The google play store has an insane number of applications available for managing your finances. However, there are only handful of them which provide a healthy mix of functionality, ease of use and discerning user interface. Toshl Finance is one such android application which is fairly simple to use and organizes expenses in a streamlined manner.
Toshl Finance is a money (finance) management application for Android allowing you to track and plan your spending habits (and earning habits). Unlike other major money management applications Toshl Finance doesn’t link to your bank accounts. All the transactions need to be entered manually.
This being said, Toshl Finance is primarily for an individual who is just starting up to managing finances. The application interface is divided into four sections viz. Expense, Income, Overview and Budget. All these sections have been put in as tabs, appearing on the main page.
Entering an expense is as easy and quick as it gets. The moment you open the application, the main page allows you to add an expense, a logical choice since expenses are bound happen more than income. Hitting the “Add Expense” button pulls up a new activity window allowing you to add amount value, tag(s), date of transaction and associated description and repeating frequency of the expense.
Adding expenses/incomes is one thing. You’d also want to know the overall picture of financial status. This is precisely what the Overview tab delivers. It gives you your running balance, including the total amount of income and expenses for a certain time period of time (with the option to adjust the time frame).
Another handy feature is Budgeting, a way of controlling your spending in accordance with your income. It allows you to set a one-time, weekly, monthly or yearly budget and assign it to any expense or to specific tags. The good part is you are not limited to setting just one budget, multiple budgets can be created. This allows you to track expenses for as many tags, period as required. Once budget is set, Toshl informs you when you’ve spent way more than the desired budget! Neat.
Toshl Finance allows you to manage your money in a simple yet functional way. It doesn’t demand any learning curve just to get started, you don’t have to spend hours. This being said, it does indeed have some key features including ability to export app data to any other mobile device; cloud sync (with Toshl cloud); transaction entry reminder setup (notifications at a fixed time).
Toshl Finance Pro subscription costs $19.99 a year. You also have the free version available to test out the application but it is limited in the way it functions (refer chart above).
