5 Great Phone Apps To Help You Stay Conscious And Manage Your Money
Budgeting sucks. You have all your expenses written down. But either it’s a mission to go and find where you got it saved, or when you are out and about you have no clue what your “allowed” and “not allowed” to spend.
And it’s absolutely horrible at keeping your finances in check.
I know exactly how tough the struggle is because I was in the exact same boat. Thinking I had way more than I did and overspending when I could not afford it. Which leads to more than just a slightly stressful situation when the landlord is knocking on your door for rent.
The good news is that we live in the digital era. Which is why I decided that I wanted to share some great applications, you can get right on your phone that will help you manage and be more aware of the money you are spending.
We will break each app down according to what it’s best suited for:
Save More Money Without Even Knowing It
Ever heard the saying, even the smallest amount of effort compounds over time? Your small change has the same impact on a financial level.
I remember my grandparents saving their spare nickels for over 15-years and having two-full baggage cases worth well over $3000.
To me, that is completely crazy!
The best app for your phone to help you do this is called Digit. Essentially, this application helps you save money while you sleep.
Basically, you will need to set up your information on the application (unfortunately). From there, it will use an algorithm to analyze your spending habits, and sync with your checking account (you will need to set this up).
From there, it will siphon off dimes, and nickels while you sleep and slot it into a savings account. You would be shocked at how much you can save over a short(ish) period of time.
General App To Save Money On A Day To Day Basis
Now, just because budgeting is tough – it does not mean you should ignore it completely! It’s actually pretty important to know where your money is going. Not only to better manage your money, but to ensure your financial accounts are secure.
The Clarity Money mobile phone application can help you do just that. After setting up your average budget, the application will monitor your spending habits.
If it notices your over budget, it won’t just point the fact out – I mean, I can already tell when I messed up (the headache says it all).
But it actually proposes different ways that you could potentially implement to help you get your budget back on track. Not to mention the nifty discounts it searches for in your local vicinity.
Finally, the application will also monitor your subscriptions. And cancel any subscriptions that you have not used in a while, which can help you save money on subscriptions which you may have forgotten about.
Keep Debt Away – Mobile Applications Are Here To Stay
From the student loan debt crisis in America of almost $1.3 trillion right down to the intimidating $13 trillion consumer debt hangover – expenses can be tough to manage.
Life is hard. Just when you think you have got everything managed, it will drop an expensive coconut shell right in front of you that needs to be picked up and sorted.
Which is where Debt Manager enters the picture. This application is designed to apply the snowball effect to all of your debt. Essentially as each debt is paid off, what would normally be used to pay off that debt, will be split up into the other debts, which compounds the efficiency of your debt management.
Pretty nifty, right?
The application also helps you calculate the most efficient way to pay off all of your debts, taking interest and additional fees into account.
This can help you get your credit back under control, and slowly work toward that debt-free life.
Start Investing – Without Even Knowing It
Investing is a daunting prospect, certainly more so for mere millennials like me. Which is why I think this application is probably my favorite one of them all.
The application is called Acorns. It basically works the same way as Digit. But the difference is instead of just saving this money, the robo-bot algorithm behind the application will take all your spare change and invest it into a customized stock portfolio.
Low risk – somewhat decent reward. Pretty handy I would say.
The only downfall of this particular application is there is a monthly subscription fee that you will need to worry about. If you only have investments that are worth $5000 or lower you will need to pay $1 a month (really nothing considering).
Anything more then that and you will need to pay 0.25 percent in annual fees. The good news is that if you have a .edu email address -you can count yourself lucky! As the application will be free to use for the first four years.
Now, you can save, invest, spend, and have fun with your money. Say goodbye to that pesky budget, and hello to one-step closer to financial freedom.
Budgeting doesn’t have to be hard. Thanks to these apps, it has become more convenient and simpler than ever. Give these apps a try and see what works best for you.