5 Apps to Help Get Your Money Together
"Money management apps are the new frontier of getting people to give a shit about their money."
“There’s an app for that" has gone from a punch line to an almost too real truth. There are tens of thousands of apps in existence, and more coming every day. Apps exist for everything from tracking how much water you drink to creating your own lightsaber.
So of course, there are tons of apps to help you manage your money. Money management apps are the new frontier of getting people to give a shit about their money. There are a lot of options out there, so I’ve broken them down for you to help you find the ones you need.
Basic Money Management
If you need help just getting your financial life together these are the apps for you.
YNAB- You Need A Budget is one of the biggest names in budgeting. The app syncs your bank accounts and tracks your spending. It pairs you with an accountability partner in real life, and shows you your monthly progress to keep you motivated. It does cost $50 a year, but if you need help tracking and the accountability of someone checking in with you, it might be the right fit. You can try it free for 34 days too.
This app links your accounts so you can track your spending, like YNAB- You Need A Budget. Or, if you prefer to not give away more information than you need to, you can input purchases manually. It’s free for the first 100 days, and you can create charts and graphs to see your larger financial picture.
Saving More Money
Just need a little help with saving your money? Here’s the app you need.
A pay what you want app that helps you save money? Heck yes. Rize is a new kid on the block for apps, and I love it. You create a specific savings goal in the app, like ‘$10,000 for down payment.’ Then you can set up automatic savings to the app, so that the money transfers without you having to think about it. You can set up something called a power up as well; the accelerate feature automatically increases your savings by 1% each month, and the boost feature pulls a small amount of money (like $5) to give your savings a random boost.
Ready to start investing?
Stash takes your savings and lets you invest them. It starts with small amounts (you can open an account with just $5) and you can choose what to invest in from a wide array of exchange-traded funds (ETFs) and individual stocks. The app gives you a personalized investment portfolio after you answer some questions, and you can make automatic investments. It has low fees, so you keep more of your money.
One of the biggest names is app investing, and for good reason. Betterment provides portfolio management services new investors, and it does so on a budget. Betterment selects investments for you based on your income and goals. They strive to provide as much stability as one can with stocks, so they use ETF’s (exchange-traded funds-- an investment fund traded on stock exchanges) and set you up with a diverse pool of assets. One thing to note is that Betterment is not FDIC (Federal Deposit Insurance Corporation--provides deposit insurance to depositors in the United States) insured. That means your returns are not guaranteed.
No matter what your financial goals are for the year, learning more about money at every level will put you in a better place. These apps make it easy to learn on the go, and since they’re on your phone, you can access them anywhere (because let’s be real, we always have our phones on us).
Words by Kara Perez