Between going to work full-time, handling household chores, and raising children, managing your finances may seem impossible. As a result, it is easy to lose sight of your personal finance goals. However, like with everything else in this era, there’s an app for that. The right money management app can assist you in getting a handle on your finances. Review the resource list below for several apps you can use to simplify, streamline and systematize your money management.
Budgeting Apps
YNAB (You Need a Budget) – If budgeting has never been on your radar, the YNAB app may help change your view of this concept. While it does what many of the standard budgeting apps do (adding accounts and monitoring spending in real-time), it also makes it possible for you to set goals and monitor detailed reports of where your money is going during the month.
Mint.com – Mint allows you to see all of your accounts (checking, savings, retirement, and even expenses like loans) in one place. You can quickly view your debt-to-income ratio, and set up categories for where you want your money to go. In addition to budgeting, Mint also allows you to check your credit, and view recommendations regarding investment and savings goals.
Investment Apps
Acorns – Investing can be intimidating, and you may feel like you don’t have time to learn all the ins and outs of the process. If this is you, then Acorns (or something like it) is a money management app you may want to start with. It allows you to connect a debit or credit card account. Each time you make a purchase, the app will round up to the nearest dollar and invest the money. Acorns charges a $1 monthly fee to use, and it is a great way to learn more about the stock market and the power of investing.
Wealthbase – If you aren’t yet ready to invest your hard-earned money, but still want to learn a bit more about how investments can help build wealth, then Wealthbase may be a money management app and investment tool to check out. It actually makes learning about investments engaging. You can purchase virtual stocks, create stock trading games with friends, see their tactics and share your own. There is no pressure, which allows you to truly learn about the market and capitalize on it when you’re ready.
For more advanced investing, look out for apps like Robinhood and Ameritrade.
Savings Apps
Qapital – Qapital is a savings app with an investment edge (a blend between Mint.com and Acorns). You can set a variety of rules that allow you to save money for various goals more effortlessly. For example, you can set a rule that will enable the app to collect round-ups from purchases and put the money toward a specified purpose. You can also program it to save when you spend money with a particular retailer or buy a specific item.
Clarity Money – This money management app and savings tool can take a specific amount of money and stash it away when you make purchases, like Qapital. However, you can go one step further to optimize your savings. It can analyze your expenses to see where you can free up more money for savings.
Take Advantage of the Convenience of Money Management Apps
Money management apps are incredibly valuable in a world where you might be overloaded with school, work, children, marriage, community responsibilities and more. Even though you are busy with daily life, you still have financial goals. Money management apps can help you meet these goals even when it seems like you don’t have any time available in your schedule. Also, keep in mind while these are some apps that stood out to us, there are a variety of choices out there so be sure to pick the one that best works for you.
For additional resources on using technology to manage your finances, click the links below.
The Best Way to Check Your Credit Score Using These 4 Apps
Five Money Apps That Will Help You Start Investing
Seven Must-Have Personal Finance Apps for Everyone
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