The 5 Best Personal Finance Apps For Budgeting, Investing & More
There's an app for everything nowadays so managing your finances from your phone just sounds like a very natural thing to do nowadays. I want to share some of the personal finance apps with you. All these apps are pretty beginner friendly.
Let’s get started. You may be a complete beginner and you always wanted to learn more about investing, but you don't understand how investing works.
If you're the person who just doesn't like thinking about it actively and just likes having everything on autopilot, Acorns is going to be a perfect app for you.
I'm going to put in very simple terms the way that this app works. You can connect Acorns to your bank or your credit card. What Acorns will do is it will automatically round up your purchases and start investing spare change.
For example, let's say you bought a cup of coffee for $3.75. Acorns will round up the purchase and invest the difference, which would be $0.25. So you'll invest that spare change into the stock market through Acorns.
As you're going by your day and making your regular purchases, all that spare change will get invested and grow over time in your portfolio.
It's perfect for those who like passive investing or people who don't like to think too much about investing. That's why Acorns is a great everyday investing app.
Let’s go to our next app. My next favorite personal finance app is Mint. I'm sure you guys have heard of this app before. It's a very popular money management app. Do you ever wonder where all of your money went at the end of the month? I often do.
What is great about Mint is that you can connect all of your banking and investment accounts to Mint.
Instead of having to log into every single app just to see how much money you have, you can just go to Mint and it will tell you your exact net worth. Slowly watching my net worth grow over time, it's been very encouraging and that's why I like Mint.
Aside from tracking your overall net worth, Mint is more so known as a good budgeting app because what you can do in Mint is you can set specific budgets for each category. Let's say food, entertainment, or travel. If you want to make sure you're staying within a certain budget, you can set this budget in Mint.
Whenever you're going over your set budget, Mint will notify you to kind of put you back on track. So again, overall, a great all-in-one financial health app. It is a free app.
The next app that I wanted to mention is Tally. This is a great app for those of you who are trying to pay off debt, especially credit card debt. We all know credit card debt can be pretty devastating to a lot of people.
The idea of Tally is that they will extend you a line of credit and help you to pay off your debt faster by minimizing your monthly interest.
So it's pretty much like they're giving you a personal loan at a much lower interest than what your credit card companies are charging you. Even though Tally doesn't completely wipe out your debt, they pretty much buy your debt from you.
Tally can help you to pay off your credit cards faster because again, you will end up paying less in interest and you will have more money to put towards the actual balance.
Since the whole idea of Tally is to minimize the stress and the time you spend managing your debt, you can also make one payment toward all of your accounts just by using the app.
4. Credit Karma
The next app on our list is Credit Karma. Credit Karma is one of the very first personal finance apps that I ever downloaded.
Most people know the Credit Karma app as the app where you can check your credit score.
As all of us U.S.-based adults know, your credit score means a lot because you need to have a good credit score for a lot of things, like leasing an apartment, buying a home, getting a phone plan, getting approved for credit cards, and so on.
That's why you always want to make sure you are monitoring your credit score and you always know what your credit score is. What Credit Karma does is it gives you a picture of all of your debt accounts. So things such as credit cards, student loans, car loans, and home loans.
Another reason why Credit Karma is a great app is that if anybody opens a fraudulent account in your name, you will be able to see it on Credit Karma.
You'll be making sure you're protecting yourself and always monitoring all your accounts.
They also have a ton of different financial products. I feel like Credit Karma should be one of everybody's go-to personal finance apps.
Finally, the very last app that I wanted to mention is Robinhood.
Robinhood is the very first investing app that I ever got. Robinhood made the whole investing process so easy and so simple to somebody like me who has a business degree, but who didn't know a whole lot about investing when I first started.
Robinhood is easy to navigate, it's very intuitive, and it makes everything so simple, which I like. Robinhood also lets you track your progress very easily. It shows you see how much your portfolio has grown over time.
The nice thing is that Robinhood lets you buy a fraction of that stock. So even if you want to start with, like $500, $100, or even $5 that you want to put into a higher-priced stock, you can do that.
Best personal finance apps
Those are the 5 best personal finance apps that I’ve used and was happy with. Try different ones to find which ones fit your financial needs the best. Share in the comments below what your favorite personal finance app is.