Budgeting, investing, and keeping track of cash flow can be intimidating to the average person. However, these skills can be the difference between an early retirement and working well past 65. In the modern age, there is an application for everything. The good news is, that means there are apps that can help you with your money.
Apps can give you clarity into spending and saving habit, but many people are afraid to use them. Security breaches like the Equifax leak make people hesitant to enter financial information. Before using any app, read the security policy so you know what the company does with your information. Freedom Debt Relief presents apps that can help you manage your money. The creators of these apps boast bank-level security.
Betterment is a great app for those new to investing. Using a questionnaire to gauge each user’s risk tolerance, the app picks investments. The app also offers some educational information as well as a useful resource center. Freedom Debt Relief knows the power of compound interest to transform a consumer’s financial situation over a broad time horizon. Betterment keeps it simple to help people get started in investing. They charge .25 percent of your account balance each year.
Freedom Debt Relief constantly advises its clients to build good saving habits. Acorns is designed to help you stash away extra money. This app tracks your spending and rounds up each purchase to the nearest dollar. Then, it places this money into a pre-made portfolio of investment funds. This app costs $1 a month.
Freedom Debt Relief knows that people who struggle with money often don’t know where their money goes. Many people pay for monthly services that they don’t even use. The Clarity Money app solves this problem. A budgeting app, Clarity Money will look at services a user pays for each month and it will ask if they want to discontinue or renegotiate. Being clear on monthly expenses is the first step to spending less. And Clarity Money is free.
If you have enough to put away some money but can’t force yourself to do it, Digit is the app for you. Digit automatically transfers money to a savings account by analyzing the user’s income and expenses and then taking money the user won’t need. Users don’t need to be concerned about bounced payments, the site has a no-overdraft guarantee. This app is also free.
Penny is an app designed to increase awareness of your spending through tracking and alerts throughout the day. After learning spending habits, Penny will ask users to set goals to help minimize spending. Freedom Debt Relief sees Penny as an accountability buddy that lives in your pocket.
This app creates a digital version of the “envelope system.” In the envelope system, people designate where their money goes by placing it in different envelopes. The app also allows for syncing and sharing of household budgets. This app takes a solid system and makes it simple and accessible. The well-designed interface makes it user-friendly. The app is free or you can pay $6 a month for advanced services.
Apps increase financial literacy. The use of finance apps helps you gain a clearer view of your overall financial picture. A clearer view allows you to analyze where your money goes each month. From there you can cut unnecessary spending and invest the extra money. Take advantage of the modern age with your finances.