5 Best (and Free) Personal Finance Apps for Twenty-Somethings
When I was younger, I rarely (if ever) thought about money or finances… and certainly not finance apps. A budget was a foreign concept and saving for the future? Psh, what savings? Money wasn’t an issue at the time, so I didn’t look at the bigger picture. Looking into savings, investments, and personal finance apps weren’t at the top of my to-do list.
Fast forward a few years: Now I’m 25-years-old and it’s an entirely different story. I have to pay monthly for rent, water and sewage, electricity, valet trash pick-up, health insurance, car insurance, credit card bills, groceries, gas, etc. (like every other adult in the history of the world). There are also yearly or other periodic expenses such as renters insurance, deductibles, prescriptions and medicines, registrations, taxes, my pets expenses,etc. I’m also saving for a new car and contribute weekly to a savings account that I never touch. You get the picture… because the same picture may be hanging on your wall too. There’s no getting around it: Adulting is hard.
I wish I had started saving and watching my money more closely at a younger age! I wish I had saved all the money I spent on silly things! But, as you all know, there are no do-over’s in life, and a late start is better than never starting at all, right? So, over the last few years, I’ve gradually become more conscious about what I’m doing with my hard-earned money by watching my spending trends (aka seeing what I’m spending my money on, screaming when I see the total, and then drastically decreasing those expenses), building a budget that works for ME, and researching ways to save more money. This leads me to the whole point of today’s post: these five personal finance apps have helped me a lot!
- Mint: Mint is a free, convenient finance app that allows you to manage your money in one place – including your bank accounts, credit cards, debit cards, bills, investments, and 401K. You can see what you’re spending and where you can save money. Mint gives you the ability to track your upcoming bills with the bill reminder feature, schedule payments on the spot or for later, and pay them with ease! Mint also makes it easy to create a budget you can stick to and view your credit score to know where you stand. This is one of the most commonly recommended finance apps.2. Acorns: To put it simply, Acorns is a finance app that invests your spare change from every purchase (and is my favorite personal finance app). I always thought that I didn’t have enough money to be investing, but Acorns makes it feasible for everyone! Acorns helps you save and invest small amounts regularly into your own diversified portfolio (which includes hundreds of international companies, corporate and government bonds, and real estate). You can also easily invest more with some of their features, such as Recurring Investments. Acorns is SIPC Protected against fraud (up to $500,000), keeping your money is safe and secure. Dividends are paid out once a month and Acorns re-invests them for you. You can also withdraw your money at any time at no charge!3. Mvelopes: I had a hard time forcing myself to sit down and make a budget…. who actually gets excited about obligations and responsibilities? Not this girl. BUT… Mvelopes actually made it easy (and dare I say… kind of fun). It links to your bank and credit card accounts to track your spending and uses a digital envelope budgeting system. You can manage it and re-organize it whenever you see fit, and receive feedback on where you spent your money!4. Robinhood: Yep, Robinhood is another finance app related to stocks… but it’s awesome! Here’s why: It’s free to download and it offers free stock trading with no minimum balance required. So basically, it allows people to buy and sell stocks for free. This is a big deal because many trades can cost up to 10$ a transaction, which quickly adds up. Unlike Acorns, Robinhood doesn’t invest your money for you. You might want to do a little homework and decide what stocks you want to buy, unless you’re already experienced in trading stocks.5. Truebill: Have you ever forgotten to cancel a free trial or discovered an unexpected bill for a service that you don’t even want? I sure have. Truebill is one of the only free-to-download finance apps that helps you find, track, and cancel your paid subscriptions. This app allows you to know exactly what charges your receiving every month from paid subscriptions to recurring bills / utilities.You can request Truebill to cancel any unwanted or fraudulent subscriptions in seconds.. for free! Truebill also keeps track of your wanted subscriptions and will notify you if any changes occur.