By Chris Skeldon 
Managing a personal or family budget can be a challenge, but with the right tools, this task becomes much easier.
There are now many apps that allow you to monitor your finances, organize expenses, and even help you save.
We've analyzed the pros and cons of some of the major financial management apps available for Android and iOS.
YNAB (You Need a Budget)
Strengths:
- Create budgets based on categories and income.
- Setting financial goals, getting out of debt, or saving for something specific.
- Extensive support with educational programs and tools to improve financial literacy.
Weaknesses:
- It may take some time for users to adapt to YNAB's management philosophy.
- There are many users complaining about problems with direct connection to Portuguese banks.
- Cost: a hefty 100 euros per year.
Ponzi
Strengths:
- Automatic import of bank data from multiple banks and automatic classification of expenses.
- Detailed reports with graphs and expense analysis.
- Sync between mobile devices and desktop devices.
- Interface in Portuguese from Portugal and focus on the national market.
Weaknesses:
- Little investment in the project, no improvements/new features expected.
- Cost: Free for 30 days, then there is a lifetime license that will work forever and can be installed on 3 computers (€39.90).
Money manager
Strengths:
- Expense graphs, data export, cloud backup, and income and expense categorization.
- Analyzes user data and produces detailed analytics.
Weaknesses:
- The interface can be confusing for beginners, and functionality is limited in the free version.
- Cost: The premium version costs around €19 per year.
Tuchel Finance
Strengths:
- Manage multiple bank accounts, custom budgets, support for different currencies, and interactive tutorials.
- An intuitive and useful interface for anyone who wants to learn how to manage their finances.
Weaknesses:
- Advanced features require paid plan, free version is limited.
- Cost: The premium version costs around €19 per year.
Expenses – Budget Manager (Google play store) or Budget & Expenses Manager (App Store)
https://play.google.com/store/apps/details?id=ru.innim.my_finance&hl=pt_PT&pli=1
https://apps.apple.com/pt/app/gestor-de-or%C3%A7amento-e-despesas/id1510997753
Strengths:
- Income and expense recording, payment reminders, multi-currency management, and real-time synchronization.
- Simple and intuitive interface.
Weaknesses:
- It doesn't have as many features as its competitors.
- Cost: There is no premium version with more features. You can only pay to use the app without ads.
What is the best personal finance app?
We do not recommend YNAB due to cost. The features aren't much better than competitors to justify the five times higher price.
As a mobile app, we also don't recommend Boonzi, as as mentioned, the project is stagnant and there are no plans for improvements. It may also take a long time to resolve any errors.
All other options are valid depending on preferences and needs.
If you want a completely free service, Gastos – Gestor de Orçamento (Play Store) or Gestor de Orçamento e Despesas (App Store) does its job perfectly with basic functions.
The free versions of Money Manager or Toshl Finance will also be enough for many users.
If you feel that you will need more advanced features, for example, if you have multiple bank accounts and/or a large number of monthly transactions, then the premium versions of Money Manager or Toshl Finance are more suitable.
Explore the features of these three apps and choose the one that best suits your needs.
Installing the app is a first step toward organizing your finances, but it's essential that you update it regularly and don't ignore the conclusions you'll reach when using it.