Wait a minute. Where does all my money go at the end of the month?
Making money is hard.
Managing personal finance and budgeting is even harder and can be a stressful and daunting experience for many people.
You don’t pay attention to what matters and don’t have control of your spending. There’s no need to have a financial advisor to help you keeping track of your expenses or to give you advice. With the help of these personal finance apps, you can make a big difference in the way you save money.
Here are the best personal finance apps to help you track your expenses and save lots of money. These apps are available on both iOS and Android, so you won’t have any problem to use them regardless of what smartphone you have.
Best Budgeting Apps
Best overall saving and budgeting app: Mint
Best budgeting app: You Need a Budget (YNAB)
Best app for saving money: Acorns
Best app for building credit: Credit Karma
Best app to evaluate investment accounts: Personal Capital
Mint from Intuit Inc. is probably the most and the best used personal finance app, and it’s my favorite. I’ve been using it since I can’t remember. It helped me a lot with my savings and get my credit in good shape. It will help you too.
It’s an all in one finance app. From creating budgets to tracking all your spending, Mint will have your back all along the way. The app will remind you when your bills are due and will send you reminders to help you avoid late fees.
You can add all your cards, it will automatically categorize your transactions. You’ll get alerts and advice based on your spending habits, which are very helpful. The web-based version is even better and offers more features. You have a free score report.
You need a budget is my second favorite. The name says it all, it’s the best finance app for budgeting. One of the many reasons why most people get into debt is because they either don’t have a budget or don’t follow their budgets.
With YNAB, you have peace of mind. You won’t go over your budget. Regardless of your income, YNAB will help you to track your expenses and make a budget for any category. If you got off track of your budget, the app will help you adjust your spending to get back on track.
The good thing about this app, it has a simple interface which makes it very easy to use. It doesn’t have a lot of complicated features that you don’t need and probably won’t use. It’s straight to the point.
YNAB – Free with a subscription. You can download it for Windows and Mac, also available for iOS, Android.
Acorns: Invest Spare Change
Whatever finance app you’re already using, Acorns deserves a spot on your phone. It’s quite unique on its own and will ease the pain of saving money. You’ll save money without even know. How cool is that, right?
This app tracks your credit and debit card purchases, and whenever you use any card linked to the app to make a purchase, Acorns rounds it up to the nearest dollar. Then, it will automatically save that money into one of five pre-made portfolios.
These are the five portfolios: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, Aggressive. The app will make you a portfolio recommendation based on the information you provided. If you spend $4.15 for a Coffee Mocha, Acorns will take the 85 cents and invest them in the portfolio for a low-cost exchange-traded fund.
Saving money was never so fun and easy. There’s a small fee of $1 per month, once your portfolio hits $5000 it goes to 0.25 percent of your balance per year. It’s free for college students. Don’t worry about the small monthly fee, it’s worth it. You’ll thank yourself later.
A good credit score is essential because your credit score affects almost every aspect of your finances, and Credit Karma can help you with that. Most people think Credit Karma is only good for credit score and credit monitoring. If you’re one of them, you’re wrong, Credit Karma offers multiple other services.
When linking bank accounts to the app, Credit Karma allows users to monitor their spending. Depending on your spending habits and your financial situation, Credit Karma will recommend you credit cards, loans that can improve your finances. The app also gives you recommendations about auto insurance, mortgage, etc.
Personal Capital is more than a personal finance app, it’s an investment management tool that lets you see all your financial accounts in just one place. After you’ve added all your accounts, the app will show you a dashboard with all the activities related to your financial life.
With a menu rich in features, from budgeting to investment checkup, the app will keep track of your net worth. The app offers such an exceptional service to its user thanks to the combination of robot-advisors with human financial advertisers. Keep in mind you have to have a portfolio of $10,000 or more to have access to an advisory team.
Availability: Web-based with apps for iOS, Android.
It’s amazing to see how many personal finance apps and tools we have available nowadays. It would be crazy to not take any advantage of them. We urge you to start using the one that best suits your needs and get your finances up to speed.
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