With plastic money’s rise to popularity, it has become increasingly difficult to keep track of all the money you owe to different banks, organizations and other people. There is always that looming threat of suddenly finding out that there’s not enough money left in your bank account to pay all your bills. This is where the iPhone app My Cashflow can help you. Unlike other financial management apps for iOS, My Cashflow is fairly simple and doesn’t require its users to log all their bank account details before providing some meaningful stats. You just have to feed your recurring expenses in the app, store your current balance, and you are good to go. My Cashflow generates a graphical representation of the predicted state of your bank account, and indicates the exact date when your funds are expected to run out if things stay the same.
The first step in configuring My Cashflow is to set up your account. You can add as many accounts as you want, and to do so, you just have to go to the Accounts section and hit the ‘+’ button in the top right corner of the app. To start a new account, you have to give it a name, enter a short description and set a Warning Balance. The warning balance is used as a point of reference for your account, and the app will notify you if you are approaching the mentioned danger level. The next step in account configuration is the selection of your current, minimum and maximum balance. This will lead you to the Recurring menu, where users have to define their expenses that affect a particular account. My Cashflow will take it from there, generating stats and graphs automatically.
To view the app’s prediction for a particular account, go to the Forecast section and choose the desired account. Based on your expenses and the starting balance of your account, My Cashflow will tell you the approximate time period when your cash is expected to dry out. The dotted line in the Graph of an account represents the warning balance level. If you get some more money in your account, just update the Start Balance along with the associated date, and the graph will be adjusted immediately.
The data and forecast reports generated by My Cashflow can be synced to iCloud, and other methods of exporting data are supported as well (including iTunes and Dropbox syncing). My Cashflow doesn’t automate anything, as you have to keep updating values manually, but it is a good tool for finding out if you will be able to afford something in the future, or determining the exact date when a loan will be completely paid. The app is optimized for iPhone only, but if you want to an iPad version of My Cashflow, you will have to spend $1.99 to get My Cashflow HD. Fortunately, the iPhone app has gone free for a limited time, and you can grab it from the following link.
Download My Cashflow for iPhone & iPod touch
Download My Cashflow HD for iPhone, iPad & iPod touch