It isn’t always easy to manage your money on your own, and financial advisors can be pricey. But thanks to the power of technology, there are always new apps that can help you find your way through the mess.
You won’t have to scramble to keep track of your accounts anymore because Mint lets you see all of your personal finance accounts on one screen. The main purpose of Mint is for budgeting and tracking your latest transactions, but it is a lot more detailed than that.
With Mint, you are able to categorize your transactions, create your own budgets and set financial goals. The app will alert you when you’re getting too close to your budget limit, and it even provides you with a free credit score.
While Mint is good for budgeting, there is another top app that is good for saving.
Prior to entering your bank account information, Digit analyzes your income and how much you spend, and finds small amounts of money that it is able to put aside for you. The app created a “Digit savings” account, which is where the small amounts of money will go. The app basically tricks you into saving money, and that’s great for people who tend to spend a lot without putting some away first.
By taking a little bit of money each week and putting it into a savings account, your savings will grow, but be aware that you aren’t going to get rich with this app. If you are looking to make more money than the small amount you would by saving, then an investing app is the way to go.
This investing app almost literally saves your loose change. After you enter your debit card or credit card information, it rounds up your purchases and puts the change into a computer-managed investment portfolio.
Acorns is especially useful for college students and hands-off investors, or those who may not have a lot of money to invest. It uses the method of micro-investing to put away small amounts of your money little by little and help you earn some more in the long run.
Acorns even has a cash-back incentive. The company has partnerships with companies such as Jet, Blue Apron, Airbnb, and even Hulu, and you can receive up to 10 percent cash back when you use one of your cards that is linked with Acorns with one of their partners.
Managing your money is not always an easy task, but it’s important to try to save, budget and invest your money. You don’t need to become an expert at money management, but it’s also important that you don’t avoid it. Apps such as Mint, Digit and Acorns are all great for people who are just beginning to tackle the idea of money management and need a little guidance on how to get started.
This article was originally published on GenFKD.org.
Alanna is a content coordinator and contributor for GenFKD. Born and raised in New York City, she is a freshman at St. John's University, intending to major in legal studies.