Managing finances is a task that’s often taken for granted. We’d rather play games on our mobile phones than make records of how much we’ve spent for the day. Toshl Finance, a money management app for Android, seems to understand this challenge and offers the easiest possible solution for tracking, planning and overseeing your spending habits. It may be simple and straightforward, but it works.
Although Toshl’s Android app is a scaled down version of its web equivalent, its function and design stays true to its philosophy: make money management fun and simple. The overall interface is very similar with the web app, as are the main functions. While other apps try to fit a lot of information in one screen, Toshl uses big and clear typography for displaying only the most important information.
Simplified Expense Tracking
With the mobile app, Toshl makes it easier to organize information by dividing tasks into four columns: Expense, Income, Sum up and Budget. These are all tabs that appear on the top-most part of the app’s main page.
By default, the app opens to the Expenses tab, where a lone “Add Expense” button is found on the bottom. Adding an entry will pull up a new window with a few fields: amount, tag, due date and description of the expense. Hit Save and you’re done!
You cannot add an entry without assigning tags to it. To add tags, simply type a new one on the field below the amount and it should automatically be saved in the tags list.
A Handy Adviser
The next stop would be plotting your income. Now, this might be a deal breaker for most, but adding more than one income requires a Toshl Pro account for $19.99 a year.
I wasn’t quite ready to make the payment yet, so I simply summed up all expected income for a certain period. A Pro account can also assign repeating incomes, with options to set the recurrence daily, weekly, monthly or even on weekdays and weekends.
Note that Toshl allows syncing data for both free and Pro accounts.
I particularly like the sliding calendar which shows the day of the week a date is in, that way I know if it’s a weekday or a weekend. It’s very helpful when forecasting billing payments or when a salary is expected to be credited to your bank.
The Sum up tab is a summary of the data entered in the app. It gives you your running balance, including the total amount of income and expenses for a certain time span. The dates can be adjusted by hitting the Menu key and tapping on Time Span right below a clock icon.
The last feature is my personal favorite: the Budget tab. This portion allows you to set a one-time, weekly, monthly or yearly budget and assign it to any expense or to specific tags. For instance, I can set a weekly budget for items that are recorded under the Leisure tag. The app then informs you when you’ve spent way more than the desired budget.
Toshl‘s approach to money management fits those who want a simple yet functional app that’s easy to use while on the go. With its minimalist approach to taking in data, you don’t have to spend hours on the app just to figure everything out. The app design is also eye-catching, so navigating around the different tabs is a pleasant experience.
While the yearly subscription for a Pro plan may not be favorable to most users, the app is actually still very competent even with a free account. For anyone who wants to start out with a small app to manage their personal finances, Toshl is a great start.