When it comes to personal finances, there are two types of tools you should know about: budgeting tools and money management tools. The budgeting tools include things like printable budget planners, budget worksheets and online budget calculators. Money management tools mostly come in the form of money management apps rather than worksheets, because money management encompasses more complex operations – it is about a lot more than just making sure that all your bills are paid each month. Most money management apps include features for investments/portfolio management, savings management as well as the management of monthly expenses and income. If you want to finally be able to take full control of your finances, to pay off bad debt and actually start investing and/or saving, then it’s time you learn more about these tools and start making use of them!
If you are a total beginner with money management tools and you don’t really know much about personal finances, then you should probably start with a budgeting tool before you move on to a money management app. The great thing about budgeting
tools is that many of them are designed for beginners, making it easy to start tracking and planning income and expenses. In addition, budgeting tools come in many varieties, so it’s easy to find the budgeting tool that’s right for you. If you are comfortable working with Windows Excel or similar programs then you should download a detailed budget worksheet. If you aren’t that comfortable with such programs then you could use a printable budget template. Another great thing about budgeting tools is that most of them are available online for free! So, if you really want to improve your financial situation, all you need is some time, a willingness to learn and an Internet connection.
Best Apps To Manage Money
After you’ve created and followed a monthly budget for at least six months in a row, you are ready to move on to money management apps and take the next step in the improvement of personal finances. Money management apps differ from one another in terms of the services they provide as well as in price. Since they are more advanced tools than the budgeting ones, money management tools are rarely available for free, with most apps generally falling in the $15-$50 range. This variety in price is due to the fact that apps can be very different from one another – some of them specialize in retirement savings or investment management, some allow you to connect one or multiple of your accounts to the app while others don’t, etc. Here is an overview of some different money management apps that have helped thousands of users whip their finances into shape.
Learnvest is an app that allows you to track day-to-day activities with its budgeting features, but also the app forces you to think about the bigger picture – savings and investments. For a monthly fee, you get a personalized financial plan based on your financial goals. In addition, you have the opportunity to chat with financial professionals and consult with them on big decisions involving money, such as buying a house.
Betterment is one of the most acclaimed money management apps that specialize in investments. It’s a user-friendly app that takes into consideration your tolerance to risk and your investment goals. Once you’ve set up your profile and connected the app to your accounts, you should set up automatic monthly withdrawals that you’ll use for investing through the Betterment app. As for investment options, you have the possibility to invest in six stock ETFs or in a predetermined basket of bonds. One of the best features of this app is that it constantly gives you advice on what to do to achieve your goals faster, as well as updates on how close you are to achieving them at the moment. A lot of users find this feature helpful, instructive and motivating.
Lastly, Acorns is one of the most popular money management apps because it is very simple to use and it works on a set-it-and-forget-it system that doesn’t require much involvement at all. All you need to do is link it to your accounts and it will do the rest. The way it works is that the app rounds up your purchases to the nearest dollar and then takes the change and invests it in six different funds. Of course, it also takes your risk tolerance into consideration. With its low fees, Acorns is one of the most cost-effective ways to have diversified investments.
These are only a few of the many money management apps available on the market right now. By doing a bit of research and reading reviews, you can find the apps that fit your financial goals best. Then, you’ll be one step closer to bigger savings and investments, lower debt, and well-balanced monthly budgets.