Millennials are used to technology, but they have problems when it comes to finances. And I am not talking about the student debt or the low wages; the problems we have include these and many other issues. There are special terms to learn, acronyms and specific saving techniques one needs to master, in order to stay on top of the budget.
You can try to master these by getting advice from other people, but there are also many financial apps out there which can help you a lot in learning the ropes of the trade. Here are the financial apps all millennials should use for maintaining the budget, improve the savings and maximize the return.
Mint is the ideal app for consumers who are new to budgeting. After signing into your bank and credit card accounts, the app allows users to see all of their balances in one central location, which makes it super easy to get a snapshot of your financial situation. In addition to account balances, Mint also categorizes your spending into various buckets like shopping and restaurants, and compares that to a suggested budget that the app automatically creates specifically for you. You can then set the app to provide you with alerts when you overspend in any one category, which helps to keep your spending in check.
Digit is the app that consumers should turn to when they are looking to literally “set it and forget it” when it comes to increasing their savings. Digit does all the work for you by analyzing your income and spending habits, and then putting aside a set amount of money automatically straight from your checking account. The amount typically ranges from $5 to $50 every two or three days, which can really add up quickly! Once you’re ready to withdraw your money, all you have to do is text Digit and you’ll have your cash the next business day.
NerdWallet’s Mobile App is a great solution for consumers looking to get the most out of the spending they already do on a daily basis. On top of offering a free credit score and updating you automatically if your score changes, the app also provides customized credit card recommendations from a pool of more than 1,700 cards. The recommendations are optimized based on your credit score and what you’re looking to get back from your spending, such as travel points or cash back rewards, making sure you always get the biggest bang for your buck.
Acorns is an app that allows you to invest in stock market by rounding up all your spending, the difference being then invested for a profit. Acorns is very ease to use on the phone, so it’s perfect for millennials. Another great thing about it is that it uses small amounts of money for investments, which are not going to put a string on your budget.
Personal Capital app is focused on investing and retirement plans, which are something most millennials choose to postpone, despite they should actually pay attention to them. The app also has budgeting features and allows you to sink the information from your bank account and credit cards, as well as the mortgage, if there is one.
The app is in this top because it enables you to create an investment plan and a retirement plan at the same time, right now, so you can benefit from them later on.
YNAB helps you by providing a proactive approach to budgeting, so you can stay on top of your payments and make sure you pay the debt. YNAB’s approach to budgeting is very useful for millennials who need to be involved in their finances and learn how to make a living while paying all the bills.
Toshl Finance is an easy-to-use app which allows you to set up a monthly budget. Just set your income and watch how you manage your money. You can also set a limited budget for certain activities and purposes, such as groceries or a night out. When you will see your last money going on a latte you will definitely reconsider your spending patterns.
This finance app speaks to students directly, as it allows you to find the best way to pay your student debt. You can prioritize the debts by multiple categories and see predictions based on different payment amounts. Debt Payoff Planner allows you to have a clear picture of your debt and all the payments you have to do in order to pay it, so it’s a must have for students.
When you have everything at your fingertips you are going to make a lot of online purchases. Slice is the best app to use track of these expenses. The app allows you to keep the receipts from each purchase and sends notifications when your package is shipped. You can also upload the entire purchase history into another financial app, which is a highly useful feature.
If someone would leak the college textbooks which cost a fortune, college life would be a lot easier. This app can’t help you with this, but it does help you find the retailer who sells the book you need with the lowest price. While this doesn’t exactly make TextBookMe a financial app, it’s definitely help you save, so this is why I included in this list.
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