When it comes to budgeting, investing and finance tracking, finding the time to take an active role in your finances can be a real challenge. Life gets busy, and before you know it, your financial planning may have fallen by the wayside. When this happens, not only might you not have a firm understanding of your financial situation, but you might be missing the opportunity to save or make more money, as well.
This is where financial apps can be a big help. In today’s age of technology, putting financial apps to use can help you keep track of purchases, budget, plan for the future and even manage investment accounts to help grow your money in your sleep!
Here are some of the top financial mobile apps you can put to use this year to put you on a better financial path.
Budgeting and tracking
Mint: Mint has sat at the top of the personal finance application charts for years because it is a reliable finance tracking tool that helps you keep a close eye on your money. It’s great for budgeting, especially for retirees who are living on a fixed monthly income. Mint allows you to connect all of your bank and credit card accounts, view balances in real time, set up budgets by spending category and get alerted when you exceed your spending limits. It also lets you log when bills are due and check your credit score. It even offers financial advice to help you keep your spending in check based on trends!
You Need a Budget (YNAB): YNAB is a no-nonsense budgeting app that helps you set up a budget and stick to it, assigning all of your money a “job” to help you pay down debt and age your money. Connect the app to all your accounts to see transactions, set up weekly and monthly budgets based on money you actually have and create goals to help you save and avoid spending too much. There are even budgeting “projects” for special circumstantial things, like birthdays and Christmas. The app also offers online support tools, such as budgeting basics classes and Q&As with an instructor. It’s a little more hands-on than other apps but can be instrumental in eliminating debt and setting you up for financial success.
Investment and saving
Acorns: Acorns is another super-popular app for easy saving, using your “spare change” to invest in a savings account. When you connect a debit or credit card, Acorns rounds up every purchase you make to the nearest dollar and invests that money in low-cost exchange-traded funds (ETFs). There’s no need to fuss with the app—you simply set it up and spend per usual, letting your pennies, nickels and dimes do the saving work for you.
Personal Capital: Personal Capital is an investment management app that helps you view and manage your investment portfolio right from your cell phone. Set up your accounts and portfolio to monitor your cash flow and see spending trends. View your portfolio by asset class, account or individual security to make sure you’re achieving your investing goals and receive custom investment advice from financial advisors. The app comes with a hidden fee analyzer and retirement planning tools, as well.
Of course, all financial apps have their limitations, and your financial planning and investment strategies can only go so far with these tools. Apps like those listed above tend to focus on one particular aspect of your financial strategy, even if they “track” multiple at once. In order to get a holistic, bird’s eye view of your finances, you’ll want to pair the day-to-day use of these apps with real-life guidance from a credentialed financial planner.
Working with a financial planner like Affluencer can help you understand each and every aspect of your finances and how they work together to create your estate—something a digital application just can’t provide. Advice from our licensed professionals can help inform you on the best decisions to make with your wealth so it continues to grow and build your nest egg.