What would life be without smartphones? Smartphones have become our third arm or even eye. We take it everywhere and is our go to for any information we need. Downloading apps too have become part of the smartphone culture. We are all familiar with the phrase: “There’s an app for that”. There are hundreds of thousands of apps available for downloading. Many of those apps are free, some charge a minimum fee and others will have a combination of free then a subscription services for more advanced usage. We have apps at our fingertips to reserve car service, track our calories and help us cook. Why not then download an app to help with our finances?
Below are only a few popular personal finance apps but it is best to do your own research and know your comfort level for using any of these tools. The apps below are available for both Android and iPhone.
- Mint: The app is a financial hub for personal financing needs. It allows you to track all your financial activity in real-time, from checking, savings accounts, credit cards, student loans to 401(k).
- Credit Karma: It does not only provide free credit scores but it allows you to track your spending habits by linking it to your banking accounts. Once it gathers the data, it will recommend credit cards and loan offers. It also recommends mortgages and auto insurance.
- Goodbudget: User will create envelopes for all their budget items like groceries, transportation, rent, utilities, etc. You will then allocate a certain amount to each envelope allowing you to see how much is spent in each envelope.
- Wally: It allows users to get organized and become aware of their spending. It helps track spending by categorizing the expense then providing charts showing how you are spending money. It allows you to scan your receipts!
- Acorns: For those who want to gingerly start investing, this app may be for you. It allows you to invest your spare change by rounding up purchases and investing the difference in low cost ETFs (exchange traded funds). The company says its users can save between $30-$180 per month simply by rounding up.
- Betterment: The app will ask a series of questions to get basic personal information, investment goals and risk tolerance. With this information, it can start investing your money a diversified portfolio through investments in stocks and bonds.