Managing money well is something we all want to do. You can pay a financial adviser or do it yourself using several money management apps.
In this article, Freedom Debt Relief will go through 4 different money management apps that can help you get on track when it comes to budgeting and investing.
Mint, from Intuit, is a great app that can do virtually everything when it comes to managing money. Mint syncs with your banks, credit cards, and investment firms and pulls in data to give you a picture of all your finances in one place. Because Mint knows your debits and credits, it is able to provide your real-time net worth.
Freedom Debt Relief mentions that Mint tracks your spending and categorizes it. Mint uses this categorized information to create a budget. The budget can be personalized to suit any changes in spending. Mint will send a notification if you go over your budget and for upcoming bills.
You also get your credit score for free inside the app along with explanations about your credit.
You Need A Budget (YNAB)
YNAB is the app for any one that is serious about maintaining a strict budget. The app makes you assign every available dollar to a category. This is in contrast to assigning dollars against income. Freedom Debt Relief notes that YNAB wants you to budget against your current available dollars so you don’t overspend. To help with this process, YNAB is able to connect with your bank accounts and pull in your financial information.
As you spend, YNAB is able to highlight where you are spending more vs where you aren’t spending as much. For example, you might be spending $100 more on food than you thought you were while you routinely spend $50 less per month on gas.
YNAB allows you to move funds between categorizes so you can allocate more to food for example and less to gas. This keeps your overall budget limit the same but lets you personalize, in a smart way, how money is allocated. This type of reallocating lets you continuously see and better understand your spending habits.
Betterment is an investment based app that makes savings and retirement simple. It falls into the category of robo-advisor, which basically means automated financial advising.
Through a questionnaire, the app helps determine the best investment style for you. Rather than having to choose specific funds, you instead answer a few simple questions.
The app actively trades in and out of various funds, maximizing dividends, capital gains and tax harvesting. Behind the scenes, it’s a complex operation but luckily for the user, it’s very simple.
Level Money, from Capital One, focuses on showing how much money you can actually spend. After providing the app with an amount you want to save and syncing your various financial accounts, it will look at what your liquid assets and what you owe then provide a simple target number. Rather than a monthly number, it is actually provides you with an amount you can spend each day.
Freedom Debt Relief could help you get your debt under control. If you’d like a free evaluation from a debt consultant, contact them at freedomdebtrelief.com.