Our smartphones are almost always with us, which makes them the perfect tool for better managing our finances. How can your smartphone help you with your finances? Through personal finance apps.
There are several great personal finance apps on the market that you can use to manage your money, track your spending, budget your income, and even get started investing. Freedom Debt Relief reveals the top personal finance apps for consumers to better manage their money.
Fans of the envelope budgeting method will especially love Goodbudget, the app that lets you create virtual envelopes to manage your money. With the built-in spending analyzer, Goodbudget is more than just a budgeting app, it’s also a tool you can use to stay on track with your spending, according to Freedom Debt Relief. And, you can sync your account across devices, which is useful for managing a household budget with multiple spenders.
Ever wish you had someone to give you personalized answers to your financial questions? Someoen who could walk you through your finances? That’s Penny, the app and personal finance coach all in one. Penny has a variety of features to help you better manage your money. Freedom Debt Relief is a fan of Penny’s features. The app tracks spending, provides spending insights, reminds you of your bills, gives you spending notifications, and much more. Users can ask Penny question about their finance, like say “How am I doing with my spending this month?” and Penny will show an answer based on your real spending.
Clarity Money provides, well, clarity around your spending habits. The app analyzes your spending habits and helps you make better decisions based on your habits. Clarity Money covers your complete financial picture by helping you save money, create a budget, track spending, lower your bills, and protect your credit score. Even better, you can do this all from one place, which is one of the best features according to Freedom Debt Relief. The app is currently being beta tested.
Figuring out how to save money and whether you can even afford to save money is tough. Digit has the smarts to look at your income and expenses and move money to your savings account if you can afford it. Your funds are held in an FDIC-insured bank up to $250,000. Your savings earns 1% and you’re able to withdraw money as many times as you’d like – there are no withdrawal limits as with traditional savings accounts. The app is free for 100 days, then $2.99 per month.
Figuring out your own risk tolerance can be tough, especially if you’re new to investing. To start, Betterment asks the user a series of questions to determine their risk tolerance and to suggest the best investment amount. Then, the app invests money on your behalf. Investments are made to a diversified portfolio of ETFs. In addition to helping you figure out your investment strategy, the app helps beginning investors learn more about investing without overwhelming the user with lots of information.
Consumers looking for an easy and painless way to start investing will find Acorns very useful. The app rounds up all your transactions to the nearest dollar and then invests the rest. For example, if you make a $4.67 transaction, Acorn will invest $0.33 into a portfolio that you’ve already set up.
If you’re having trouble managing money on your own or you just want to get better at managing your money, any of these personal finance apps recommended by Freedom Debt Relief will be a great asset. Make sure you search for the app in your phone’s app store and download only trusted apps to you phone.