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Smart Apps for smart money in 2014

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There are brilliant online vehicles to quickly transfer an e Book or app to your Kindle or computer such as Amazon one click step. This makes it is easy to lose track of money and expense budget, reports the N.Y. Times Tech Bit Blogs today.

It is easy to become bored with the income and expense tracking, so a step up is required in behavior and ‘look for structural solutions or things that change your environment so you don’t need to be constantly vigilant,’ said Stephen Wendel, a behavioral social scientist at HelloWallet, which helps employers provide financial guidance to their workers. ‘My favorite technology is the automatic transfer, so you don’t see the money in your account.’

LEVEL MONEY is an app that subtracts expenses and summarizes what is left in your account. The app is designed for the under 35 age group. Less than three months old, this app is intentionally simple: You can’t create fancy charts that categorize every last dollar, nor does it wave a virtual finger to alert you when you’ve spent too much on restaurants in the last month. Instead, it acts as a spending meter or a gas gauge: On the first of each month, it fills up with your estimated income based on your previous history; from that, the app automatically subtracts your recurring bills and a saving rate. (It suggests 7 percent). The app is available for iPhone and is coming soon for Android.

Once the calculations of income and expenses plus savings are completed, you have discretionary income in your account. If you spend heavily on one day, it will extrapolate forward the remaining money that you have to spend for the remaining days and weeks in the month.

‘What we wanted wasn’t a budget, but the digital equivalent of opening up your wallet and seeing how much you have left,’ said Jake Fuentes, 27, Level’s co-founder and chief executive.

The company is also working on self-employment income which varies from month to month.

BILLGUARD started life as a security service that scanned users’ credit and debit charges for potentially erroneous or unauthorized transactions — a service Target shoppers can surely appreciate now.

This app is designed for heavy credit card users as it registers each time you swipe a card and categorize your transactions.

‘It will be looking out for you almost like the perfect accountant in the background, letting you live your life and when you go beyond a certain threshold it will let you know,’ said Yaron Samid, founder and chief executive. The company is also working on letting users add cash transactions, alerts when users are close to incurring an overdraft fee, and other analytics.

MINT, is the most comprehensive app for tracking spending and placing chart and graphs for spending has been around since 2007. It was acquired in 2009 by Intuit for $170 million.

Mint’s budgeting tool sets up a starter budget for you — based on up to three months’ spending history — across various categories from groceries to mobile phones. You can add to the list and customize to your heart’s content. If you spend more than you’ve allotted, you can set it up to receive an email or text message on spending.

Jim Bruene, founder of the NetBanker blog who tracks innovations in personal finance technology, suggests that you try to begin with the old school . “Diligently hand-entering every expense for a month or two can be eye-opening, at least for the more short-term scenario where you are trying to get a handle on what’s happening with all your cash,” he said.

Common Sense and willpower is the key.

To read more about apps and key technology game changers for 2014, please view the Author’s list. You can view the 'Yomaney' app on the video atop this article.

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