Top Mobile Apps to Help You Better Manage Your Finances
Most Americans long for financial freedom. However, that goal remains a dream for so many, as the National Foundation for Credit Counseling reports that 62% of U.S. adults carried credit card debt in the past year. Additionally, around 27% of them don’t pay all of their bills on time. Part of the problem is their inability to manage their personal finances.
Luckily, there are plenty of mobile apps you can use to keep your spending in-check and not fall into the same traps as the majority of the U.S. So, if you’re looking to start your journey to financial freedom, try downloading these apps now:
“Mighty oaks from little acorns grow,” so the saying goes — and this is what the Acorns app puts into practice. As a platform geared towards newer investors, Acorns helps you get into the saving habit by investing your spare change. More specifically, the app detects your purchases using the cards you’ve linked, then rounds up your transaction to the nearest dollar. The difference is kept as savings, and automatically invested in a portfolio once the amount reaches $5. While the allocations may seem measly at first, the idea is to accrue a sizeable investment over time. So whether you’re looking to simply save your money or grow it for other purposes, the Acorns app is a great place to start.
One of the most popular budgeting methods is the envelope system, where you categorize your expenses and set aside the budget for each in different envelopes. But as cashless transactions become more popular, this trusty system is slowly becoming outdated. Luckily, this old-school concept has been digitized for modern times, in the form of the Mvelopes app. Of course, the premise is still the same; only this time you’re using credit and debit cards in your virtual envelopes.
You can also manually input any in-cash purchases you make. To make your life easier, Mvelopes creates a visual overview of your expenses so you know where your money is going. Fans of the envelope system will be pleased to know that Mvelopes is a good stab at adapting the concept for smartphones.
For individuals who want to build a good credit score, the Petal Card app is a welcome tool. It carries basic budget tracking functions to help you keep an eye on your cash flow. Additionally, it allows you to access your credit score and features a payment calculator which estimates how much interest you will owe if you don’t pay your dues in full. Security features like biometric ID will give you peace of mind while using it.
Also, the app finds bargains for you based on your location, with a cash back of 2% to 10% for purchases from select local merchants. Overall, Petal Card has lots of neat features rolled into one app, which makes it perfect for financial multitasking.
If you are a habitual over-spender, consider downloading PocketGuard. To get started, you need to link your credit cards, investment and loan accounts, and bank accounts so the app can give you a clear view of your financial health. Transactions are updated in real time, and you can receive personalized financial reports on your purchases. Depending on the goals you’ve inputted, PocketGuard can automatically create a personalized budget based on your income and spending habits.
You can also set spending limits to keep from going over budget. Furthermore, the app has a smart bill feature which reminds you about due dates, and even pinpoints specific areas where you can negotiate for better rates. PocketGuard makes a solid case for being one of the best free budgeting apps out there. It’s packed full of features, all of which help you control your finances effectively.
Managing your finances is easier said than done. But with these budgeting tools to automate and do the heavy lifting, attaining financial freedom can be made easier. For more tips and advice on gadgets and technical solutions, visit the TopTechpal blog.