5 apps to manage your spending and save
14 de October, 2022
Portugal typically has very low savings rates. Factors such as low financial literacy or the high tax burden on income, for example, mean that the Portuguese are some of the lowest savers in the Eurozone.
However, the importance of saving is undeniable. Life is unpredictable and having a savings account is essential for dealing with unforeseen circumstances that may arise: unemployment, health problems, car or appliance breakdown, among many others. In addition, people can also save to achieve a certain goal: going on vacation, buying a certain item or saving money for retirement, for example.
We know it’s not always easy to save and many families face serious challenges in managing their fixed expenses, often being unable to put money aside. But there are some tools that can help you manage your spending more methodically and better organize your personal finances. Tools that can be with you at any time, on your cell phone.
Discover with us five suggestions for apps that will help you manage your spending and save money.
1 – YNAB (You Need A Budget)
You Need A Budget is one of the world’s most popular personal finance apps. Users can set a budget for various categories of fixed expenses – such as food, transport, tuition, leisure, among others – and also add one-off expenses – such as car insurance, vacations, Christmas presents, etc. They can also include savings objectives.
Establishing a realistic budget for the different categories of expenditure and objectives can help you become more disciplined about what you spend. Rather than recording expenses that have already been made, the logic of this app is mainly about planning expenses in advance.
The idea is to become more intentional and thoughtful about what you do with your money and not to live beyond your means.
Available: iOS and Android.
Cost: Free trial for 34 days (no credit card required) and then 14.99$/month or 98.99$/year.
2 – Toshl Finance
Toshl Finance was considered by the New York Times to be one of the best apps for tracking expenses. This app will allow you to automatically connect all your bank accounts (more than 40 banks in Portugal) and keep track of your expenses, being able to enter them quickly and easily.
Like YNAB, you can also set budgets for various categories of expenditure, and the app can notify you when there are deviations from the established limits.
In addition, various tutorials on finance are available if you are interested in learning more about the subject.
Available: iOS, Android and desktop.
Cost: Free trial for 30 days (credit card required) and then from 1.67$/month.
3 – Your bank’s app
Most banks already offer their customers a mobile application for managing their accounts. The services provided vary from bank to bank, but they all have the basic functions of checking your balance and movements, which is very useful for keeping track of your spending throughout the month.
Most of these applications also include options for controlling spending, setting budgets and savings targets.
If you don’t use your bank’s app, see if it’s available, install it and explore the features that can help you manage your expenses and save money.
4 – Tax situation – Payments
Saving money also means avoiding unnecessary expenses, such as paying any fines to the state. To this end, the Tax Authority has launched an application that allows you to keep up to date with payments in progress or already due for the following taxes: IMI, IUC, IRS, IRC and VAT. This way, you are always aware of the taxes you have to pay and avoid possible delays.
You can also check the status of your refunds (e.g. IRS) and generate payment references, namely via ATM or MB WAY.
Available: iOS and Android.
Cost: Free.
5 – MyEdenred
The MyEdenred App is a tool for managing the value of the meal allowance you receive on your Euroticket Refeição card.
Since this meal card can only be used for food expenses, it allows you to better control the amount you spend each month in this category – in restaurants, supermarket purchases, etc – and can therefore help you save. Using the app, you can check your balance and movements with the card at any time.
What’s more, by using the App, you have access to the Discounts and Advantages Program, which gives you exclusive discounts on insurance, fuel, leisure, mobility, health and well-being, entertainment, technology and much more. These discounts can help you save on certain products or services you need to buy.
Available: iOS, Android and desktop.
Cost: Free.
Did you already know about these apps? By taking advantage of the features of these platforms, and even combining the use of some of them, you can become more organized in managing your monthly budget and be in a better position to achieve your savings goals!
Starting from July 2023, the Euroticket Refeição benefit has been renamed Edenred Refeição.