Financial apps can be incredibly helpful for anyone looking to take control of their financial life. These apps provide valuable resources for budgeting, saving, investing, and even understanding credit scores. Let’s take a closer look at some of the best financial apps and tools on the market and how they can benefit a young adult.
- Mint
- Mint is an app that helps you create and manage your budget. It connects to all your bank and credit card accounts, aggregating all your transactions into one place. It categorizes your spending, so you can see where your money is going, and provides helpful tips and suggestions on how to cut down unnecessary expenditures. The app also lets you set financial goals and track your progress. Additionally, Mint gives you a free credit score and explains the factors contributing to it.
- Credit Karma
- This app is all about understanding and improving your credit score. Credit Karma offers free credit score updates from two major reporting bureaus – TransUnion and Equifax. It also provides insights into what’s affecting your credit score and how you can improve it. It has a ‘Credit Score Simulator’ that allows you to see how different actions like paying down debt or opening a new credit account might impact your score.
- Acorns
- Acorns is an investing app that lets you invest your spare change. The app rounds up your purchases to the nearest dollar and automatically invests the difference in a portfolio of low-cost exchange-traded funds (ETFs) that you select based on your risk preference. It’s a great way to start investing with a small amount of money.
- TurboTax
- TurboTax is a user-friendly tax preparation software that guides you through the process of filing your taxes. It ensures you understand each step and helps you find every possible tax deduction and credit. The free version covers simple tax situations, while paid versions handle more complex scenarios and include live help from tax experts.
- YNAB (You Need A Budget)
- YNAB is a budgeting tool that encourages you to live on last month’s income. The app’s method pushes you to save for future expenses and break the paycheck-to-paycheck cycle. It syncs with your bank account and offers real-time access to your budget.
- Personal Capital
- This is a wealth management app that provides a comprehensive view of your financial life. It has budgeting and investing features, plus tools for tracking your net worth and planning for retirement. It gives you an overview of your spending, saving, and investing all in one place.
- Venmo
- This is a mobile payment service owned by PayPal. It’s a handy app for instantly splitting bills and expenses among friends and family, making it simpler to manage shared costs.
- Robinhood
- This is a free-trading app that lets investors trade stocks, options, exchange-traded funds and cryptocurrency without paying commissions or fees. It’s suitable for young adults interested in investing without the need for a lot of capital.
Remember, while these apps and tools can be incredibly helpful, they’re just tools. It’s up to you to take action on the information they provide. Be proactive in managing your money, continually educate yourself about personal finance, and don’t be afraid to seek professional advice when necessary.