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Top 10 Money Management Apps Every Personal Finance Enthusiast Must Use

Top 10 Money Management Apps Every Personal Finance Enthusiast Must Use
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Mobile apps are quickly becoming one major way we run our daily lives. But when it comes to more important matters,like personal finance and household budgeting, there are some apps out there that are really worth their weight in gold.

1. Mint

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    Mint allows you to pull all of your personal finance accounts into one place so you can manage your money from anywhere. You can track your spending, create a budget, and get bill alerts and reminders from this mobile app that allows you to see all of your accounts – checking, savings, and credit cards – in one place.

    Download Mint here. (Reviews here)

    2. Check (formerly Pageonce)

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      This app is a very simple and easy to use tool to help you remember when payments are due and to create monthly budgets. Check stays on top of your bills and money for you, so you can avoid missing a bill payment or getting hit with late fees. When bills are due or funds are low, the app will let you know so you can address the issue before it becomes a problem.

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      Download Check here. (Reviews here)

      3. You Need a Budget

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        As the name suggests, YNAB helps you build a reasonable budget and stick to it to help you get out of debt. It helps you make smarter decisions when it comes to purchases by giving you an overall picture of what your financial situation looks like. It is subscription based, which will cost you $60.00, but offers a free 34 day initial trial period before you commit to buying.

        Download it here.

        4. Doxo

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          Doxo is a new app, created based on the success of social media apps like Facebook and Twitter. Doxo allows you to centralize all of your important family information into one organized space, helping you move beyond financial management and into household management. It allows you to back-up important family documents, manage household payments, and connect with utility and service providers.

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          Download it here. (Reviews here)

          5. SigFig

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            SigFig is a mobile app that will design you a professionally diversified investment portfolio, monitor it, and automatically make the necessary changes to keep it on track. Once you sync your accounts (currently works with over 100 brokerages including Fidelity, Vanguard, Schwab, Ameritrade, E*Trade, and Scottrade), it allows you to see all your investments, including your 401K and IRA, in one central place.

            Download SigFig here. (Reviews here)

            6. Toshl Finance

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              It’s easy to forget that all of those morning cups of coffee, fast-food lunches, and gas station fill-ups add up. This app tracks it all for you, and was built behind the belief that knowing where your money is at all times is the first step to financial freedom.

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              Download it here. (Reviews here)

              7. Spending Tracker

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                Spending Tracker is one of the easiest and most user-friendly personal finance apps you can find today. It helps you to track your spending so that you are better able to stick to a budget and save money.

                Download it here.

                8. Checkbook

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                  Checkbook replaces your paper checkbook with a quicker, more convenient way to manage your daily finances. You can reconcile transactions, save recurring expenses, and schedule items to take place ahead of time.

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                  Download it here.

                  9. Expensify

                  Expensify

                    This mobile app is a must-have for entrepreneurs who have to track their business expenses for reimbursement or tax purposes. Their “SmartScan” technology reads the receipt and records the expense, and the app helps track your mileage and record your business related travel.
                    Download it here.

                    10. Mvelopes

                    Mvelopes

                      Have you ever heard of the envelope system of budgeting? This is where you set your monthly budget for various items and then when you get your paycheck, you literally put cash into different envelopes, each labeled with a different category from your budget. Well, if this budgeting method works for you, then Mvelopes is the app you need.

                      Download it here.

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                      Many people believe that using apps can help them make real financial progress with both eliminating and preventing debt. If nothing else, it can certainly help you become more disciplined and aware of your spending habits.

                      Featured photo credit: Ken Teegardin via seniorliving.org

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                      Last Updated on July 20, 2021

                      Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

                      Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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                      Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

                      Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

                      Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

                      In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

                      Break Free of Your Finances

                      Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

                      When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

                      Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

                      Though it seems hard to believe, it is really very simple to get financial freedom.

                      To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

                      While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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                      Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

                      1. Stop Unnecessary Spending

                      We often spend money inwardly, instead of objectively.

                      For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

                      To stop this habitual spending, log down all your spending over the course of a month.

                      Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

                      This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

                      2. Plan a Monthly Budget

                      This is a great opportunity to get serious.

                      Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

                      Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

                      3. Cut-up Credit Cards

                      Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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                      If not, you may want to consider ridding your life of the burden that credit cards bring.

                      Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

                      Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

                      4. Increase Savings

                      There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

                      It’s good practice to save up to 15% of your income.

                      Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

                      Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

                      5. Invest Wisely

                      Consider investing in funds.

                      Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

                      To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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                      Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

                      6. Invest in Gold

                      There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

                      You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

                      Another way to invest in gold is through ETFs (Exchange Traded Funds).

                      These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

                      With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

                      7. Stash Emergency Funds

                      Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

                      If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

                      Make it hard to get your cash.

                      Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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                      8. Find Fabulous Mentors

                      Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

                      If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

                      There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

                      9. Be Extra Patient

                      Patience is the key of financial success.

                      Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

                      So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

                      Financial Freedom for All

                      Anyone can achieve financial freedom, regardless of their financial circumstance.

                      Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

                      Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

                      Featured photo credit: rawpixel via unsplash.com

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                      Reference

                      [1] Hartford Gold Group: IRA Retirement Accounts

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