Why are you scared of money? Yes, you! Don't look away! Look here and look at your money. The only way to face a problem is head-on. And that's what financial management apps can do for you.
We are infinitely grateful to live in a time where we can scratch scrawling our budget and income on a faded old piece of paper and instead have access to accurate and on-the-ball financial technology. We understand that some people may be wary about linking their bank account with an app, which is why all the apps we have listed here are reputable, well-reviewed, and ready to get your finances back on track.
5 Game-Changing Financial Management Apps
22Seven, brought to you by Old Mutual, is a financial management app that syncs all of your accounts across different banks into one cohesive place. If syncing makes you nervous, know that 22Seven uses API details for logging in, which means none of your personal passwords will be shown to anybody.
Available on both iOS and Android, the platform allows you to categorise your transactions and accounts. And for free, may we add.
The majority of South African banks are backed by Old Mutual, which means all banks will have the same functionality and ease of use. As you spend, the app automatically creates a personalised budget based on the relevant data – thank you, technology.
22Seven is also a place to monitor and control investments, loans, and net worth. These types of insights can help you build your value net worth, set limits, and investing goals.
Remember – apps keep an eye on you. You can enable spending alerts for when you're getting close to overspending on your budget or compromising a goal.
Nedbank backs MyFinancialLife, but it is by no means a banking app.
MyFinancialLife comes with fantastic features and benefits that open your eyes to what’s going on in your, well, financial life.
Nedbank created this app with the aim of empowering all South Africans to take the reigns on their finances. By making sure the app is available for Nedbank and non-Nedbank members for no cost, they’ve done just that.
With MyFinancialLife, you’ll have comprehensive access to spend analysis reports. First, you’ll connect your cards to the app. Then the next time you transact using a card, the supplier will be recorded into the system. When you transact with the same supplier for a second time, the app will analyse your spending. You can activate alerts that sync with your saving goals and budget spending.
Another forward-thinking feature is the calendar view. Calendar view sets up your financial year – dating all debit orders and payments so you can keep an eye on making sure you have enough money for the months ahead.
You can use the app to track your budget (actual spend vs. paid spend) and your family or household. Finances and transparency should go hand in hand, and with MyFinancialLife, you can track what amount is going off which card and for what reason.
If you’re a really savvy saver, you’ve probably heard of envelope budgeting. This old-school (but still relatively effective) method of saving consists of dividing your money up and putting physical cash in envelopes, marked with categories like groceries, rent, eating out or classes etc. Obviously, this has grown less popular for two reasons:
- People aren’t often paid in hard cash.
- People steal.
Goodbudget went in, took this concept, and transformed it into a digital solution.
Instead of risky paper encasings, you store your money in virtual envelopes dedicated to predetermined spending categories. The envelope method is based on a future projection; it helps you plan your spending instead of tracking it. This way, you know in your mind that you have the money you need when an incident or payment comes up.
You can set aside saving envelopes for holidays or car payments, and you can set aside money for paying off debt. Why the envelope system works so well is that while you’re putting money towards paying off debt, you’re also putting some money towards day-to-day expenses giving you a healthy balance between saving and moving towards financial freedom.
With Goodbudget, nobody gets left out of the loop, and everybody gets to chip in. You can sync budgets across household devices so that everybody can see how much is in which envelope.
A free version of the app still offers you a great deal, but you can access more tools for $7 a month (and it’s just whatever happens to be going on with the Rand that day). It is readily available on the web, iOS and Android.
Who owes who what? You don't realise how much money you may be losing because of incorrect splitting. You cover a lunch here and grocery shopping there, and before you know it, you've become the roommate who supports everyone. Plus, sometimes asking for money you’re owed is super awkward. With Splitwise, you take the awkwardness out of the equation with a polite, easy-to-use platform for paying people back.
How it works is that you can create groups and friends and split with them any time. There’s no need to log into your banking app to transfer money because Splitwise is the middleman between the transaction - and there are no hidden fees.
Say you live in a house with other people; you could put rent, groceries, and repairs categories. You could split the bill after dinner if only one of you paid. You can keep up to date with who’s spending what when you go on holiday. Something good to know:
- You don’t need to split 50/50 – you can split expenses by percentage.
- You can easily calculate balances.
- No need for data - offline mode is available.
- Different currencies? No problem. Splitwise offers over 100 different currencies.
- If somebody is taking a little too long to get back to you, they’ll receive a “suggested repayment” notification. Again, with no more awkwardness!
Splitwise is free to use unless you want to upgrade, which will cost you just R15 per month.
Honeydue is a money management app designed for partners who are connected financially. It helps to keep communication open and to allow both members in a relationship. It’s important for partners to be on the same page (especially in business) when it comes to money, and Honeydue helps keep it that way.
You’ll have an option for both personal and joint finances (because, yes, you’re absolutely allowed to keep some things private).
The app outlines your hard expenses for you, but you can still create categories for your personal financial goals and responsibilities. So, whether you’re keeping track of loans, investments, or bank accounts, it’s all there for the both of you to see. If you need to “talk money” and prefer to do it in a neutral space, you can send a direct message within the app. You can skip the whole, “Honey, it’s due!” thing.
This also helps with communication regarding what’s been paid and what hasn’t. You’ll know when you need to pay for something because Honeydue sends you alerts –welcome to paying bills like an adult.
Sneaky Number 6
We’re being sneaky about this one because it’s especially for the entrepreneurs reading this article. If you’re riding the iKhokha mobile card machine wave, you’ll have free access to the iKhokha App.
The iKhokha App manages the money going in and out of your business. It’s no doubt that it’s one of the most useful tools a business owner could use. Within the umbrella of your money, falls your business' money and we would be remiss to not remind you of what the app can really do.
Manage every transaction that comes through your business, including daily cash-ups, purchasing prepaid products, and paying bills. And you’re not limited to purchasing these products: you can sell them, too. The iKhokha App opens up iK Prepaid – a way to make more money, while you’re busy making money.
You can also access iK Cash Advance, a speedy route to quick working capital, on the iKhokha app after just 3 months of trading with us. Ready to find out more about our app? You can do so here: https://help.ikhokha.com/the-ikhokha-app