Best Apps to Keep Track of Money Owed

In the modern age where financial management tools are more accessible than ever, keeping track of money owed has become simpler and more efficient. Whether you're managing personal debts, tracking loans among friends and family, or overseeing business transactions, a good app can make a huge difference. This article delves into some of the best apps available today for tracking money owed, comparing their features, usability, and overall effectiveness to help you choose the right tool for your needs.

1. Mint

Mint stands out as one of the most popular personal finance apps. It offers a comprehensive overview of your financial situation, including tracking debts and money owed. The app integrates with your bank accounts, credit cards, and loans, automatically updating your financial status and providing real-time insights. Mint’s user-friendly interface and robust features make it an excellent choice for anyone needing to monitor various financial aspects, including money owed.

Key Features:

• Automatic updates from linked accounts.
• Customizable categories for tracking different types of debts.
• Alerts and reminders for due dates and payment schedules.

2. PocketGuard

PocketGuard is designed to simplify budgeting and tracking your finances, including money owed. Its main strength lies in its ability to show you how much disposable income you have after accounting for bills, goals, and necessities. This feature is particularly useful for those who want to manage their money more effectively and avoid falling into debt.

Key Features:

• Real-time balance updates.
• Automatic categorization of expenses.
• Integration with multiple accounts for a comprehensive view.

3. Splitwise

Splitwise excels at managing shared expenses and debts among friends, family, or roommates. If you often find yourself in situations where expenses need to be split or shared, Splitwise simplifies the process. The app allows you to create groups, record expenses, and track who owes whom. It also handles currency conversions for international transactions, making it a versatile tool for travel and global interactions.

Key Features:

• Expense tracking and splitting among groups.
• Currency conversion for international users.
• Expense summaries and reports for easy tracking.

4. GoodBudget

GoodBudget operates on a virtual envelope budgeting system, which can be particularly useful for tracking money owed. The app allows you to allocate funds to different envelopes (categories) and track spending and debts within each envelope. This method helps in visualizing and managing your finances more effectively.

Key Features:

• Envelope budgeting to categorize and manage funds.
• Debt tracking within specific envelopes.
• Syncing across multiple devices for easy access.

5. Debt Payoff Planner

Debt Payoff Planner is a specialized app focused on helping users pay off their debts. It offers detailed plans and strategies for reducing and eventually eliminating debt. The app includes features like debt snowball and avalanche methods, which are popular strategies for debt repayment.

Key Features:

• Customizable repayment plans using snowball or avalanche methods.
• Progress tracking to see how close you are to becoming debt-free.
• Payment reminders to ensure timely payments.

6. YNAB (You Need A Budget)

YNAB is a powerful budgeting tool that helps users allocate every dollar to a specific purpose, including managing debts. It emphasizes proactive budgeting and offers tools to help you plan for and pay off debts efficiently. YNAB’s approach encourages users to prioritize and allocate funds effectively, which can be beneficial for tracking and managing money owed.

Key Features:

• Zero-based budgeting to allocate every dollar.
• Goal tracking for debt repayment.
• Real-time updates and financial insights.

Comparing the Apps

To help you choose the best app for tracking money owed, here's a comparison table highlighting the key features and strengths of each app:

App	Key Features	Best For
Mint	Automatic updates, customizable categories, alerts	Comprehensive financial overview
PocketGuard	Real-time balance updates, automatic categorization	Budgeting and tracking disposable income
Splitwise	Expense tracking, currency conversion, group management	Shared expenses and debts
GoodBudget	Envelope budgeting, debt tracking, device syncing	Visualizing and managing funds
Debt Payoff Planner	Customizable repayment plans, progress tracking	Focused debt repayment strategies
YNAB	Zero-based budgeting, goal tracking, real-time updates	Proactive budgeting and debt management

Conclusion

Selecting the right app to track money owed depends on your specific needs and preferences. Whether you're looking for a comprehensive financial overview, a tool to manage shared expenses, or a specialized debt repayment planner, there's an app to fit your requirements. By leveraging these tools, you can gain better control over your finances and stay on top of what you owe.