Not everyone loves using spreadsheets. If you are the kind that prefers to have an app do it for you, then you’re born in the right century. With just a tap, you have tons of apps to choose from to help you manage your finances and taxes.
Choosing one may not be a smooth sailing process because there are too many apps out there, each with its unique selling point. Deciding on what your goals are and what are your most pressing concerns is one way to narrow down your choices of apps.
Here are some great apps for budgeting and saving that are free or have minimum charges:
With a tagline that says ‘Saving is Fun’, how can you not be motivated to save? This app allows you to calculate not just today’s allowance, but the next two days as well. If you have money left over at the end of the day, the app adjusts your check and balance for tomorrow’s allowance. It gives you the option for a little more spend and vice versa. This app does not track multiple budgets. However, it has a cool feature called ‘Big Spendings’ that enables you to add a future large purchase or expense. It will then start ‘saving’ for that expenditure immediately by deducting a percentage of your daily allowance- which you then need to physically remind yourself to do. It also has a very minimalistic interface that is user-friendly and straightforward.
Digit is a fully automated app that is great to help you with your savings. This hands-off approach is less stressful and it helps with building up your savings, quietly working in the background. This app is ideal for people who have a problem stashing away cash from every paycheck into a savings account. Every few days, the app automatically transfers cash into your Digit account, and when you do need the money, Digit transfers it back within one day. You need to connect your bank account to the app, and Digit will analyze your spending patterns and locate smaller cash that can be saved.
Smart Budget is a great app to use if you want to start tracking your expenses. It is excellent for people with joint finances and if you want to easily get a snapshot of your expenses and spending on a daily or weekly basis. However, the Smart Budget doesn’t have a feature to set limits and doesn’t feature budgets over multiple accounts.
Taxing is also part and parcel of good financial health. Filing your taxes in advance helps you overcome any late fees or unexpected payments. Here are some great apps to help you out with taxes:
This is a well-designed app that is easy to use and comes with excellent support. It has a Live Support feature from a qualified tax expert and is offered free for individuals filing simple tax returns. You can get tax tips or even ask for help like ‘How to look up EIN?’. This app is also available on a desktop version, which means it’s easy to switch between the app and computer without losing any of your progress. It’s a little on the pricey site where tax apps are concerned. This app is a good one to have for personal tax return filings, but not for merchants or businesses.
This is another app that comes with excellent and unlimited access to phone and email tech support. Users also have a robust list of customer support tools and paid plans to choose from. Each paid plan comes with support from tax professionals. The highest-cost plans are much more affordable than other competing apps, and you can also use the mobile version or desktop software easily to do your tax filing. The annoying part of this app is that it does not allow you to scan and upload documentation, such as your W-2 forms, via mobile. That said, it’s pretty useful to handle basic tax returns but if you want more features and additional support, then you need to upgrade.
This is a free app that is loved by many. It allows you to file your federal and tax returns without upgrading or paying for additional support. You can also file relatively complex tax situations such as an investment income or self-employment income without needing to upgrade. You can also upload your information from the previous year’s tax returns even if you did not use Credit Karma. Another great thing about this app is that it comes with free audit support. However, unlike other apps, this free support is not on a one-to-one or case-by-case basis. As much as you can do some complex tax situations, this app does not do well with taxes such as underpayment penalties or filing multiple state tax returns. The other thing to take note of is that this app does not support all state tax returns.
This app can help you import documents directly onto the app simply by scanning them with your phone. This makes tax filing and tax returns faster. You also get live support from a tax expert as it is included in the paid plans. Like all other apps, the pricing bit comes differently with TaxAct. You would need to pay to file each state tax return even if you are on the free plan.
The choice of budgeting app or tax app entirely depends on your needs and yes, your budget. Ultimately, you should pick one that fulfills the hardest tasks that you find difficult to do in reaching your financial goals. Which app makes tracking easier? Which app allows you to take screenshots of barcodes or receipts? Which app helps you file taxes faster? Identifying your needs as well as your financial and tax goals will help you pick an app that is the most suitable for you. Always do a trial before deciding to commit on a long-term basis with these apps to get the most out of your money.