Don’t you know what your money is going for? We can help you!

Don’t you know what your money is going for? We can help you!

Perhaps every investment is based on knowing how much we can put aside or risk. But to do this, it is essential that we keep track of our expenses and revenues, which is probably the easiest thing to do on a smartphone if we find the right application. What is the best cashier app and for what, how much more do we want to save more effectively?

The checkered booklet has come to an end, and today, fortunately, you can download more applications to your mobile phone to easily keep track of your expenses and revenue. Selection may only be made difficult by the fact that the selected application may be paid or unavailable in Hungary. The latter include Money Level, which seems to be one of the best alternatives based on foreign accounts. If we can, let’s try this too.

We also tried several similar applications to find the best one. Which one is best for everyday use, which one is worth downloading to keep track of our finances? And how is it worth saving if we want to put more and more aside?

Which is the best mobile cashier?


Unfortunately we had the opportunity to view Money Level, which is not available in Hungary. It was a pity. By far the most appealing application among those we have seen. Transparent charts can be used to quickly read almost anything that gives you an idea of ​​how much you can spend in a given month. If someone may have access, look no further, check out this application.

Expense Manager can be a good alternative, but the app, also available in Hungarian as a publisher, knows everything you need but unfortunately half of it is only for money. You request $ 469 for statistics and cost-per-share distribution, but in return we get really useful features. You can keep track of what you spend, even in your own category, but you can also specify constant expenses like rent, common costs, etc. and you can save it all to a spreadsheet, where you can make graphs for free on your computer.


Very sophisticated application that can handle our earnings against our expenses

Very sophisticated application that can handle our earnings against our expenses

So we can always know what we can afford in a given month. Here, too, there are freely adjustable categories to organize your spending, regular editions, and everything on your PC, as you synchronize every single action with your account on the site. Anyone who likes small monsters to look after their finances can easily love this application. You will not get tired of it until you realize you have to pay for the best features here. In addition, in the monthly subscription system, it is 437 USD. Therefore, we can see our finances in unprecedented detail.

We also found two completely free apps in the app stores. Both are free-source apps available for Android only. Their advantages and disadvantages. With GNUcash, almost everything can be solved, revenue is managed in separate accounts, spending categories are freely changeable, but there are plenty by default. Perhaps it is too complicated at first, you have to figure out how to manage your finances.

You can’t love FinanceUS because of its design, but because it knows almost everything we want, for free. This application also does not guide the user in the way they use it, like Toshl, but when we get there we will be able to solve almost everything. It is especially good to be able to make a lot of statements with it, so we will have a good idea of ​​how much we are spending in each period.


We have found these to be the best and most usable applications


But this is the category where many solutions already exist. You might want to take a look around yourself if we can’t choose one of the solutions above. On the other hand, to avoid viruses and other pests, install only applications on a device that has an antivirus and search only in the official application stores.

Worth it? This is the cheapest loan for home improvement

Several banks offer special loans for home renovation or modernization. We can find personal loans around 15 percent interest rate, 6-7 percent mortgage loans, but the competition is won by the 4.9 percent interest rate Savefund Modernization loan, which can be taken by existing clients.


Financing an energy efficiency renovation is a good deal for credit institutions

Financing an energy efficiency renovation is a good deal for credit institutions

As the family can easily save on the investment by paying off installments. Therefore, the bank is also less exposed to risk than many other loans and is therefore willing to offer an interest rate discount.

Thus, for example, Onecredit and Konsumer will be able to provide a personal loan for renovation at a rate of almost 5 percentage points. But there are several mortgages that are cheaper for a similar purpose.


Savefund Housing Fund

home loan

On the other hand, offers a bridging loan of 4.9 percent (5.34% APR) to those who want to improve the energy efficiency of their homes. 70% of the bridging loan amount is needed to increase the energy efficiency of the dwelling / detached house, while the remainder is sufficient to justify the renovation and modernization of the residential property as a housing target.

Only those who have a home savings contract for at least 2 years can take out the loan until June 18th. At the end of the savings period, the full payment, plus interest and government subsidy, will reduce the loan amount so that it cannot be reused.


Is it worth spending money on home improvement?

home loan

Many people are unable to move into a new home or family home today, so they would rather refurbish or expand. Because of the lower costs, these investments also require a smaller amount of own capital, but it is worth considering a return on investment. The latter is the most difficult thing to do when the state announces its utility cutbacks, which is delaying the return of such an investment.

In the long run, however, it is definitely worth a cut. It is not difficult to see that energy prices cannot be reduced artificially indefinitely, and sooner or later they will become more expensive, and those who have not modernized their homes in time will also pay the price of utility cuts.

How do I get the most government support for my savings?

Even at a record low interest rate, even professional investors are keen to look for savings that offer outstanding returns through tax breaks or government subsidies. Those close to retirement can choose from a variety of investments where they can turn their money around according to their own ideas, but many are putting a lot of money into apartment savings, relying on the explosion in property prices. Which one do we do best and what are our options for investing with the help of the state?

Up to 14 percent return on home savings is achieved without even taxing. This option can be attractive to anyone who doesn’t know where to save and has plans for a home. On the other hand, we do not have to wait a decade for our retirement savings to come to our savings.

Better than others?

savings loan

One of the cheapest forms of self-care is the retirement savings account. Account management fees and low transaction fees of up to $ 2,000 per year are typical and can be opened at several banks and investment service providers. The money held in the account can be invested in mutual funds, securities (stocks, bonds, etc.) and government securities. We will manage this money later, and we will decide what assets to put it in. After retirement, if ten years have elapsed since the account was opened, you will be completely interest-free and may retain state support in excess of our current payments, which will be in the form of 20 percent of your annual payment and a tax credit. The maximum amount of the latter is $ 130,000 per year, which means that it’s worth up to $ 650,000 a year if you have a decent income (due to the nature of the tax credit).

What is the average yield we can achieve with government securities, other securities, bonds, stocks? Is it worth waiting for our savings for 10 years or for our retirement years?

There are other options, of course, but different pension insurance and voluntary pension funds are available under roughly similar terms. In each case, there is an annual tax credit of $ 130,000, which adds to the value of our savings, but unlike the rest, we do not manage the amount invested.

We still have to confront the TBSZ account with home savings, which can also hold securities, but there is no state subsidy. However, there are interest tax and echo exemptions. We also summarized in a table the biggest difference between state-supported savings in some form.

How to trick your home cashier?

How to trick your home cashier?

Although “only” $ 72,000 in state subsidies per year for apartment savings, this can be doubled through family members, as the contracted amounts can be used jointly within the family. above.

However, it is a limitation that we have to use more than 6 million forints for housing purposes, which can be considered as another return on investment. In previous analyzes by RickyBank, we have already explored the topic that with such a large amount of savings and some credit, it can be a profitable investment to buy a home, even for investment purposes. The rent can even be used to supplement the pension.

The highest rate of return on all state-subsidized savings is to commit your savings in the shortest possible time. This is because our return on total capital is decreasing over the years as we only receive additional money after our current payments.


Home savings bring a much higher return than all other government-backed savings

Home savings bring a much higher return than all other government-backed savings

Not only because of the 30 percent subsidy amount, but also because of shorter maturities. The use of money, however, is limited, but anyone who is thinking of buying a home anyway, even for investment purposes, has no better alternative. With a maximum annual payment of $ 1.2 million, it is not possible to say that it is a small savings that you should not bend down at any time.