Many of us lack the financial discipline we need to get a handle on our finances. The reasons for this are numerous. However, one of the most common is because we were never taught how to manage money. Very few high schools and colleges require students to take financial literacy classes before graduation. If you did not grow up in a family that prioritized financial literacy, then it is even more likely that you are making mistakes. Fortunately, several companies are beginning to recognize this gap in learning. So, they have created easy-to-use money management apps to help average people gain control of their finances. Here are the top 5 financial discipline apps out there to put you back in the driver’s seat.
Top Financial Discipline Apps
Mint is a great money management app for budgeting and tracking your spending. With this app, you link your bank accounts, credit accounts, and investment accounts into a single platform. Their dashboard allows you to view and monitor all of your accounts’ transactions. The app also features a tool to calculate net worth. And, it can also help you create a budget that automatically categorizes your transactions. Furthermore, the app will also monitor your investments to ensure they continue to grow as you expect. Mint is the perfect solution for people who need a money management app that saves time. It provides a snapshot of your current situation to help you make informed financial decisions.
2. Level Money
Level Money is another budgeting app. However, it works a little differently than Mint. Once you have set your budgeting categories and amounts, the program removes the amount of each transaction from the appropriate budget category. Then, it alerts you to how much money you have left in the category. This financial discipline app is advertised as a good way to help you remain in the black. By making you aware of your daily spending habits, you will always know how much money you have left to work within your budget.
Acorns is perfect for those who don’t think they have enough money to start investing. The app takes the spare change from each of your transactions by rounding it up to the next dollar amount. Then, it automatically invests it and creates a portfolio for you. You can also set up daily, weekly, or monthly transfers from your bank account to allow Acorns to continue adding more investments as well. The Acorns app diversifies your portfolio for you to make investing as simple as possible. You can sign-up on Acorns here.
4. Personal Capital
For those who have successfully passed the beginning phase of investing, Personal Capital is a great app to help you manage your assets. Since it integrates accounts from over 14,000 financial institutions, it can keep you connected to your accounts. You can track your portfolio performance and your budget all in the same app. It will even conduct a free portfolio analysis to help you optimize your assets and detect any hidden fees you are paying. While the free offerings will ensure that you hit your financial goals, you can also upgrade your account to meet with a registered financial advisor as well. You can sign-up on Personal Capital here.
This financial discipline is great for those who often forget or lose track of their bills. Their app consolidates are your financial accounts in one place, including banks and utility companies. Once you input your monthly expenses into the app, it will send you reminders and alerts so you don’t miss a payment. You can set up your account to pay your bills right from the app as well. Not only does it prevent you from accruing late fees, but also saves you time from logging into multiple accounts to pay your bills.
Combining Advisors and Financial Discipline Apps
These money management and financial discipline apps are a great use of technology to help you reach your long-term goals. By making you aware of your spending habits and areas of improvement, they provide daily check-ins and an overview of your accounts to keep you on track. However, if you are facing serious financial difficulties or feel in over your head, it may be time to speak with a financial advisor. If you don’t know where to begin, they can offer expert advice and provide a plan to help you get to where you want to be.
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