The digital revolution has made balancing an old-school checkbook a thing of the past. Most people have multiple accounts – checking, savings, investments, credit cards – with different institutions which can make managing finances complicated.
While most financial institutions have apps to help you manage your money with online bill pay, transaction alerts, budget reminders, and goal setting, it doesn’t help manage your bigger financial picture. Until now.
Today, there are multiple financial apps available to help you track your savings and spending, while also managing your bills, loan payments, and more. Read on for a list of our favorite apps that make managing money easy and stress-free.
Intuit’s personal finance app, Mint, is 100% free and provides a complete financial snapshot at your fingertips. Simply connect bank accounts, loans, credit cards, and other financial accounts to your Mint profile for quick and easy tracking.
Mint also has the ability to establish different financial goals, such as buying a car, paying off a credit card, or saving for college, to name a few. You can also set-up bill pay reminders so you never miss a payment, such as rent, utilities, phone, and any other recurring monthly expenses you may have.
Furthermore, the app also has the capability to view your credit score, track your investments, and categorize transactions so you know exactly how much you spend on things like groceries, restaurants, medical bills, and more. Establishing goals and categorizing spending will give you a clear understanding of your money.
You Need a Budget (YNAB)
YNAB is a budgeting service that helps users establish priorities and build healthy financial habits. The tool allows users to create a financial plan, so that money is properly allocated into categories that are important to the user.
Furthermore, YNAB focuses on ensuring you’re making intentional decisions with your money to break negative financial habits. For example, instead of viewing a pie chart of how much you’ve spent (which can be both shocking and depressing), YNAB redirects you to focus on your immediate, short-term, and long-term priorities. Once your priorities are determined, you will allocate your income properly, and eventually, break harmful financial habits and establish a healthier relationship with finances over time.
The cost for the YNAB app is $11.99 per month or $84 per year. More information can be found here.
This app is unique because it uses text messaging to help you manage your budget. Simply provide your account information, and Charlie handles the rest.
By enabling text messages, Charlie will send notifications when there is suspicious activity on your account and help you establish realistic goals with spending limits. Some tips include ways to reduce spending in order to reach your financial goals faster, like reminding you to spend $50 less on shopping this month to pay off your car three-months earlier.
Completely free of charge, Charlie is the go-to financial app for people that want to reach their goals without having to manage stressful spreadsheets or budgets.
Paying bills is uneventful and time consuming, especially if you’re logging on to multiple sites to make sure everything is paid in full. With Prism, you can input all existing bills and totals into an app that tracks due dates and sets bill pay reminders, making monthly payments easy and hassle-free.
As a user, you can pay bills directly through the app or schedule automatic payments, which eliminates the need to login to multiple accounts to pay bills. With everything in one place, you’ll see a quick financial snapshot of everything you owe so you can ensure you are managing your money properly.
If you have roommates or manage finances with other people, then Spendee was made for you. With this app, you can create shared wallets with friends and family so you can manage shared expenses like rent, utilities, groceries, and other expenses that contribute to a household budget.
The app also has a bill tracker, which keeps everyone informed about upcoming payments and totals. The functionality ensures you and your roommates remember to pay their portion each month and on-time.
The Spendee Basic plan is completely free, though there are restricted features. Spendee Plus is $14.99 per year and Spendee Premium is $22.99 per year.
Managing money isn’t always easy, but these five financial apps can help you track your earnings, savings, and spending in one place. With the touch of a button, your finances are at your fingertips, meaning that you will always be aware when a bill is upcoming or overdue, if you’re on track for your savings goal, and so much more.
If you’re looking for more helpful insights and tips with your finances, be sure to check out the Slavic401k blog.