Managing your cash, adhering to a budget, saving every month, and making investments are easy with new-age finance apps. Then, you have loads of applications, and not all of them are worth downloading. According to an article published on https://www.entrepreneur.com, the more you think that you can realize your financial goals, the better are the chances of achieving them, a recent study says. The study has been conducted on the millennial generation over a decade, beginning with their initial days in college.
When experts and research associates studied the subjects’ overall happiness, they discovered that financial efficiency has a powerful relation not only concerning financial stability but also with peer relationships, overall satisfaction, and psychological relief in life. Therefore, if you believe that you can meet your financial objectives in life, you can change them into accomplishments. Moreover, it can increase your contentment in aspects like mental health, lifestyle, relationships, and your perception of life. Coming back to money management tools, you can research on the web and create a list of eight or ten apps. Take note of the features and benefits of these tools, study user reviews and ratings, and then shortlist the best ones to meet your financial goals. Here are four personal finance apps to help you do so:
Have you ever thought about automating your financial habits? You may be wondering what we are talking about. It is true that it sounds a little strange. However, it is possible if you use the Acorns app. Let us talk about how the application works to your benefit. When you shop using a credit card that is connected to the tool, Acorns helps in rounding the subsequent dollar and auto invests the disparity in a portfolio of low-value exchange-traded funds or ETFs that you choose, depending on the risk you want to take. The app lets your loose change to work efficiently without putting you in a financial crisis. The users who have tried Acorns say that they never noticed any difference. It is a great experience to discover an additional $400 or $600 or $1800 in your investment account every year. The fee is zero for college students, and it will cost only $1 every month for the rest.
You can set up the Acorns app automatically, invest what savings you have, and without even noticing the difference. The app will suit if you never owned a stock, as you felt you did not have adequate funds for investment.
2. You need a budget
One personal finance app is different from the standard ones available in the market. When it comes to YNAB, it helps you stop living from one month’s paycheck to the next one, pay off debts, and face financial challenges without worrying about procuring money, especially if an emergency arises. The app has been developed around a fundamental rule; every dollar has a job when it comes to your personal budget. Whether you want money for paying debts, investment or lead a happy and satisfied life, this app has it all for your needs.
The app does not let you create a budget when you do not have money. On the contrary, it helps you live within your current earnings. If you go off course, YNAB lets you see things differently, implement aspects so that you can achieve financial stability and balance your budget. The app keeps you on your toes so that you know when you need to balance. Though you are required to pay a fee, the money is worth it because of the benefits of the app.
You can set monthly and weekly budgets. Though most personal finance apps let you do that, YNAB helps you build individual or personal budgets, such as New Year gifts. Besides this app, if you need a consolidated loan to pay off your small debts.
The app is free and useful for those who want to live within a budget. Mint will help you monitor your spending habits and deal with money smartly than ever. You have the option to link all your credit card and bank accounts including the monthly bills so that all your finances are in a single and convenient place. The app will notify when you have an outstanding bill to pay off, what amount you owe, and how much you can manage to pay. All these calculations are made based on the funds available. The tool will send you payment alerts or caution you if you have little or no funds available.
Depending on your spending habits, Mint will suggest you take stock of your expenses. Using the app also give you a free credit score report, which is a bonus. Mint will show your credit score in real time. The app is your best bet if you want to know how much money you have at any point of time over several credit cards and bank accounts. The app is available in Canada and the US. If you are in the UK, you can use this app with a different name Emma.
If you are an organized person when it comes to monitoring your personal finance while filing your financial reports on a professional level, then this app is right for you. The tool is free. You do not need to enter your expenses manually at the end of a day, week, or month. Wally helps you take a photo of all the receipts, and if you have the geo-location feature on your smartphone, the app will fill those details as well, thus saving your time and effort. The app is user-friendly and is a great tool if you want to know where your money is spent. The app is for you if you failed to find the right tool to monitor your expenses because you detested typing.
Now that you know about these personal finance apps, you must try using them to track your expenses. It will help you maintain financial stability and lead an overall satisfied lifestyle.