Are you looking for a financial app that does pretty much everything well? Empower Finance is a newer financial app that looks like it could be the best financial app for most people.
It lives up to its name when it says that empowers people to take control of their money.
Here’s what you need to know about Empower.
- Financial account aggregation and budgeting app
- Free basic service, $4 per month premium service
- Great for tracking subscriptions and recurring payments
How Does Empower Work?
Empower is a financial aggregation and budgeting app. When you download the app, you’ll connect to all of your checking, savings, investment, and debt accounts. You can also connect to your crypto wallets, to track your cryptocurrency investments with your other financial investments.
Once you’ve connected your data, you can categorize expenses, track your spending, and more. Empower will automatically set a budget for each category. Empower also recognizes recurring bills including subscriptions that you might not be using. Empower will cancel subscriptions for you, but unlike Clarity Money, Empower does not negotiate bills on your behalf. It just alerts you of your subscriptions or when your bills increase.
Within the app, you can also set up AutoSave to pay down debt faster or to set money aside in your high-yield savings account. On top of that, you can export all your transactions to a CSV file.
Pros and Cons of Empower
In a lot of ways, Empower is a financial app that says, “Me too.” However, it differentiates itself from the pack by doing so much well. As you can see, Empower has many more pros than cons.
Here are some Empower pros:
- Excellent design — it’s easy and intuitive to use
- CSV export
- Recognizes bills and subscriptions
- Automatically sets spending limits
- Connects to cryptocurrency wallets
- Set up high-yield savings accounts within the app
- Transfer money within the app
- Set up auto-savings or auto-debt pay-down within the app
- Cancel subscriptions in the app
Here are some Empower cons:
- Must pay extra for custom categorization
- Spending limits may not work for variable incomes
- Must pay to separate business and personal expenses
- Not great for proactive budget planning
How Much Does Empower Cost?
Empower is free to use unless you upgrade to Empower Premium. Empower Premium costs $4 per month and gives you access to custom categorization and 24/7 chats with financial experts.
Even with the enhanced categorization, Empower isn’t designed to be a proactive budgeting tool. For that, You Need a Budget, EveryDollar, or Mvelopes make more sense. Even Mint.com would be a better tool.
Are There Good Alternatives to Empower?
Empower is impressive in its design and how much it empowers users to take action within the app. In my opinion, its only rival on the design front is Clarity Money which offers as robust of design with better budgeting options.
If you look at each feature that Empower offers (such as transferring money, paying down debt, tracking spending, etc.) you can find an app that does it better. I think the Rize app makes a lot of sense for transferring money between accounts for example, and Mint.com or Personal Capital offer better financial tracking.
However, as a total package, Empower is a contender to be called the top new financial app.
Final Take on Empower
If you’re not tracking your finances, you should download Empower and start using it today. It’s a great app — designed for ease, information and action.
I’m impressed by the app, but not so impressed that I recommend switching from an app that’s working for you. If you have your finances under control, then you don’t need to check out Empower. But for everyone else, Empower could be the start of controlling your money for the first time.
Check out Empower Finance here.