Personal Finance Apps Vs Budgeting Tools

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The rapid advances in technology have revolutionised the way we manage our finances. With a wide range of personal finance apps and budgeting tools available, staying on top of your budget, tracking your spending, saving money, and creating more informed financial decisions is now easier.


However, with so many options and people having different financial goals and needs, it can take time to decide which is right for you. And that’s why in this blog post, we’ll explore the differences between a personal finance app and a budgeting tool so you can determine which is best for you and your financial goals.


Without further ado, let’s get started. 


What is a Personal Finance App?

A personal finance app enables you to monitor all aspects of your finances on the go from the convenience of your smartphone or tablet. It can help track your savings, investing and spending. It can also keep you up to date on credit score changes and monitor bill payments. In addition, you can connect personal finance apps to your financial institution to see where you spend your money from your bank account.   


It typically has various features such as bill reminders, a shared wallet, auto bill pay, handling subscriptions and accessing other helpful financial information. 


Some examples of Personal Finance Apps

  • Digit

  • Prism

  • Spendee

  • Hello Money

  • Qapital

  • You Need A Budget (YNAB)

  • Sweep


What is a Budgeting Tool? 

A budgeting tool is an essential component of managing your finances. It helps you to track, record and control your expenses, income and expenditure. Bringing clarity to your financial situation can help you make the most out of your earnings and ensure you stay within your means. Having a budget tracking system is a great way to keep tabs on where your money goes. 


Moreover, it allows you to create an accurate plan for how much money comes in each month, what bills need paying, and any other necessary payments or expenses. You can then use this information to generate a more detailed plan over a longer period – vitally important in achieving financial stability.


Some examples of Budgeting Tools or Software

  • QuickBooks Online

  • PlanGuru

  • Gide

  • Score

  • Zoho Books

  • Prophix

  • Mint

  • Budget Maestro

  • Xero


Budgeting Tools VS Money Management Apps / Personal Finance Software: What’s the difference?

Budgeting tools and Personal finance apps are valuable and essential money-planning resources to help you manage your finances more effectively. Both can assist in tracking spending and setting goals, but they have some key differences. Understanding their differences can help you make the most of your financial resources. 


Budgeting tools focus more narrowly on helping others set a budget for each month or year ahead of time to keep their finances organised and create a plan for managing income and expenses over time.


On the other hand, Personal finance apps offer a broad suite of features and a holistic view of finances so users can better understand how much money they are making, where it is going, potential areas for savings, etc. These apps usually support multiple bank accounts, credit cards, investments and other financial services. In addition, they often include features like instant notifications when payments or deposits arrive, easy-to-understand visuals of expenses, automatic budgeting suggestions based on past transactions and more. 


Budgeting tools track expenses related to detailed and specific categories or goals. These programs can provide detailed reports about how much money is spent in each category, allowing users to set limits and adjust their allocations based on their individual needs. With these programs, users can quickly identify problem areas with their finances and take action accordingly.


Alternately, Personal finance apps usually track all your accounts in one place. They allow you to easily monitor spending, create budgets, and set goals for saving money. Many also offer features like budgeting tips and reminders to stay on track with payments. 



In hindsight, personal finance software and budgeting tools can be powerful resources for taking control of your finances. While both offer advantages, the right choice for you ultimately depends on how hands-on you want to be with your finances and which works best for your lifestyle, budget and goals. 

Here’s a perfect money planning resource and reliable cash flow management tool for your business—Moolamore will give you visibility into your cash flow, so you always know where you’re at with expenses, income, and projected growth. Schedule a demo with us today!