Penny is the best personal finance tool for the beginner. It doesn’t hit you with a lot of jargon or hard-to-read reports. Instead, you get your financial information in quick, friendly text messages and simple, but beautiful, charts. Where other personal finance tools try to do everything, Penny lets you focus on day-to-day spending, helping you get your spending under control without the stress of hours spent inputting data or crunching numbers.

How Does Penny Work?

Signing up for Penny is quick and easy. All you need to do is download the app and give it permission to access your accounts. Penny does the rest. It will look at your transaction history and create categories for your spending.

You’ll get quick tips on how to save and places where you might be overspending. You can work with Penny to create a budget and get regular reminders about upcoming bills. It’s that simple. There’s no long, drawn-out sign up or time spent agonizing about a budget.

What Makes Penny Stand Out?

Building your first budget can be intimidating. You don’t want to do it wrong for fear that it will leave you without the funds to cover a bill. But without a budget, you might be overspending and not even realize it. Penny offers a very user-friendly solution. You can start tracking your spending before you worry about a budget. Then, Penny can help you build a budget, and it will never forget about a monthly expense. After all, it can see all of your transactions, so you never miss a payment when you stay on budget.

It’s the user-friendly and text-based interface that makes Penny such a great choice for those new to personal finance.

Common Reviews of Penny

Experts may not give Penny high ratings. It only scores 2.5-stars at InvestorJunkie, but users have a very different take. It has a whopping 4.6-stars on iTunes with 840 ratings. It scores similarly at the Play Store with 4.3-stars and 1,008 reviews. Experts might want more functionality, but Penny does well in its target market — those inexperienced with budgets and finance.

Is Penny Right For You?

Penny is designed to be less intimidating and less complicated than other options. If spreadsheets and ledgers make it challenging for you to get a clear picture of your spending, a more streamlined approach might be exactly what you want. With Penny, you can get to the bones of your financial picture without having to wade through excessive features.

If your personal finance needs are fairly basic, then Penny could be the mobile friend you’ve been looking for.