Do you feel like you need a little help managing your finances? This article will help. Here’s everything you need to know about the apps that will make your life easier when it comes to managing your money.
So, we all know the rule: save more money, spend less. And as simple as it sounds, it is definitely not easy to get there. But there’s no need to worry. Fortunately, technology is here to make our lives easier.
There are many apps out there that will help you manage your finances, but not all of them are good. Here’s a list of 3 of them that will actually get the job done:
This app will allow you to sync all your investment accounts and expenses in one place. You can monitor and track your mortgage, credit cards, etc.
A great feature of this app is that it will detect any hidden fee you might be paying and it will calculate how much it is affecting your retirement plan.
YNAB stands for You Need A Budget. And it is true, we all do. This app will allow you to easily sync all your accounts in one place so you can manage them all together.
It presents all your financial information with charts that make it a lot easier for you to get the idea of how your finances are doing.
It also offers the possibility to create saving categories and set goals.
The best feature of YNAB is that there is a community built around it, so if you ever need support or advice, you can hop on to the YNAB forum or listen to their Podcasts.
This app will allow you to manage your investment accounts, including IRA and Roth IRA. If you require investment guidance, Wealthfront is the app you need. They will automatically rebalance your portfolio that can be composed of 7 different types of assets.
The sooner you start taking control of your finances, the sooner you will start enjoying your economic freedom.
Stay on top of your budget with Virtual Wallets
Sitting down one afternoon to create a budget and control your finances is not a pleasant task, but there is no escape. We all need to do it. Fortunately, there are a lot of apps that will help you with that.
If you are tired of living in a paycheck-to-paycheck cycle or you need some help organizing your finances, you can always turn to technology for a little extra help. Here are some great virtual wallets that will help you manage your finances:
Acorns will help you control all your accounts from one place. You can start investing your money, and the starting point is as little as $5. Among its many features, you can find an automatic contribution option, a customized portfolio that matches your exact needs and very low management fees, ranging from $1-$2 per month.
Albert will dramatically improve your budgeting technic. If you tend to calculate your budget by subtracting your expenses to your income, this is probably the best app for you. It will help you detect any overpayment you’re currently making and it will also detect any saving opportunity. And it’s free!
You will never again miss another bill with Prism. This app will help you stay on top of your money by giving you a full picture based on your income and all your bills. They will sync your account balances and bills and from there, you can make every payment and keep track of all the due dates.
The good old envelope method reimagined. With this app, you can create budgets and set saving goals. It will allow you to connect multiple bank accounts and create real-time budgets with automatic transaction syncing. You can select to pay a low $4 monthly fee or $40 annually.
Take control of your finances. Use all the means available to stay on budget and learn how to manage your money. Build better money habits and improve your spending and savings!
Money apps: how do they work?
Technology allows us to manage almost every single aspect of our finances through our smartphones. We can pay bills, invest, check our accounts and make money. But as most of these apps are free, how do they make their money?
Although the business model varies from app to app, they all have a revenue stream that ranges from advertising to referrals to subscriptions. Here are different app types and how they work:
1- Money transfer apps
Apps like PayPal, Venmo or Dwolla are usually free to use, but they make their money by charging a percentage of every transaction. Venmo, for example, also has a social feed that eventually leads to advertising revenue.
2- Investment apps
These apps are designed to make it easier for people to invest their money. Apps like Acorns and Stash charge $1 per month until you have $5,000 in a portfolio. Once you reach that number, they both charge 0.25% of your account balance.
3- Billing and Invoicing apps
These apps, like Harvest, allow users to track and bill services. Harvest, for example, is free for one person and up to two projects but will charge $12 per month for one person with multiple projects. Similar apps charge similar amounts, but they also make money every time you use their payment processing features or if you pay for other upgrades.
4- Credit score checkers
There are some apps that will let you keep an eye on your credit score and get alerts for any unusual activity. The most popular apps are Credit Karma, Credit Sesame and WalletHub, which are free to use but make money through targeted advertising, loan management and referral partnership.
5- Account aggregators
These apps are the ones that let you link all of your accounts in order to get a complete view of your overall financial situation. Apps like Mint, for example, make money from different sources, like advertising, product referrals, and from selling users’ aggregated data.
On the other hand, Personal Data gets its money from the management fees tied to their Robo-advising service.