroad.

The key attraction of this app is that it comes equipped with a good analytics function. So dive deep into your personal finances through an in-depth data analysis of your monthly budget and expenditures. Understanding your spending behavior will help you curb your bad spending habits in the long run!

Bonus point – Money Coach allows a one app, multiple device function. It automatically syncs data over your iPhone, iPad and Apple watch at the flick of a button.

Who should get this: For those who would love to have a clear and transparent view of where your every cent is going.

Download: Available on Apple App Store

According to their site, YNAB has successfully helped countless people get out of debt. It believes that by giving reason and intention to your every Ringgit, you can gain conscious control over your spending. With flexibility in creating personalised categories of spending, you are able to budget and track actual spending in all areas of your life. At the end of the month, any additional savings will go into your main savings pool.

You can also set up a big goal and work towards it. Just key in the amount of money you want to save and set a deadline. You can then track the progress of your goal and know how far or near you are to reaching your personal financial goal.

Overall, the app provides a very transparent overview of your monthly spending, empowering you as the main driver of your personal finances. Rather than restricting you from spending, it allows you to practice the habit of budgeting for the short and long term.

Who should get this: For those who want a hassle-free andsimple personal finance app.

Download: Available on Apple App Store and Google Play. Also available via web.

Rated globally as the top favourite finance app, Wally is a seamless intuitive money management tool. As real people with real problems themselves, the app developers set out to solve common, everyday money problems. Wally allows a 360 view on your money - what comes in, what goes out, what you saved and what you have budgeted. In simple words – Wally provides you with the tools to understand where your money goes and empowers you to set and achieve financial goals.

A feature on Wally allows you to take photos of your receipts for your expenses – a helpful tool when you need to refer to major purchases or tax-exempt purchases.

Who should get this: For people of all ages. It’s simple and clean interface encourages easy use for people who wish to gain control of their finances.

Download: Available on Apple App Store & Google Play.

Fortune City, while not a budgeting app, is an interesting way to approach personal finances. Repackaging the age-old topic of personal finance with an exciting concept of gamification, you track your spending by building a city. Every expense recorded gives you a building block to place.

Besides its beautiful and interactive presentation, it has a quick accounting tool which helps you track your expenses easily. It also has a simple analysis function with beautifully designed charts which allows you to have a clear understanding of your personal finances and spending.

Bonus point – Fortune City also has an Automatic Sync function where a 24/7 running server will help you secure all data the moment you on to the app.

Who should get this: An ideal choice for anyone looking to approach personal finances differently. With the gamification element, balancing personal finance has never been more fun!

Download: Available on Apple App Store & Google Play.

The above articles are intended for informational purposes only. AIA accepts no responsibility for loss which may arise from reliance on information contained in the articles.

References

https://www.forbes.com/sites/brucelee/2017/12/24/do-you-have-video-gaming-disorder-a-newly-recognized-mental-health-condition/#20b38d92316d
http://www.newsweek.com/world-health-organization-thinks-video-games-are-causing-mental-health-758555
http://www.who.int/features/qa/gaming-disorder/en/
http://edition.cnn.com/2017/12/27/health/video-game-disorder-who/index.html
https://moneyish.com/ish/who-could-make-video-game-addiction-a-thing-but-players-tell-moneyish-why-its-not-game-over-for-them-yet/
https://www.statista.com/statistics/293304/number-video-gamers/
https://www.engadget.com/2017/02/09/8-cognitive-benefits-of-playing-video-games-for-kids/
http://www.independent.co.uk/news/science/study-finds-that-violent-video-games-may-be-linked-to-aggressive-behaviour-10458614.html
http://www.dailymail.co.uk/health/article-1383655/Teenage-boys-eat-food-playing-video-games-study-says.html
https://migrainecenters.com/gaming-addiction-could-be-triggering-chronic-migraines
https://www.psychguides.com/guides/video-game-addiction-symptoms-causes-and-effects/
https://www.forbes.com/sites/tomaslaurinavicius/2017/06/29/money-apps-to-save-eliminate-debt/#7f9024651799
https://www.youneedabudget.com/ http://wally.me/
https://www.investopedia.com/personal-finance/personal-finance-apps/
http://fortunecityapp.com/en/
https://loanstreet.com.my/learning-centre/financial-problems-people-face-in-malaysia

The above articles are intended for informational purposes only. AIA accepts no responsibility for loss which may arise from reliance on information contained in the articles.

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4 Money Apps To Help You Manage Money Better

1. Buying your first house

2. Buying your first car

3. Credit Card Misuse

1. Money Coach (https://moneycoach-app.com/)

2. YNAB (https://www.youneedabudget.com/)

3. WALLY (http://wally.me/)

4. FORTUNE CITY (http://fortunecityapp.com/en/)

Which of the money apps featured in this article do you currently use?

Yes (55%)

No (45%)

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