If you’re looking for a convenient and sophisticated way to manage your money, you should know there is an app for that. In fact, there are several apps that will help you with your finances, depending on your goals and the specific financial assistance you’re seeking.
Apps are convenient because they’re portable. You can bring them with you wherever you go since you typically bring your smartphone with you wherever you go. As a result, if you have a question about your financial situation or are concerned if buying a particular item will put you over budget, you can always whip out your mobile device and check things in an instant.
Here are 7 personal finance apps – now get organized:
- Mint
Mint, from Intuit, is one of the most well-known online personal finance tools. You may have already signed up for the (free) service, entered your monthly income and expenses, and received updates about unusual spending habits (take those seriously, by the way).
However, as is the case with many premier online services, Mint also offers an app version for people who want to manage their finances from the convenience of a mobile device.
Mint will give you an overview of your entire financial picture, which is why it’s so popular. You can get real-time information about your bank accounts, credit cards and even your 401(k) portfolio.
The bottom line is that if you’re looking for a one-stop shop to give you a high-level and a detailed overview of your financial health, Mint is probably your best option.
- Acorns
Are you looking for an automated means to invest in some low-cost exchange-traded funds (ETFs)? If so, then consider Acorns.
Here’s how it works: You connect your checking account and credit cards to the app. Then, when you make a purchase, Acorns automatically rounds up your purchase to the next dollar and invests the difference in an ETF of your choice.
This is a great “set it and forget it” app. Still, you’ll want to check your portfolio from time to time to make sure it’s performing.
- RetirePlan
Are you wondering how much money you need to stash away into your IRA or 401(k) every year to retire comfortably? Financial advisor Keith Springer from Sacramento CA says that you should “Invest for need, not for greed.” The new app RetirePlan can help you figure out just how much you should invest for what you’ll need.
Using RetirePlan, you can answer questions like: “When can I retire?” and “How much money will I need if I live to be 90 years old?”
The key benefit of RetirePlan is that it gives you the ability to play “what if?” You plug in scenarios that are worst-case (the stock market crashes) and best-case (the stock market roars) or something in between. You can fiddle around with the numbers until you find something that meets your expectations and then plan accordingly. You can also use it to find out if you need professional advice.
- Level Money
Level Money is an app that gives you advice. You connect it to your bank account, and it calculates your recurring income and bills. Then, it will tell you what your daily, weekly and monthly spending should be.
One of the really cool features of this app is that it not only tells you what you should be spending, but it also says what you should be saving. In fact, the app gives you the opportunity to auto-save some money. That’s a great way to automate your financial security.
- Digit
Do you want to save money you didn’t even know you had? If so, then grab Digit.
Digit will scan your spending patterns and your income. It will determine how much money you can afford to put away and will save it for you. This is another great way to automatically build that nest egg.
- Credit Karma
Credit Karma is an app that not only offers free credit scores and reports, but it also monitors your credit card accounts and recommends alternative (read: superior) credit card or loan programs that can help save you money (on interest, mostly).
Additionally, Credit Karma’s suite of services also advise you about mortgages and auto insurance. This is a great app to download if you want to do some comparison shopping to get a better handle on your finances.
- Goodbudget
The name really says it all. Goodbudget is an app that uses the old-fashioned “envelope” method of budgeting, but in a digital format.
Basically, you create an envelope for each budget category — such as groceries, electricity, dining out, etc. Then, you deposit a certain amount of money into each envelope. That’s your monthly allowance for that line item, and Goodbudget will nag you if you spend more than your budget in a specific category.
It may seem rudimentary, but it’s a great way to see how much money you’re spending on certain items. It also offers a helpful reminder if you’re spending too much.
It’s never too late to get a handle on your financial health. Use these apps to help you get started saving for your retirement, or maybe even for that new car you’ve been eyeing.