Tracking expenditures is the first step towards financial consciousness. In the present scenario where online payments and payments via smartphones have increased, it is difficult to keep track of every petite and petty expenditure. In such cases, automated expense tracking apps play a huge role in helping keep a track of every expense.

 

Automated expense tracking apps analyze every transaction and help stay updated with every payment done. When you understand where you are spending your money and how much you are spending, you can keep track of your cash flow. In fact, you can also prepare your budget accordingly. In this blog, we will learn about automated expense tracking apps and how they’re beneficial for expense management. We have also compiled a list of 5 automated expense tracking apps that you can use for efficient tracking and management of your finances.

 

5 Best Automated Expense Tracking Apps in 2022

 

1. Walnut Money Manager

 

Best for: Personal Finance Tracking

 

Features:

 

• Potential for Earning/Saving money
• Ease of use
• Value for money
• Trust
• Support

 

Walnut Money Manager tracks all your income and expenses, reporting them in an appealing dashboard. It also provides a simple and one-point solution to track all your account balances and spending. The app is safe as your data is stored on your phone. It goes through your text messages that show the money you get and spend. Based on this, it maintains a tracker that shows your income and expenses.

 

2. NerdWallet

 

Best for: Financial Advice

 

Features:

 

• Tracks income and expenses
• Thorough handling of credit score issues
• Useful editorial content
• Strong financial product browsing and educational tools
• Good mobile apps

 

NerdWallet gives a complete look at your personal finances and tools to help manage your money. It’s completely free and doesn’t offer in-app purchases. By linking your accounts, you can categorize your transactions to get a picture of how you spend your money every month. From there, set goals to help pay down debt, invest for your future, and save money.

 

3. Mint

 

Best for: Overall Finance Management

 

Features:

 

• Track investments and create savings goals
• Monitor your credit
• Connect accounts to categorize transactions

 

Mint is the best overall expense tracker app because it’s free, and you can monitor all of your accounts in one place. Set savings goals, keep tabs on your credit, and track investments. It is a personal finance app geared toward helping people organize and manage their finances and credit. Mint is one of the best automated expense tracking apps. It gives an in-depth look at personal finances and offers tools to grow your net worth and pay down debt.

 

4. QuickBooks Accounting

 

Best for: Small Businesses

 

Features:

 

• Automatically track mileage and snap pictures of receipts
• Send and track invoices in multiple currencies
• Link bank and credit card accounts

 

QuickBooks is a leader in business accounting and bookkeeping. Its app helps small businesses track expenses, send invoices, and manage most financial aspects of a business.

 

QuickBooks Accounting offers a free 30-day trial with no credit card or commitment required. And, if you have QuickBooks online, the Accounting app is free. Otherwise, you can also choose from a variety of plans starting at $7.50 per month.

 

5. Goodbudget

 

Best for: Beginners

 

Features:

 

• Envelope feature allows user to visualize their spending and prioritize meeting different goals
• Users can customize the envelope categories according to their needs
• Provides real-time updates of how your transactions impact your budget and personalized reports
• Offers educational resources like a blog, a podcast and online courses people can take

 

Goodbudget is a budget tracker for the modern age. Say no more to carrying paper envelopes. This virtual budget program keeps you on track with family and friends with the time-tested envelope budgeting method. It allows users to plan their household’s spending using the ‘envelope method’ where they allocate a certain amount of their income into categories like groceries, rent and debt payoff.

 

Frequently Asked Questions about Automated Expense Tracking Apps

 

What are automated expense tracking apps?

 

Automated expense tracking apps allow you to monitor and categorize your expenses across different bank and investment accounts and credit cards. In fact, most of these apps also offer various features that make tracking easier. These are namely budgeting tools, credit monitoring, mileage tracking, receipt keeping, advice to grow your net worth, and many more.

 

What are the benefits of expense tracking apps?

 

Keeping track of your expenses is an important part of managing your overall finances. Following are some benefits of automated expense tracking apps:

 

• They help keep track of expenses and transactions.
• These apps automatically sync to your bank accounts and credit cards. As a result, you save time since you don’t have to manually gather all bank and credit card statements.
• The apps also help categorize spending so you can better understand your purchasing habits.
• Moreover, some of the best expense tracker apps offer educational tools like blogs and courses to help you learn more about budgeting and your money.

 

What is the best way to track your expenses?

 

Each individual has their own way of managing their finances. There is no perfect expense tracking plan that fits everyone. However, you can opt for the following methods:

 

• While some people may find looking at their monthly credit or debit card statements enough to keep their spending in check, others need something more hands-on.
• You can opt to track your transactions daily in a spreadsheet or to use technology such as an expense tracker app.
• If you’re not sure which is the best program for you, try out a few different methods to see what sticks.