Mobile Personal Finance apps for Millennials seeking Financial Independence

By Reviews Bee

Special to the Financial Independence Hub

Smartphones and apps have enormously affected our daily life and financial management. And despite the fact the elder generation may still have some doubts about tracking incomes and expenses,  millennials are more likely to connect their financial independence with these apps.

The fact is many mobile apps nowadays enable quickly entering data on incomes and expenses, and to find information about completed operations, make changes, export the database or restore it from a backup, and track your expenses and income. They give you some perspective on major and minor decisions in life so it becomes much easier to make  right decisions on the flow of your personal money.

When choosing a program, it’s important to consider not only functionality and convenience of interface but also safety. To be sure the financial apps will not let you down, we have considered  functional peculiarities and user reviews of many similar mobile apps, on the basis of which we present some of the best ones:


The Mint application helps to form a budget, track expenses and achieve financial goals. Costs and savings can be easily tracked in a special list, where different types of financial transactions are marked with different colors, as well as in the tables and charts that the application forms.

Users can also track movements on their bank accounts and credit-card balances in real time, monitor investments and even break their expenses into categories.

In addition, you can set up alerts if it’s time to pay bills, or if users have exceeded their budgets. Another convenient feature: a weekly consolidated report of the movement of your funds is available.


Wally tracks all your expenses and draws up a complete picture of your whole expenditure, so you can see the money you have spent during a certain period, meanwhile seeing expenses as different categories. One of the most applicable features of the app is the fact that it enables scanning and uploading of your receipts into it so you do not have to type long purchase details.


Goodbudget is a financial management application with a non-standard concept. It is based on an envelope budgeting method, whereby special envelopes are used to plan a budget; one may enter transaction data, each of which contains the amount of funds intended for a certain item of expenditure.

Visually, Goodbudget looks good, and the management here is quite convenient. On the main screen there are four tabs: envelopes, transactions, reports and invoices. The users can create “envelopes” for each budget category, and pre-determine how much they’re going to allocate in each envelope for a certain time period, for example, a month. If you have only $200 in an envelope intended for food costs, then this figure will be the limit for the corresponding category of expenses.


Coinkeeper is one of the most popular applications on iOS and Android in the category “Finance,” and not in vain. The most important difference between CoinKeeper and similar programs is the original and unusual approach to financial accounting.  The main screen of the app represents  all your financial sources and accounts, as well as expenses in the shape of coins. To make the transaction simple you need only drag the icon of a coin to expense category, and enter the amount and date.

An interesting feature of CoinKeeper is the ability to specify a monthly limit for each of the expense categories. When this limit is set, the category icon acquires a color fill,  signalling possible overspending.

Level Money

Level Money helps you track your financial situation as you receive money, and gives you advice on the possible costs of basic necessities or luxury goods. The program also has a daily spending guide that will help users correctly calculate their purchases,  monitor costs and revenues. (Editor’s note: In August 2017 it was reported that Level Money is shutting down.)

Reviews Bee helps you choose the best services to meet your needs the first time by providing reviews from a variety of sources. You get the best advice to base your decision on for satisfactory service.


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