No more living paycheck to paycheck. These personal finance apps will make your financial life easy.
You’ve probably heard before, that millennials are entitled, lazy (still debatable) and are likely to be delusional about the future.
While it’s true that millennials are most likely in financial issues because of student loan debt, increasing house prices and let’s face it – historically low wages. One thing for sure is that this group of people know how to advocate for themselves at work, are very entrepreneurial and are optimistic.
A recent article by Business Insider explained that some millennials are making good decisions with their money. This includes zero credit-debit card debt, saving up for retirement and preparing to buy a home.
Like most people would think, it seems like debt can sneak upon us, but how can millennials prepare better for a sound financial future?
We’ve looked 8 personal finance apps for millennials, including tracking apps, which can help solve this problem. Some of these personal finance apps do not offer payroll services. Due to the sheer number of millennials in business and with a side hustle, this could be a potential service that fintechs could offer.
These are the 8 of the fastest-growing personal finance apps by start-ups of all time who are targeting millennials that we can trust:
- Robinhood – this personal finance tool has grown very quickly in a very remarkable way. It allows millennials to trade stocks on their mobile for free. It currently has 2 million users and add 140000 new users every month.
- Credit Karma – this app gives you free credit score and free credit reports monitoring. It also provides access to short-term loans. Most users come for the Debt Repayment Calculator to calculate the amount of interest left on their debt. Even more, they also use the Credit Score Simulator to see how their credit score might change with a hard inquiry. Other free tool you can use on Credit Karma include:
- Credit Score Simulator
- Debt Repayment Calculator
- Simple Loan Calculator
- Amortization Calculator
- Acorns – this financial planning app that makes it easier to invest your money. You can invest lump sums or set up recurring deposits, but its primary differentiator is the “Round-Ups” feature. For instance, if you pay for a £3.69 coffee with your credit card, and Acorns will round it up to £4.00 and put that £0.31 into an investment portfolio. We love that Acorns taps into is the positive potential of this phenomenon. Instead of rewarding you for compulsive behaviour, Acorns harnesses micro-payments (and the associated dopamine rush from making them) to help you save
- Qapital – a simple personal finance app that helps make your personal financial goals easy. Qapital deducts money automatically from your account upon certain actions or milestones. Unlike other personal finance app, it doesn’t simply round up the fees on transactions or deposit a set amount of money into your account every week or month, Qapital allows users to set up advanced rules with conditions for when money will be saved. For example, you could deposit a certain amount of money every time you spend money on Starbucks or McDonald’s, or every time you come in under a certain amount of spending on one of your guilty pleasures. Another instance is that, you can reward yourself for walking a certain number of steps or logging a certain number of workouts with your Apple Health app, or create any variety of triggers yourself (powered by the platform IFTTT, or If This Then That), such as:
- Mint – a fast-growing app created tons of personal finance blogs in the beginning which are useful. Spreadsheet junkies will love their monthly budget template and for family’s household budget templates. You can also get awesome personal finance tips through interviews with personal finance lovers. You could also pull all your financial transactions from your bank, including your credit and debit cards. This will save you an hour of meticulously tagging each one to see your spending habits. It’s all automated.
- Money Dashboard – this mobile app will help millennials see their finances in one place. You can categorise your spending and view your money habits over six months using charts and graphics. You can equally add multiple current accounts, savings accounts as well as credit cards to your dashboard. Unlike, other money apps, you can’t move money from one account to the other with this app.
- Tiller – an alternative to Level Money which was a beloved app by millennials. Tiller uses Yodlee to connect your financial institutions and pumps your transaction and balance data into a Google Spreadsheet. The app also comes with a pre-made spreadsheet templates that can categorise your expenses.
- Stash – this app is very similar to Robinhood. However, it helps you think about long term investment. Stash lets you invest in buckets of related stocks with as little as $5. That lets you build a portfolio much more easily than in an app where you must buy a discrete unit of stock like Amazon. It essentially allows you to invest in different portfolios and diversify in areas you are passionate about including climate change
Did we miss any app, let us know in the comment below the apps you are using to make your financial life easy.
This article will be refreshed with latest personal finance apps in the market.