Lately, I have been trying to efficiently manage my budgeting & personal finances.
Let’s face it… the majority of us (especially young professionals) are coming out of college with a heaping pile of loan debt. It is estimated that this debt takes years and years and years to pay off. For me, I am hoping this is not going to be the case. I have realized that so much of my income has been going to things I truly don’t need. Should we treat ourselves to luxuries and nights out? Yes, but we shouldn’t spend more than 50% of our income on unnecessary expenses when there are ways to reduce those expenditures.
I’ve come up with a plan that is easy, effective, and completely digital. It’s going to save years of debt, time, and financial stress.
In order to do this, I have downloaded a handful of apps that have been critical in helping me achieve my personal financial goals.
Top 5 Apps For Budgeting & Personal Finances
1 | Stash
It’s true. I have always had an interest in stock trading and the investments world. Until I downloaded Stash I had no clue where to start. After a bit of research, I knew I didn’t have quite enough saved up yet to have a financial professional help me. I came across the Stash Invest app which allows you to put in as much money as you want and build your portfolio. You can put in any amount which leaves you room to play with your holdings until you’re confident enough to start trading in the big leagues. So far, I am more than happy with the outcome of my portfolio. It continues to grow and has been a learning experience.
Tip: Don’t be afraid to take risks! You know the saying… no risk, no reward.
2 | Mint
This app will change your life… if you let it. I downloaded Mint, set up all of my financial services, and got to work. Right away, I noticed how much money was coming in and out. I thought what have I been doing?! It is eye-opening to see your finances this way; a wake-up call, really. You can set personal goals for income and expenses and have it alert you when you’re too close to a budget every month. This way you won’t lose track of how much you’ve spent and can be more aware of the categories you frequent. The app breaks down your finances through text and visual which makes it easy to understand for all users.
Tip: Set realistic goals and be honest with yourself about spending habits.
3 | Clarity
My favorite feature of Clarity is its subscription awareness. When you subscribe to magazines, music services, etc., it keeps you updated on ones you may want to get rid of. Honestly, you probably have subscriptions you completely forgot about. For example, I was still subscribed to Pandora for over a year when I thought I’d canceled it! The price was so low that I never noticed it coming out of my bank account, but that was money I could have been saving. This service is so useful for tracking your bills and month-over-month costs. I highly recommend downloading it!
Tip: Turn on notifications so you’re not missing out on alerts in the app and forgetting about its services.
4 | Birch
Birch is a unique app that keeps track of rewards you’ve missed. It recommends the best bank accounts and credit cards for you based on the purchases you make and businesses you frequent. To discover the full potential of this app you should connect all of your current accounts so it reads your expenditures accurately for top results. According to the app, the average shopper misses out on over $200 a year in credit card rewards by using the wrong cards. Think about how much money you could be getting in cash or rewards by using a better account!
Tip: Sign up for the best cards for you, but not too many cards. Keep track of your spending and plan for big purchases.
5 | Acorns
Do you like to spend money at coffee shops, retail stores, etc.? We all have our go-to’s. Mine is a handful of coffee shops & cafes within a 5-mile radius. Now, think about how much you would save if you rounded up the extra change from every purchase. This is the Acorns business model. They round your purchase up to the nearest dollar and put it towards a low-risk investment. This builds your portfolio over time and can save you a ton of money without your realizing it. The simple method of saving the change can add up significantly over time!
Tip: If you like this model but don’t want to invest your money, there are apps that allow you to instead transfer the change to a savings account!
Over the long term, I believe they will prove to be extremely effective, as they already have, in saving me extra money towards paying off those looming student loans.
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I use mint and find it very helpful.