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Banking on apps for personal finance

Middle East has witnessed an explosion of apps that can help make your life easy: AFP
  • TRENDS presents a list of apps that can be used to manage personal finances in UAE and elsewhere in the region, as well as those that can be used anywhere
  • Middle East has one of the highest percentages of smartphone penetration in the world

The Middle East has witnessed a proliferation of apps in recent months, some of which are meant to assist in managing money and streamlining the expenses, especially in large cities like Dubai that are crowded with  businesses. TRENDS presents a list of apps that can be used to manage personal finances in the UAE, as well as those that can be used anywhere.  This is all the more necessary as the Middle East has one of the highest percentages of smartphone penetration in the world. 

Budgeting apps in the UAE

  • Liv App

Customers in the UAE can open instant bank accounts and earn interest at 2 percent per annum with the Liv app from Emirates NBD.

Moreover, banking customers can split bills with friends using Pay Someone, and patrons can use 50 percent discount deals at restaurants. Residents of the UAE can use the Liv app on Android and Apple phones for free.

  • You Need a Budget or YNAB App

The YNAB app is available for download on iPhone, Android, iPad, and Apple Watch and has a free trial period of 34 days, after which the subscription price is as much as US$6.99 per month.

You can link all your bank accounts to one place, view your financial information from any device, and share your money with a partner to avoid overspending. In addition, there are educational tools, budgeting seminars, and tracking systems to assist you in getting out of debt.

  • Splitwise App

The Splitwise app is free to download, where Android and Apple holders can use it to keep track of who owes them money and pay their friends back by doing one big payment rather than multiple smaller ones.

The app has the advantage of providing reminders for upcoming bills, emails for notifications, and reminders if you forget to pay someone.

Additionally, based on today’s foreign exchange rates, the user can change all his outstanding bills to any currency you choose.

Other Interesting Apps for Middle East users

  • The Mint App

While it has numerous advantages and is also free, it is one of the favorite budgeting apps for worldwide users as well. Among its offerings are real-time transaction categorization and auto-updating, which provide a complete picture of your spending habits at any time of the day. You can also use it to monitor bills, split transactions, or set budgets, and receive alerts when you surpass them. They offer you credit score monitoring for free as well.

  • Personal Capital App

Personal Capital is a popular application for investors. You can monitor your total wealth and investment portfolio with this application. In addition, you can link your savings, credit card, and mortgage accounts together. Not only is it completely free, but it’s also easy to use.

  • Buxfer App

Five budgets, accounts, and bill reminders are available from the free edition of the Buxfer app, automated tagging and banking synchronization is included in the Pilot version only. The Plus version has limitless budgets, and the Pro version includes online payments and sophisticated projections. With a Prime version, you can get all those services.

If you are uncomfortable giving Buxfer your bank account details, you can opt instead for offline manual syncing, but when you trust the app, you will discover a high-level encryption layer in which your data is protected, and the company is periodically audited.