Keeping a budget can feel like a complicated task, but it's an important step toward financial confidence.

Traditional methods, such as collecting receipts and writing down expenses on paper or in an Excel spreadsheet, are time-consuming, and it can be hard to find the motivation to stay consistent.

On top of that, impulsive shopping behavior can make it difficult to stick to a budget. This is especially true if you haven't set yourself concrete goals or reasons for saving money.

Fortunately, we live in an age where someone has come up with a solution for every problem, and that includes a number of useful mobile apps created for managing money. Read on for recommendations on useful apps that will make your everyday financial management significantly easier.

The benefits of mobile apps for managing your finances

Mobile apps are indispensable for tracking expenses and keeping a budget effectively. Your smartphone is always with you, which means you can keep an eye on your finances anytime, anywhere.

If you link the app to your bank account, it automatically syncs all your income and expenses, so you don't have to spend your own time and energy on it.

Automatic expense categorization gives you an instant overview of how much and on what you've already spent this month, week, or day, for example.

In addition, by showing visual progress and offering the ability to set goals, these apps boost your motivation to track your budget and stick to it.

Good budgeting apps can be found both on the international market and among our own Estonian developers.

Internationally, one of the most recommended money management apps is YNAB (You Need A Budget). On the Estonian market, the more reputable developers are Bilance and Perfi. These apps are more than just tools for tracking expenses - they're designed to give you the knowledge to skillfully manage your finances and make your life more convenient.

Let's take a closer look at each of them.

YNAB (You Need A Budget)

YNAB focuses on teaching budgeting principles and financial literacy, motivating you to set goals and track your progress. The app uses an approach where you give every euro you earn a specific job. This helps ensure that money is available in your account on time for both planned and unexpected expenses.

The downside is the lack of integration with Estonian banks, which means expenses need to be entered manually.

Bilance

Bilance is an app created by Estonians that helps you make smarter decisions about how you use your money. The app lets you connect all your bank accounts and categorizes your expenses in real time. With a monthly budget, you can see exactly what your money is going toward and how much you can still spend in a given category.

What's more, the recurring payments tracking system gives you an overview of your monthly subscription fees, so you can easily cancel subscriptions you once bought but no longer use.

Perfi

Perfi is also an Estonian fintech innovation focused on invoice management and simplifying payments. Perfi lets you gather all your invoices in one place, giving you a clear overview of due dates and amounts. If you want, you can also pay all your invoices with a single click.

In addition, Perfi automatically sorts your expenses into categories so you get a better overview of your spending.

All of these apps offer a unique approach to different users' needs. It's important to choose the one that best supports your personal financial goals and habits.

How to choose the money management app that's right for you?

The most important thing when keeping a budget is building a habit. So, when choosing an app, base your decision primarily on your own personal needs and preferences, to find one that helps you build that habit.

Do you value ease of use most, the availability of detailed reports, or an intuitive user interface? Some apps even offer suggestions for investing your savings, helping you take your financial management to a whole new level.

Most importantly, keep security in mind, since you're giving the app information about your personal finances. That's why it's wise to prefer well-known budgeting apps that you can trust.

Explore different apps and read other users' reviews to find the app that best fits your needs. Most paid apps also offer a free trial version, which is a great opportunity to test whether the app suits your preferences.

Manage your financial reserve smartly

Managing your financial situation doesn't have to be complicated or time-consuming. Apps built for managing personal finances give you an overview of how much free money you still have left this month. It's wise to always keep some financial reserve in your account.

Having flexibility and options available is important for achieving financial confidence. This is where an ESTO credit line can help - a great way to expand your financial options. Opening a credit account gives you extra money exactly when you need it most, whether that's an unexpected expense or taking advantage of a good investment opportunity. You can request exactly as much extra money as you need, and you only pay interest on the amount you actually use.

Before signing the agreement, read the terms and consult a specialist if needed. The annual percentage rate of charge on an ESTO AS credit account is 49.22% per year under the following sample terms: credit limit EUR 4,000, variable initial (maximum) interest rate 40.70%, contract fee EUR 0, monthly administration fee EUR 0, total amount of credit and repayments EUR 5,467.67, assuming the credit is drawn down in full immediately and repaid over 60 months in equal monthly instalments.

In conclusion

Choosing the right mobile app to manage your finances lets you achieve greater freedom and control over your money. ESTO wants to be your partner on this journey, offering flexible financial solutions and supporting you in reaching your financial goals.

Read more money-saving tips on our blog: 4 practical tips for saving money in everyday life.