Managing money can be an overwhelming process for many of us. Staying on top of a budget and keeping track of the ins and outs of your money requires diligence that we’re all just too busy for. If you find it challenging to keep track of your personal finances, using a personal finance app could make your life easier and less complicated.
Thanks to technology, personal finance apps are user-friendly and a great way to make your financial life less stressful. These apps come with an easy-to-use interface and have a wide range of tools and resources.
If you’re like me, you enjoy the freedom that money can bring. Budgets and proper money management are all part of creating the life you want and making your money work for you. Unfortunately, sometimes life happens, and budgeting can feel suffocating. This can pull you away from reaching your goals. Between taking care of everyday bills, managing households, trying to advance in the workplace, practicing self-care, and trying new things, there’s not enough time in the day to really zero in on financial fitness.
Sometimes we may worry about how and what we’re going to do with our finances. We can get hesitant to make any financial decision. However, by using a personal finance app, you can have an added level of confidence when it comes to your money and how you’re going to manage it.
Personal finance apps can help you achieve your financial goals. By using them, you’ll have an idea about your process and how close you are to meeting your goals. One of the features of these apps is the receipt of monthly emails that remind you how your everyday expenses impact your finances. So, if you want to track your progress quickly, these five money management apps make keeping an eye on your financial growth easier.
Mint is my tried-and-true app that’s easy to use for budget planning and a place to manage all my bank accounts. This app collects all of your credit card spending, which takes away one of the biggest time sucks in trying to be responsible with your money management. All you have to do is link your bank and credit card accounts. Then Mint does the rest. You also have an online resource for your personal finance needs. It lets me know when I have a deposit and payment due and provides my FICO score for free.
This is another finance app that’s been around a long time and is designed specifically for novice investors looking to get introduced to the stock market. It helps you by automating your savings with a micro-investing feature. It rounds up your purchases and puts the spare change in an investment portfolio. For example, when you purchase coffee for $3.75, Acorns will round up to $4.00 and invests the spare $0.25 into the market. Over time, your contributions will add up.
This is an app by Ramsey Solutions – yes, Dave Ramsey the personal finance guru! EveryDollar focuses on budgeting and doesn’t include the ability to pay bills or monitor stock. It uses a budgeting system called zero-based budgeting (ZBB). The idea is that you give every dollar a job. Before you spend any money, the money you have in hand is assigned to a particular expense or savings account. This forces you to plan out your spending ahead of time and avoid impulse purchases that get us in trouble. It allows you to plan your spending, manage savings and debt payments, and track expenses.
The name alone sparks so much interest, right? Not only does this app give guidance through tutorials and educational materials, nit it’s also made to cater to people with modest incomes. I enjoy this app because it sticks with the basics of personal finance. Your dollars are assigned to a particular task and the account information is in real-time (so there are no delays thinking you have money to spend when you might have forgotten about a bill due or those snacks you bought on the way home).
Zeta is an app for couples. So, if you have a spouse or significant other, this app is for you. Zeta manages joint accounts or just keeps track of one another’s spending. Not only can you track your transactions, but you can also program your monthly bills so you know what’s coming up. You can split purchases or bills between users to keep expenses clear. You can even leave notes on specific transactions to help keep communication open. There’s also an option to sign up for a no-fee account, and their website offers resources and tips for couples.
Thanks to innovation, the concept of personal finance apps have become more popular. They provide a wide array of features that are beneficial to your financial situation. Whether it’s tracking spending or saving money, they come with all the easy-to-use tools you need right at your fingertips. Financial Literacy Month is the perfect time to give these apps a try.
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Archuleta is an author, poet, blogger, and host of the FearlessINK podcast. Archuleta's work centers Black women, mental health and wellness, and inspiring people to live their fullest potential.