Money on the go - the 6 top financial mobile apps

Mobile App's are brilliant aren't they?  You can play games, keep up to date on the latest news, or keep in touch with friends via social media...all from your Mobile or Tablet computer.  However, are there any applications which allow you to manage your money more effectively using the power of technology?

The answer is yes, there are plenty out there, but what ones are genuinely useful?  Below are our favourite top 6 financial mobile applications.  

But firstly an apology...I'm an Iphone user and therefore these applications are Iphone focussed, therefore I'm sorry if these App's are not available on your mobile of choice.  However I'm sure that if you're not an Iphone user, you can find something pretty similar available on your phone....anyway, onto the list:-

Iexpenseit - (Lite version - free, Full Version £2.99)

Whilst many of our clients understand exactly their month to month financial situation, we have a few who find it hard to keep track of their outgoings every month.  This is completely understandable as it can be tough to keep track of what you spend as you go about your daily business.  Iexpenseit goes a long way to solve that problem.

The application allows you to record your income, and more importantly, your expenditure on the go.  You can add multiple accounts (so it can potentially be used for personal and business accounts) and has the facility to provide PDF reports (illustrated with some nifty little charts) at the touch of a button.

The Lite version allows you to enter 200 entries, so you can try before you buy.  However with the cost at a reasonable £2.99 it offers a low cost way to manage your day to day expenditure.

AVIVA Time to Act (Free)

This nifty little free app, which is sponsored by Aviva, provides you with a rough and ready indication of whether your current retirement provisions are enough to live on in later life.  

When you put your annual salary, existing pension fund, contributions, retirement age and attitude to risk into the app it will provide you with the amount you are entitled to in tax relief but more importantly provide broad projections of what you may receive as an income in retirement based on the data you input.

  

Whilst this isn't an app you'd use every day...it's interesting to see if what you believe is a sufficient amount to save for retirement is actually enough.  It also allows you go back and play with the numbers to see what difference paying a little extra contribution might make, or if you retired 5 years later, or if you were prepared to take a little more or less risk.

There's also a similar app available on Android called Nest Egg for all you non Iphone users....

Bloomberg (free)

Whilst many people use the Bloomberg application for tracking individual share portfolios, it can also be used to get up to date information on your Investment ISA's, Pension Funds and Unit Trust investments.

Just type the name of your fund into the App (be careful you select the correct fund and if in doubt contact your adviser) add it to your favourites list and it allows you to keep track of how many of your investment funds are doing right on your phone.      

However please bear in mind by their nature many of your investments will fluctuate and therefore bear this in mind when keeping track of the investment performance in your funds.

Inflation Calculator (69p)

This application provides historical data of how prices of goods and services have increased over the years.  Select any year from 1800 to last year and it will give you an indication of how prices of changed.  

So, why is this important?  Whilst we can't predict what increase in the cost of living will happen in future years, it clearly illustrates that the value of your money is eroded over time.  

This could potentially help you make the right savings and investment choices so that your money has a fighting chance to keep up with this inflationary rate and therefore maintain it's true value.

RedLaser (free)

What use is money if you can't spend it on the things you enjoy?  However ensuring you get the best deal on your purchases is important and RedLaser can help you achieve this.  

You can use RedLaser to scan the bar code of many potential purchases to ensure the deal in the store you are in is competitive.  RedLaser does the hard work and does a search online for the best deal on that new potential purchase.  It can also be used to find the nearest shop with the best deal, and includes a QR code scanner as part of the bundle.

It's important to note that the database doesn't include all retailers and you may be able to get a more competitive deal by shopping around yourself.  However as a quick method of seeing whether the deal where you are is overly expensive or actually pretty competitive it's a nice piece of kit.

and lastly....

Twitter (free app)

Ok....so it's not strictly speaking a money related app....but Twitter is incredibly useful as a financial resource for a number of reasons.  Firstly, there are many financial professionals willing to share knowledge, provide tips and interact on a range of money related subjects.  

Secondly, although as you may know, the content is limited to 140 letters, there is a steady flow of useful links to more in depth analysis on many different aspects of money.  Thirdly, it's fun!!

So, who should you follow on twitter to benefit from these resources.....I think I'll leave that for another blog entry.