5 Apps To Help You Manage And Track Your Finances

Regardless of the age bracket you fall on, financial matters are crucial to everyone. Anyone can have huge sums of money; however, it takes someone with financial discipline to ensure that they maximize on the money they have.

Everyone needs assistance in handling their finances and expenses as we sometimes tend to go a little overboard and fail to recognize the difference between our wants and needs. Addictions, habits, and luxuries make us spend our money without necessarily feeling guilty about it.

To avoid spending our money carelessly, the following are 5 Apps to help you manage and track your finances.

1. M-PESA App

M-PESA App is a mobile application of Kenyan Origin and for one to access the M-PESA Application, one must own a registered Safaricom SIMCARD.

A product of one of Kenya’s giant telcos, Safaricom, what ranks M-PESA higher than the other mobile money applications is that Mpesa was the first of its kind, a prototype to the rest. The app is versatile and acceptable worldwide as it is compatible with many other international financial applications. The app has been designed to meet financial needs of those not attached to any banks.

M-PESA is now used as a medium of transactions saving people the burden and danger of carrying ATM cards everywhere they go. It is an equally safer mode of keeping money in fear of fraudsters withdrawing it like they would with your ATM card.

One can now shop with M-PESA, track their expenses and transactions, save money, transfer money worldwide and even store money safely. These many functions of M-PESA make people prefer using it to banks.

How it works:

1. One MUST have a valid identification card or passport (for international citizens) for you to own a Safaricom sim or carry out any transaction on M-Pesa.
2. Your M-PESA is set up with a 4-digit pin that is unique to you and is used to make all transactions.
3. In case of mistaken transactions or fraud, one can make a reversal by forwarding the transaction message to 456 or calling Safaricom Customer Care with a complaint.
4. Also, network providers can track down and stop block transactions associated with your sim card in case you have reported your phone stolen.

2. M-SHWARI

M-SHWARI  is a sister to M-Pesa and works approximately the same way as any other regular bank in terms of handling money. The only difference is that you do not need any paperwork to activate your M-SHWARI account.

Just like M-PESA, M-SHWARI offers convenience as there are no long queues, no extra charges, and no unnecessary paperwork. This means that anyone can bank with M-SHWARI as no paperwork is involved.

How it works:

1. You can transfer money from your M-PESA to your M-SHWARI for savings and vice versa for withdrawal or transaction purposes.
2. M-SHWARI offers mobile loan services with a minimum equivalent of a dollar in Kenya shillings.

1. Saving with M-SHWARI is not only comfortable, but also you can earn interest of about 6.65% annually.
2. You do not need a minimum balance charge with M-SHWARI.
3. Transferring money from your M-PESA to M-SHWARI and vice versa is completely free therefore you do not incur any extra cost charges.
4. It is important to note that you can have an M-PESA account and not have M-SHWARI. M-SHWARI is a product to be registered a fresh after you own an M-PESA account and an overall Safaricom sim card. Visit this page to know more about M-SHWARI: Frequently asked question on M-SHWARI.

3. ZENKA

Zenka finance is a Kenyan-based mobile money-lending application. Amidst high competition, Zenka has emerged at lightning speed due to its favorable features of:

• the first loan up to 61 days being free to new clients,
• loan extension period
• no registration fee needed
• no interest fee charged
• no commission charged

How it works:

1. You will need to download the Zenka application from Google Play or Apple store.
2. Register your details in the app.
3. Be sure to own a valid identification card and a running M-PESA account to facilitate your credit and debit transactions.
4. Follow the necessary prompts, answer a few questions posed and fill in the required details.
5. Apply and wait for verification. Once verified, you will receive the requested loan in your M-PESA account.

4. PESADROID

If you use M-PESA to conduct most of your payments or just have a lot of money flowing through M-PESA then this app is for you.

PesaDroid is a local app generated from Safaricom that notifies and records all your incoming and outgoing payments generating cash flow statements.

This app will help you track your transactions on mobile money and help improve your spending habits.

5. PAYPAL

PayPal is a web application that promotes safe online money transfer from one source to another without disclosing account details of the parties involved. It acts as an online visa or Mastercard and is preferred for online purchases with Amazon, eBay, and Alibaba being the most used platforms which favour transactions made through PayPal.

How it works:

• You need to log in to their website, open an account with them and attach your bank account details, be it debit or credit cards as both are acceptable with PayPal.
• When making transactions through PayPal, the debtor needs to approve details and attach them to their PayPal account. The creditor will then receive a transaction to their PayPal. He is therefore supposed to go ahead and approve the details while they reflect on his bank account.
• For money to reflect from your PayPal to your account, it takes about 24 hours.

Link a bank or add a card which aids in loading your digital wallet. By doing so, this becomes easy to track spending no matter how you pay.

Tracking your purchases helps you to manage everyday PayPal transactions, from grocery bills to new clothes, in the app that makes it a breeze to monitor your payments in one place. Do not forget that PayPal transactions only happen between parties who must already have a PayPal account.