Personal Finance App – Research

I started by checking some relevant financial management tools. Most mobile apps for finance ask you for the painful task of inputing every little amount of money you spend. And they don’t give you much in return, besides visualising the data you categorised yourself. Two services seem to be a breakthrough from this concept.

a) Mint
A web-based tool, founded in 2006. Mint categorises your activity automatically. It also set up some budgets for each category, which you can adjust. Though it is claimed to be a tool to help make personal finance simple, it has a lot of features and visualisations that look too technical — considering the goal of this project.

b) Level
A recently launched mobile app, Level is claimed to be “Mint for millenials.” Level is based on a really simple equation: income – (bills + expected savings) Based on that, Level gives users a total “spendable” for a day. The concept is really interesting and the visual part follows the minimalist concept:
level_app_01 level_app_02

Users have the option to check their activities too. This part is disappointing, because Level doesn’t care about categories at all. However, the idea of having a simple, straightforward way to track your money is very good.


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