Personal finances are a complicated part of life. For example, you can’t just take your income, subtract your expenses, and see what’s left. Of course, that’s where it starts. But countless additional and nuanced elements also factor into a healthy budget and effective wealth-building strategy. Therefore, it is extremely useful to add at least a few personal finance tech tools to your toolbox.
As inflation continues to weigh on budgets and a recession looms, it’s important to approach your personal finances with a global mindset. The best way to do this is to equip yourself with the right tools.
With that in mind, here are some recommendations for the best personal finance tech tools that offer user-friendly and effective support for efficiency-minded people.
1. Veteran.com keeps you informed.
Often, the best personal finance options are tailored to your specific needs. If you’re overspending, an expense tracker is helpful. If you’re a saver, a retirement app is a good choice.
Sometimes the applicability of a particular financial tool can be even more specific, as is the case with Veteran.com. The military-focused website offers a wide range of resources for current military members and veterans.
Along with blogs and resources on education, jobs, and housing, the popular site has an entire section devoted to money and finance. This includes military pay tables, an updated military pay calculator, and even a VA disability calculator.
As veterans and serving members of the armed forces navigate their personal finances, the site can provide a steady stream of useful information.
2. Acorns help save money.
Managing to save money is one of the most common personal struggles at any time. Trying to do this when inflation rates are high may seem impossible. The temptation to spend money on needs and wants can be hard to overcome. Empty bank accounts and cluttered credit card statements can stress you out.
Enter Acorns. The fintech company allows users to seamlessly invest in their future. Its online app and banking tools are user-friendly, keeping things simple and straightforward at every step. At the same time, they are backed by experts from leading investment firms like BlackRock and Vanguard.
The revolutionary lender offers different tools to help individuals dominate their finances and build a better future. One such tool is the company’s automatic savings and investment option. This rounds up every transaction that takes place, putting the extra money into well-balanced, expertly built portfolios. As a result, the result is better financial awareness and a slow but steady trickle into your savings.
3. Mint gives you financial insight.
Some people need targeted technology tools for personal finance. Others need global solutions. If you find you’re in the latter category and an eclectic fintech stack doesn’t help, you can try the Mint app.
Mint is an application with a great reputation. It can be linked to multiple checking accounts, integrating your assets into a single dashboard. This gives you a unified financial snapshot that can help you see positive and negative trends before they spiral out of control.
The powerful software solution can also categorize transactions, predict spending habits, and generate budget recommendations. This provides a constant flow of information that can foster positive financial habits.
4. Personal capital is defined as global finance.
Another app similar to Mint is Personal Capital. Wealth management app provides comprehensive and insightful financial insight.
Again, this tax-minded software has the power to bring together multiple sets of financial data. You can link different personal checking and savings accounts to create a merged snapshot of your current finances.
In addition to helping with budgeting and cash flow, Personal Capital also provides a savings planner and net worth options. The first helps create and monitor savings goals. The latter gives you an accurate view of your net worth at all times.
The app also offers many retirement savings options, such as a retirement planner and an expense analyzer. These resources can help you monitor the discrete or hidden costs to your long-term savings. You can even assess whether you’re saving enough for future tuition and periodically take stock of your investments.
5. Status Money gives you comparables.
Comparing your personal success to that of others is a dangerous activity. You don’t want to stir up unnecessary levels of discontent or jealousy. And yet, there are times when seeing how you stack up against others can provide useful insights.
Status Money is the perfect solution for those times. You can enter your various debts and assets in the application. From there, it analyzes them and then provides comparables to others in similar circumstances.
Good doses of peer comparisons can be a great way to stay motivated. Therefore, it can also give perspective and help the workaholics and the hyper-ambitious to give themselves a well-deserved rest.
6. GoodBudget goes back to the roots of budgeting.
Finances can seem overwhelming. When this is the case, sometimes the best option is simple. This is where GoodBudget comes into play.
The personal finance tool focuses on the concept of relevant and user-friendly finances. In fact, it embodies the digital version of one of the oldest and most entrenched forms of personal finance: the envelope system. It is a form of financial organization that uses envelopes to allocate and track cash, creating a natural barrier to overspending.
GoodBudget gives you an alternative to the app-based envelope system. Users can divide their money into different “envelopes” that help track how much money they have left in each category. To be fair, the result is similar to most budgeting apps. For those who struggle with walls of numbers and graphics, an accessible visual like envelopes can make all the difference.
7. Prism helps you track your bills.
Personal budgets tend to focus on income, expenses, and savings. It helps to calculate what you owe others and how much you want to set aside for a rainy day. But that doesn’t actually pay off your bills. This is an extra step that is easy to forget, especially if you have to pay many different bills on a regular basis.
Prism is an app that helps take the stress out of the bill paying cycle. Unlike the more comprehensive options on this list, like Mint and Personal Capital, this is a fintech tool devoted to one activity, and one activity only: paying your bills.
The app connects you with your various lenders. It syncs accounts and tracks what you owe. These are then presented in the Prism app, where you can see what you owe, when, you owe it, and to whom it should go.
8. Etrade helps manage investments.
If you already have a good understanding of basic personal finance and are looking to take the next step, you might want to consider Etrade. Financial wealth management software facilitates convenient transactions and investments. It turns an otherwise daunting activity into a very accessible form of personal finance.
Etrade does not take commissions and offers a wide range of different investment product choices. These include both active brokerage accounts and retirement options. Either way, if you want to stay involved in your retirement planning, Etrade gives you quick and easy access anytime.
9. Vanguard offers automatic investment tools.
Vanguard is another personal finance solution focused on retirement and investing. The reputable brand offers automatic investment tools and solid support.
A key thing that draws many users to the wealth management tool is the fact that it’s investor-focused – and that doesn’t just refer to a customer support initiative. Vanguard is actively owned by those who invest in Vanguard funds. As a result, it gives them a collective focus on mutual wealth creation and successful asset management. Add its suite of comprehensive fintech tools and it’s an easy choice for many looking for easy-to-use personal finance solutions.
10. Due gets top marks for generating wealth.
It would be a gross oversight to overlook Due on this list. Many consider this popular financial tool the number one retirement resource on the internet. Forbes ranked it among the top financial blogs with great resources for those looking to build wealth. Entrepreneur Magazine called it one of the best places on the internet to glean retirement information.
Due is the perfect combination of resources and tools for personal finance management and wealth generation activities. The site offers several finance-focused products, from annuities to life insurance and beyond. It also has a wealth of information in the form of an ever-growing blog and a long list of comprehensive guides that revolve around money and how to manage it.
Whether it’s the need for quality fintech tools or a resource to inform your use of these tools, Due is the one-stop-shop for successful personal finance.
Personal finances are always important. In times of economic and fiscal crisis, it is particularly wise to control your income, expenses and investments.
To sum up, use the list above to identify the best personal finance tech tools to fill your personal financial gaps. Do you need a targeted solution for something like bill paying? Or is a more complete application required? Consider your situation, make your choice, then invest to take your personal finances to the next level.
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