Our phones are like an extra limb – that’s how attached we are to them – and since that’s the case we may as well make them as useful as possible. We’ve come up with a list of the four best money managing or money planning apps you need:
Before we begin though, here is some general information you should be aware of when downloading a money managing app:
- Security: Security, security, security is key and there are major companies in this industry ensuring your data is safe.
- They won’t manage your money for you. You have to participate. Some give you better money management options than others. Some remind you to pay bills. Some annoyingly remind you to pay your credit card bill. The point is these apps are only as good as you want them to be.
- They won’t teach you about wealth management. They’ll help you do basic personal management but few are designed to help you actually learn best practices.
- If you can use the app for free, you must be giving up something. Either your personal information is being sold to third parties, or they are making money off of any referrals the app offers that you go through with and make an account with.
You may have already heard of Mint as it is one of the most popular money managing apps and it’s so easy to use. Mint takes care of money managing and tracks your finances. It recognizes most transactions and categorizes them for you. You can link all your personal finance accounts to the app. Mint provides you with a big picture view of your money. You can create budgets on the app as well, which the app will track to ensure you’re following through on your budgeting goals. Another great feature of Mint, is that you can manage your credit score using the app! If you’re looking for a place to consolidate your money managing needs, Mint is a great place to start.
This is THE app for those who have trouble saving money. If you’re new to this whole money managing party then Digit is what you need. Digit analyzes your income and expenses and then sets aside some of your cash in a separate account on the app. You can withdraw that cash at any time and transfer it to your bank account. Also if you are someone trying to avoid interest, Digit doesn’t pay interest on your savings. With Digit you can even log in your monthly bills and it’ll automatically save money for those bill payments every month. The nice thing about the app is that it does what we sometimes find hard to do – it helps us set aside cash that is better off saved than spent.
The catch with Digit, however is that they just started charging fees for people with savings balances under $3,000. Also, don’t be surprised that Digit isn’t an actual bank, they are partnered with Wells Fargo and your money is in a Wells Fargo bank when you save with Digit.
Wally is another great app for tracking your expenses. With Wally you can enter in your expenses using the detailed categories. If you can’t find the expense, you can take a picture of your receipt and it will log your expense through that. You can also log your income into the app and it keeps track of your budget accurately. One downside of using Wally is that it does not provide an in-depth analysis of your budget. It’s still a useful app, though, if you want a basic view of your finances.
Venmo isn’t a budgeting app but it definitely counts as a money managing tool. Venmo makes splitting expenses with friends so easy and convenient! Venmo allows you to connect to your bank account and pay friends in your contact list. If friends pay you, you can keep that money in your Venmo account or transfer it to your bank account. Venmo is owned by Paypal.
Image credit: Mirjana Jesic