Learning how to manage money is one of the most difficult skills that everyone who is pursuing financial freedom must tackle. After all, earning a steady income is not enough to live in prosperity. Those who are not capable of properly distributing that income and ensuring that they can cover their expenses will often face issues with debt.
In 2019, however, managing funds is about as easy as texting. Why? Because the number of financial applications that have been developed for mobile devices is counted in the thousands. In fact, choosing the best apps that will help one get their finances in order might be the most challenging part of the process. So, what are some noteworthy apps that make this list?
Over the past few years, micro-investing has gained momentum that has taken the world by storm. In simple terms, this just means buying portions of public companies’ shares. Thus, instead of purchasing an entire stock of Amazon for $1,600, one can obtain a tiny fraction of it for as little as $10. And the best part of this trend is the fact that it can all be done through one’s phone! Courtesy of Stash, which is one of the leaders in this market, people do not have to worry about brokers, complicated contracts, or anything that delays the process. Instead, they can complete a quick sign-up process, link their bank account, and begin buying stocks!
Mint has been around for quite some time now and continues to be one of the most powerful budgeting apps in the market. It operates on the principle of integration into one’s bank accounts to analyze all of their expenditures. Then, it creates reports that show people how much money they spent above their normal spending limits recently. This can help keep someone accountable and on-track with their weekly or monthly spending goals. Also, Mint can safeguard someone’s assets by keeping an eye on their accounts and tracking suspicious activity. Although it cannot prevent transactions from happening, it does send a plethora of real-time notifications and alerts.
According to the President of the Upper Arlington High School Boosters and a financial expert, Michael Stummer, timeliness is one of the key factors of every transaction. This is why it is important to mention inventions like Cash App. For those unfamiliar, this is a very simple app that allows people to send and receive money instantly. The fees for transactions are marginal compared to the service provided as someone can quite literally transfer hundreds of dollars within seconds. When compared to the normal processing time for banks that goes north of 2-3 business days, Cash App certainly takes the victory.
Another excellent app for budgeting is Bills Monitor. Unlike Mint, however, this app requires no personal information or integration into someone’s bank accounts. Instead, people simply make their own reminders, accounts, bills, or anything else. So, someone who may just want to receive a mortgage reminder can enter that particular expenditure and set multiple alerts for it. Also, the framework of the app allows people to view how much they paid thus far in the month and year versus how much balance is still outstanding. Not to mention the calendar-based breakdown of when the payments are coming up that gives a very nice visual overview of forthcoming expenses.
Of course, having only one investing app would limit someone to those companies that are available on that particular network. For instance, Stash is great for people who are looking to venture into the world of simple stock investments. Someone who may want to buy cryptocurrencies, per se, will not be able to do that on Stash. Enter Coinbase. As Michael Stummer reminds, the number of individuals interested in digital coins is growing by the day. Regardless of the recent drop in value, people are still actively trading in this market.
Thus, having a phone app that allows one to initiate these types of transactions is quite advantageous. Luckily, Coinbase is just as simple as any other app on this list. Moreover, it comes with a lot of state-of-the-art features, low fees, and outstanding customer support.