Expense tracking apps and services
I’m really against manual budget tracking. For most people, recording expenses manually in Excel, a dedicated WhatsApp group, or a small notebook just doesn’t work. After a week or two, you start missing entries and getting confused. And if you don’t know what went out, you’re not really managing your money. More than that, if the tracking isn’t accurate, you won’t trust it either, and that will be another reason to abandon the whole project. The good news? Today you don’t have to do it anymore. The Bank of Israel’s open banking reform allows you to share financial information securely with authorized entities, without giving them access to perform actions on your behalf. In other words, there are authorized apps that can see your numbers without being able to touch your money. There are several options in Israel that will do all the heavy lifting of consolidating data and tracking for you, without having to deal with it on an ongoing basis. But with so many options, how do you choose the right app for you? I tested several of the options, and after a lot of trial and error: here’s my take on the different apps.
What’s the principle here?
Ongoing tracking of your expenses is very important and allows you to keep your finger on your financial pulse.
There’s a wide variety of apps that do the recording work for you by receiving ongoing information from your account data (securely!).
Which app is most suitable and successful for you? Keep reading.
How do you choose an expense tracking app?
Before we jump into the comparison, here are the things to pay attention to when choosing an app:
- Planning vs. tracking. Some apps only show you what you spent (tracking). Others also allow you to plan in advance how much you’ll spend in each category (budget). If you really want to control your money, you need both.
- Use as a couple. If you’re managing a shared budget, make sure the app supports two users on the same account.
- Handling cash. Yes, there are people who still pay in cash. Not every app knows how to handle this.
- Classification accuracy. How good is the app at identifying that an expense at “Rami Levy” is a supermarket and not a clothing store? Poor classification = distorted picture.
- Price. There are free apps and there are those that cost 30-50 NIS per month. Obviously there’s a trade-off here, and often the free app is actually sufficient.
The apps: a personal review
RiseUp 🏆
The best option in my opinion, and the one I use myself. RiseUp shows you in real time how much money is left to spend until the end of the month, and that’s exactly the number you need to see every day. It’s very suitable for use as a couple, classifies expenses relatively accurately, and simply gives a sense of control. What’s less good? It’s relatively expensive, takes some time to learn, and it’s difficult to plan the next month in a targeted way using it. Additionally, it’s not good for tracking cash usage. Despite the drawbacks, it’s the best among the options I’ve tested. If you want to sign up through my affiliate link and enjoy two additional months at a discount (in addition to the first month free), you can do so here (and I’ll thank you for supporting the site 🙂
MyFinanda is well-built for those who want not only to track but also to plan. It allows you to build a real spending plan and not just see what happened after the fact. It has a free version that gives access to quite a few functions, and a significant distinction: it allows handling of cash expenses. What’s less good? It’s built for single-user use, and if you’re a couple you’ll need to log in with the same username. The interface is cumbersome and the system is full of annoying bugs. If you’re looking for a convenient user experience, it will frustrate you.
The Paamonim Association’s app is completely free, and that’s not a given. It offers tools for budget planning, tracking expenses and income, and it’s part of the association’s approach to help families achieve financial balance. If you’re just starting out and want to begin without a financial commitment, this is a good entry point. What’s less good? The interface is relatively simple and not always intuitive, and it requires manual entry of all expenses – which is something I don’t like. It’s also not adapted for working as a couple.
FamilyBiz offers all kinds of advanced options like checking personal net worth and checking insurance and mortgages. It has a free tier, and the premium tier is cheaper than RiseUp. So in terms of value for money, it’s a reasonable option. What’s less good? The excess of functions doesn’t always make it easier to use. Someone who simply wants to track expenses might get lost among all the features. And I personally am put off by the type of partnerships they do. For those who don’t run a business alongside managing the household – there’s really no reason to use them specifically.
A free Israeli app that gained rapid popularity. It uses artificial intelligence for expense classification, supports joint management for couples, and has a clean and pleasant interface. An interesting option for those who want to start without payment. What’s less good? It’s relatively new, and there are still question marks regarding long-term stability and depth of features. The recording of expenses is manual here as well.
Step by step
- Track your budget on an ongoing basis using digital tools. There’s no need to get tangled up in endless and exhausting manual recording.
- Choose the most suitable app for you: check according to use as a couple or individual, handling of cash, classification accuracy, and price.
- Share your ongoing expenses using the Bank of Israel’s open banking reform. It’s secure and simple.
- Remember: sharing the information doesn’t give anyone the ability to perform actions in your account. Only to see what’s happening.
I work with couples who started working with one app and discovered it wasn’t convenient for them. That’s totally fine, and budget management is something that takes time to learn and improve at until you find the supporting habits that work for you. Didn’t work out? Try a different direction. The main thing is not to give up!
