financial apps 2

Financial AppsBanking, Checkbook/Accounting, Budgeting and Shopping/Coupon apps Forum, 2013

BANKING APPS

Mint (free)• Read only version of multiple accounts• Cannot make transactions

• Designed to handle multiple accounts• Sign in once to bank/institution, Mint takes over from there• Add cash transactions manually• Classifies transactions (90%), and is easy to reclassify• Shows all financial information, using pie charts, graphs• Easy to drill down to specifics • Suggests budget, easy to tinker with• Sends alerts for high spending, over budget, large deposits

Mint: iPad vs. Desktop• Like many apps, there are two or three flavors• Desktop/web: to manage Mint

• Add banks/ accounts• Classify transactions• Set budget goals

• Tablet/phone: to look at finances• Finances at a glance• Drill down into any category

• Today:• https://wwws.mint.com/demoUser.event (demo acct.)• Add an account• Recatagorize multiple transactions• Change a budget goal

Security• Depends on your level of paranoia• A significant amount of paranoia is called for!

• NY Times article “Should You Trust Mint.com?”

Jay Foley, co-founder of the Identity Theft Resource Center, said he would trust the site. “Their security level is pretty decent, all things considered,” he said, noting it was in line with the standard at financial institutions but the information could still be encrypted at a higher level on par with that of the military.

• Consensus: As strong as your bank’s security• No SSI, no name or address asked for on Mint• Bank Username/Password/Security questions not stored on Mint

• Established a one-way connection with the bank• Bank stores info

Security (con’t) • Bigger threat is thieves getting passwords from your

tablet/computer• Have strong password!• Sentence: !!nd0amHM (It is not down on any map – Herman

Melville)• Additional security:• Notifies you of high spending, large withdrawals, over budget

items • You can password protect your account in Settings• Read-only: can’t make transactions from Mint

Check (formerly Pageonce) (free)

• App only• Banking/bill paying app• Better as a bill reminder

• Uses financial info from banks and institutions to see finances at a glance • Don’t need to use that aspect; Mint is better at it

• Useful as a bill reminder• You can enter bills manually and have it give you reminders to pay

• NO security issues• You can have it pull up bills automatically, and set reminders to pay

manually• You can have it autopay your bills for you

• Sends alerts for suspicious activity• Today: add Comcast bill (manual and auto)

Your Own Bank’s Apps*

Best• RBS Citizens – 4.5 stars, 93% favorable

reviews• Charter One – 4.0 stars, 91% favorable

reviews• KeyBank for iPad – 4.0 stars, 83% favorable

reviews• City National – 4.0 stars, 76% favorable

reviews• Santander – 3.5 stars, 83% favorable reviews• Associated Bank – 3.5 stars – 76% favorable

reviews• Huntington Bank for iPad – 3.5 stars, 75%

favorable reviews• US Bank – 3.5 stars, 71% favorable reviews• Utrecht Bank – 3.5 stars, 69% favorable

reviews• Bank of the West – 3.5 stars, 68% favorable

reviews

Worst• People’s United Bank for iPad – 2.0 stars,

79% negative reviews• PNC – 2.0 stars, 79% negative reviews• SunTrust – 2.0 stars, 78% negative

reviews• BB&T for iPad – 2.0 stars, 73% negative

reviews• Chase – 2.0 stars, 70% negative reviews• TD Bank – 2.0 stars, 70% negative reviews• PNC Virtual Wallet – 2.0 stars, 69%

negative reviews• Regions – 2.0 stars, 69% negative reviews• Fifth Third – 2.0 stars, 69% negative

reviews• BofA – 2.0 stars, 68% negative reviews

*Forbes, July 2013

CHECKBOOK AND INVOICE APPS

Checkbook (free) (Pro - $3)• Manual• Simple and intuitive to use • Much like a checkbook ledger• Starting amount• Income• Expenses• Recurring bills

• Does not auto-categorize• Can’t delete items (difficult to reconcile account) • Doesn’t sync• Today: add an expense

PocketMoney ($5) • Very simple checkbook app for withdrawals, deposits and

transfers• Checkbook ledger with few bells or whistles

• Graphs• Bill notification on recurring bills

• All manual, no security issues• Simple, kind of a clunky interface • Only three options: withdrawal, deposit, transfer• Recurring withdrawals can be added• Can sync with other devices

EXPENSES/INVOICE APPS

Expensify (free)• Expense report app• Three flavors: web, tablet, phone • Syncs across devices • Detail work best done on web

• Use tablet and phone to add receipts • Create a manual report, or you can add credit card

• Expensify will match receipts to expenses

• Adding receipts• Email in receipts• Smartscan pictures of receipts (10 free smartscans/mo, $.20 for each

additional smartscan• Manual entry (with or w/o pic of receipt)• Drag and drop• Evernote!!!

• Generate reports

Invoice2go Plus ($4/month)• First three docs free in trial version• $49 a year or more after• Seems a bit pricey

• Simple and intuitive to use• Add basic business info, it does the rest• Create Invoices, Estimates, POs, Credit Memos• Output options: Save, Preview, Email, Print

BUDGETING APPS

Homebudget ($5)• Tracks spending and income• All manual , no security issues• Shows income and expenses in graph form• Family sync allows multiple users to access it• Scan or take photos of receipts

• Choose category (bills, income, accounts, etc.)• Touch + at upper right, choose income, expense, or transfer• Recurring expenses/income, DON’T touch +, touch R at bottom

left• THEN touch +

• View summaries and forecasts

Other budgeting apps• iAllowance ($3.99)• For kid’s allowances• Chores are included• $1 for more than one kid• $1 for sync through Dropbox

• Ace Budget ($1)• All manual, no security issues• Simple and intuitive• Sync through iCloud• Manually set up income and expenses

• Easy to add recurring expenses

SHOPPING APPS

Smoopa (free)• Most of these apps are for the phone• Phone is a great shopping tool• These are available for both Android and

iPhone• Forewarning: there are a lot of bad barcode

scanners out there• Scan, Shopsavvy, BuyVia ,PriceGabber

• Smoopa • Bar code reader• Click barcode at upper right• Take scan, type in price• Green button for best deal• Yellow button for “meh”• Suggests online options• Earns you rewards

Other Shopping apps• Amazon Price Check (free) • Scan bar code, take picture, say name, type it in• All four work very well

• Picture best for books and CDs• You’ll get price options on Amazon• Caveat: specific to Amazon• Market testing: toys and electronics at Amazon

were lowest price 100% of the time• I use this

• Milo (free) • Pretty good scanner• Confined to local area• Web version: type in product• The anti-Amazon!

Coupon Apps• Grocery IQ• Create shopping list• Offers savings for applicable items• Type it in, or say it• Multiple shopping lists• Pretty good bar scanner

• Coupons• VERY simple• In-store and on-line coupons

• Coupons.com• NO• Spams my printer with coupons• Unable to turn it off in Settings