App name: Spending Tracker
Publisher: MH Riley Ltd
Available: iPhone, iPad, Android and Windows 8
What’s it supposed to do? Spending Tracker’s goal is to help you save money by giving you control over your spending. The app allows you to set budget amounts in order to reach savings targets and generates charts that give you a visualization of where your money goes.
Ease of use (3/5): Spending Tracker offers a quick snapshot of your budget. In order to get the most out of it, you must enter every expense and any income you have. Inputting the data for expenses is quick and painless; just enter the date of purchase, amount spent and category. The app will compile a quick list of your income and expenses and come up with your balance. Simply rotating your device brings up a pie chart displaying where your money goes (rent, fuel, shopping, etc.).
Features (2/5): Aside from generating a spending summary, Spending Tracker lacks many of the tools and extras other apps have to personalize the user experience. Still, Spending Tracker allows you to jump back in time to see your spending habits, as well as your main areas of spending. (You can view upcoming payments by adding recurring expenses, but that requires you to upgrade to the paid version.) In addition to giving each expense and income stream a category, you can also assign it an icon. For example, you can choose to label your car payment with an icon of a car. The app also produces interactive charts to give you a better of idea of how you spend your money.
Effectiveness (2/5): This app does help you track your spending, but logging expenses into the app takes more effort than what you get out of it. Sure, you get a view of how you’re spending, but it’s a vague snapshot at best, with limited features for categorizing and note taking.
Value (2/5): It’s always tough to beat free, though this app does hit you with a heavy dose of advertisements. If you’re just looking for a way to manually track your expenses without carrying around a pen and paper, then this app might be for you. If you want more bells and whistles, then I’d opt for something else.
Verdict (9/20) Try something else: Spending Tracker leaves a lot to be desired. When it comes to effectiveness, aesthetics and features, the app is good but not great. It’s a handy tool to manually log expenses and income in order to give you a better idea of how you’re spending, but it doesn’t do much else to help you reach your savings goals.
Looking for a budget app that gives you a tailored few of your finances? Check out our review of Wally.