It can be a pain to juggle all your monthly expenses and credit card balances, especially if you have more than one bank account to keep track of. That's why earlier this year, an app called Clarity Money launched (exclusively) on iOS, hoping to make it easier to manage bills and incomes. At the time, the company had hinted at plans to eventually release the app on other platforms, and so Clarity Money is now launching both on Google Play and as a standalone web app.
Clarity Money works similarly to Mint and other apps in the personal finance space. But in addition to being able to link a user's bank accounts and automatically categorize their expenses — something most personal finance apps already do — Clarity Money also attempts to save its users money by helping them make smarter financial decisions.
It's no secret that companies are big fans of monthly and annual subscription plans: people are far more likely to continue paying for a service through a subscription model than they are if they had to make a conscious decision to pay every month. By removing the friction and thought process involved, purchases effectively become opt-out instead of opt-in. That makes it easy to rack up hundreds of dollars in monthly payments, which is why Clarity Money presents users with an overview of all their subscriptions services, letting them cancel any directly from within the app — and potentially saving them a hefty sum.
Clarity Money can also recommend better deals on credit cards based on a user's spending habits, and even identify negotiable bills and attempt to automatically obtain a lower rate. Using these methods, last year's 1,000 beta users were able to save an average of $300 through Clarity Money.
The app itself is pretty slick and easy to set up. It's also entirely free to download and use (with no in-app purchases either), so there's no reason not to download it and check it out for yourself.
Edit: As a few readers have pointed out, the app is, unfortunately, US-only. As someone who has just recently moved from Europe to the United States, I know only too well the frustration of not having access to a product or service due to my geographical location.