Thursday, March 8, 2012

iOS Financial Tracking Apps

I've loved using financial tracking apps, ever since Microsoft Money debuted (which I preferred over Quicken.) But, having to keep all those receipts and remember to input them when I got back to my computer was a PITA. I've been checking out pretty much every financial/receipt tracking app on the App Store, and thus far, only two really stand out.
  1. Mint.com Personal Finance - manage your money, budgets, expenses and bills
    • Pros: it's free. It auto-updates your transactions (if your financial institution is supported.)
    • Cons: Can't really track cash accounts, or financial institutions that are not supported. It auto-selects the category for the transaction based on the type of place you are at (which, while sometimes useful, can often be incorrect), and cannot be changed in the app. No way to really track a budget.
  2. PocketMoney - checkbook, budgets, expenses.
    • There are two flavors: the paid version ($4.99), and PocketMoney LITE, which is the free (albeit ad-supported) version. Both are identical (except for the fact that there are no ads in the paid version), so you don't lose any features. Try out the LITE, and if you want to get rid of the ads, purchase the full version.
    • Pros: lots of them in this app: the ability to track any type of account (cash, checking, credit card, savings account, investment, et. al), an intuitive and easy-to-use interface, budgeting, etc.
    • Cons: Unlike Mint.com Personal Finance, PocketMoney does not automatically retrieve your transactions, meaning you have to manually input each one.
I prefer PocketMoney, especially since my credit card is not supported in Mint.com, and thus I'm unable to effectively use the Mint.com app to track my purchases. Speaking of which, the Mint.com app is really designed to be used along with the Mint.com website online, which is the only place you can choose a different category for any expenditures.

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