New year, new financial you.
Do you want to get your finances on track this year but you’re not sure where to get started? Which apps are the most helpful? And how they will benefit you?
We’ve got you covered. We've reviewed pretty much every money management app, and they all have the pros and cons. Which ones are great for budgeting? For investments? For automatic savings?
In today’s post, we will uncover five of the best money management apps of 2020.
1. Personal Capital
Personal Capital sells itself as the app that “reconnects you with all your money and shows you what you need to achieve your goals.”
Keeping track of everything financial in your life can be tasking. 401(k) accounts, investment accounts, college savings funds, mortgages, student loans, multiple bank accounts . . . the list gets long very quickly.
One of the things that is impressive about Personal Capital is that you will be able to track all of these accounts in one place.
The ability to see your money clearly this way and get real-time updates on your net worth is empowering.
Apart from the Personal Capital app, you can also use their online web tools to manage your money. Check out our full Personal Capital review here.
YNAB, short for “You Need a Budget,” is second on this list.
This is an all-around great app for you if your financial life is straightforward.
You Need a Budget (YNAB) is a smart tool that is built around a zero-based budget. By design, a zero-based budget is meant make sure you know where every penny you earn is going. If you earn $4,000 each month, YNAB will help you set the kind of budget that makes it certain that your income is equal to your expenses.
Tracking your spending this way gives you a good idea of where you might be overspending so you can trim those expenses. And oh the possibilities that come with making extra money!
If you want to try it out, you can give YNAB a whirl for 34 days for free. After that, it will cost you $6.99 to use the app monthly.
Beyond budgeting and tracking your spending, YNAB includes other features:
- Sync your bank accounts so you can see them all in one place.
- Access your real-time information at any time.
- Track your progress on financial goals.
- YNAB also has phenomenal customer support, shoot them an email or get on a live webinar with them. They are happy to help you get where you need to get.
- YNAB has educational tools that help you stay on top of your money. They have a podcast, blog, weekly newsletter where they dispense sound money wisdom.
Check out our full YNAB review here.
Qapital is a full-service banking app that helps users save and invest smartly.
The Qapital app allows you to set financial goals and triggers which then allows money to be deposited into a bank account that you choose.
And so let’s say you set a trigger for $10 to be deposited into a bank account each time you make a grocery store purchase, you will be able to save that $10 each time without even realizing it.
This automated way of saving that is almost “out of sight, out of mind” is great if you have struggled with saving money in the past.
Qapital is FDIC-insured so you can rest easy just like at most regular banks.
Check out our full Qapital review here.
Acorns says “anyone can grow wealth.” The idea with Acorns is that they allow you to save your spare change.
You know how when you buy things in the store, your payment is usually a few cents off from a whole dollar amount? Well, you could save that “change” and allow Acorns to invest it for you. Sit back and just watch your money grow.
Additionally, Acorns has relationships with top brands. When you shop these brands, there is an opportunity for you to make money there as well.
You can also get a debit card with Acorns and use that to save and invest hassle-free. There are no extra costs associated with the Acorns debit card.
Acorns will cost you at least $1 per month to get started (unless you're in college, in which case it's free for up to 4 years). But what you get for that price is well worth it.
Check out our full Acorns review here.
5. Birch Finance
If you use a credit card and have simply never bothered to look into the bonuses that come with your card, now is the time to start delving into it so you can take advantage of what is available to you.
The average shopper misses out on over $200 per year in credit card rewards! You can get that $200 back.
The Birch app is not a debt payment or budgeting app like the rest mentioned on this list. However, it does help you maximize your credit card rewards and bonuses.
When you sign up for the Birch app, you will be prompted to connect as many cards as you have. The app will then analyze your credit and debit cards against a database of rewards and let you know which rewards are available to you and how you can maximize them.
Furthermore, Birch will recommend the top credit cards with the best rewards that are available for your specific financial situation.
Build your credit and maximize your rewards. It doesn’t get better than that! Check out our full Birch Finance review here.
Now is the time to have a great financial year. These apps will help you straighten out your cash so your net worth can grow.
Which one of the five apps above have you used? How have you benefited from them? We would love to hear your thoughts in the comments below.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.