It is the New Year, and many people have chosen the balance their budgets for their resolution. What better way than to use a budgeting tool on your mobile phone. Budget management tools are hard enough to use when you have to update them at the end of a day. With an app in your pocket you can always have an eye on your finances. Infomind has this very idea in mind with their new Lohas Money app.
Lohas Money gives you all the standard budget tracking tools in a mobile package. You are able to input your accounts and debts. You can then input your bills and income with repeating settings for paychecks, or utility bills. You are also able to input expenses that you have throughout the day. If you are thinking about a purchase and want to take a peek at your budget, Lohas has you covered with a quick battery graphic that gives you an idea of how your budget this month is shaping up. Lohas also have extensive charts and graphs to give you a great overhead view of your purchases.
This is really where we meet one of the issues I have had with this (and really most) financial app. It is time consuming to keep updating your app with spending details. You must be diligent or else it will skew your data. This is where the appeal of apps like Mint.com come in. Their automatically import all spending from your accounts to give you all the charts immediately and consistently. It would be nice is there were a way to import this information into the app. Even if the data could be imported manually like early Quicken apps, this would save an immense amount of time. Lohas Money also features an exporting tool to convert the data into two CVS files that could be imported into most other financial apps. It also has a backup feature to save a backup of the data directly to your computer via WiFi. This data can then be imported back into the device in case of iphone failure. Lohas Money has a lot to offer and while they may not be a envelope pushing app, I can see this app being very useful for managing the budget of lot of people. If you are interested in Lohas Money their is a lite version that will give you a taste of the app while the full version is $2.99.
We rate this app 3.5 out of 5 stars.