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4 Best Money Apps for Your Financial Goals

Which two items do you carry with you nearly 24 / 7?

For most of us, a cell phone and wallet would be the answer.

According to Statista, a total of 197 billion app downloads in 2017. With all the apps being downloaded one would wonder, which ones are helping you?

With only 1-in-3 Americans maintaining a household budget, according to  Gallup, it comes as no surprise that there is an overwhelming number of apps to help you gain control of your finances.

We turned to Investopedia’s published report outlining the 4 Best Personal Finance Apps as of December 2017 to determine which apps are download-worthy.

This is what the experts are saying:

 

Best App For Managing Your Money 

MINT, Ranked Best App for Managing Your Money

App Strategy: Track all of your earnings and expenses to understand where you’re spending and where you can “cut back”. The app claims you can create budgets, track investments, discover new ways to save, and more.

            Limitations: No investment options

Cost: “Mint is free to download and free to use. Even paying bills with a bank account is always free, though there are fees associated with making payments or using a credit or debit card.  If there is a fee for any payment method or service you choose, we'll tell you.”

            Customer Ratings (According to Investor Junkie):  8.5 / 10

 

Best App for Getting Out of Debt 

YOU NEED A BUDGET (YNAB), Ranked Best App for Getting Out of Debt

App Strategy: The app claims there are four basic rules that you should follow to have control of your money.

#1. Give Every Dollar a Job

Be intentional about what you’re spending your money on. YNAB advises users to ask themselves, “What should this money do before I’m paid again?”

#2. Embrace Your True Expenses

Realizing the money you have now may need to be used for a larger expense in the future.

#3. Roll with the Punches

When you overspend in one area, you will have to re-allocate money from a different category. Roll with the changes in your expenses.

#4. Age Your Money

“Work toward spending money today that you’ve earned at least a month ago.”

Limitations: paying bills, tracking investments

Cost: Free trial period, then $6.99 a month

Customer Ratings (According to Investor Junkie):  8.5 / 10

 

Best App for Tracking Expenses 

WALLY, Ranked Best App for Tracking Expenses

App Strategy: This app claims to give a 360° view of your money, as well as tools to understand and achieve your financial goals.

Limitations: Some report the app is not user-friendly, the app doesn’t connect to your actual financial / bank account

Cost: Free

Customer Ratings (According to iTunes Store): 3.8 / 5

 

Best App for Painless Saving 

ACORNS, Ranked Best App for Painless Saving

App Strategy: You are able to determine how often you want to (micro) invest your money for Acorns to manage with “Round-ups”.

            Limitations: For accounts over $5,000 the app charges .25%

Cost: $1 / month for all accounts under $5,000 and .25% of the balance /year on accounts over $5,000.

            Customer Ratings (According to Nerd Wallet): 3.5/5

 

Do you have a favorite personal finance app? We want to hear about it! Comment with the name of the app you use and share why you love it!

Disclaimer: Please be sure to thoroughly investigate any money management app you are considering before using. Junior Achievement is sharing third-party reviews of apps but this should not be construed as an endorsement of any app by our organization.  

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