Your wallet is about to get an iOS update. Next time you sit down to write your budget or organize your savings, forgo the pen and paper and try one of these apps instead.
Mint will take you to school and teach you how to manage your money. With Mint, you can budget, track all your expenses, and review infographics designed to help you understand where your money is going. They even allow you to sync up your bills so you can stay on top of payments with reminders. While you spend (on budget), you can feel safe knowing Mint has your back.
Acorns is for people who are intimidated by investing – which is most of us. The investing app will take your spare change from your accounts, and will invest it in low-cost ETF’s rather than leaving your small change to fall to the depths of your pockets or between your couch cushions. There are six portfolios that give you saving options, ranging from conservative to aggressive investing. Acorn is a good introduction into investing, and if you are feeling lucky (or good about your calculated risks), then you can invest up to $30,000 in the app. However, if you are just looking to get your feet wet, Acorn can help with that too.
Digit has the potential to do a number on your savings. It works its magic by opening up an FDC- insured savings account that it manages on its own. Digit will track and analyze your spending, carefully monitoring your habits while looking for money that you won’t need. Digit will stow away this money in a savings account, and whenever you are ready to withdraw, simply text “withdraw” to Digit and you can transfer money back into checkings. Digit users have been thrilled with how much they have been able to save. The average Digit user snags 5% of their income into a savings account that they can use for vacations and other big purchases you carefully have to save for.
All of these personal finance apps do a great job organizing your expenses, and they’ll even help you stay on track with your financial goals. However, it’s up to you to make sure you know what they are talking about regarding your money. Make sure to check out more Vola blogs to continue teaching yourself about all of these important financial topics.