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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

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

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                    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

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                      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.

                      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 March 4, 2019

                      How to Use Credit Cards While Staying Out of Debt

                      How to Use Credit Cards While Staying Out of Debt

                      Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

                      I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

                      Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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                      Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

                      Do Not Treat Credit Cards as Your Funding Sources

                      Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

                      I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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                      I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

                      If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

                      Make Sure to Always Pay Off Balances in Full Each Month

                      The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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                      Using Credit Cards with Rewards

                      Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

                      You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

                      I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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                      So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

                      What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

                      Featured photo credit: Artem Bali via unsplash.com

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