apps

The 7 Best Apps for Managing Your Finances

The 7 Best Apps for Managing Your Finances

What’s “app” with you? Just being fiscally responsible 😉

Man’s best friend – no, not dogs. Apps. Those little square boxes in your phone that hold so much potential for entertainment, information, and advice. Although . . . you definitely can get an app that simulates a loyal canine if you wanted to 😉

From Apple Music to Yelp, there are a plethora of apps available for download, each with varying levels of usefulness. With so many apps on the market and more and more being invented every day, it can be hard to tell which ones are worth your time and money.

That’s why we at Shop Your Own Mortgage have put together a list of the top ranking finance-related apps. Among the apps we considered are ones designed to help you save money, budget, invest, and plan.

  1. Qapital (Android and iOS)

Want to save money and battle bad habits at the same time? Check out Qapital, an app that will transfer money from a checking account to a special account (such as a savings or investment account) whenever you do a particular action. For instance, when you buy something, add a song to your Spotify playlist, or post something on Instagram. You can also set it to transfer money at certain times like the beginning of every week, in the middle of the month, etc.

If you’re someone who wants to start putting more money aside, but just can’t resist whenever a sale happens, this app can help. Because it automatically transfers your money whenever you do a certain action, it will decrease the amount of spending money you have and help you start putting money towards your long-term goals.

  1. Venmo (Android and iOS)

Cash is used less and less in the United States. While this is good for hygiene, it’s a bit less convenient when it comes time to split the bill or pay back a friend. Many restaurants refuse to use multiple cards for one table’s check, and friends (while hopefully more accommodating than a restaurant) probably won’t have a credit card reader nearby when you’re ready to pay them back. Venmo simplifies the process of paying people back.

Instead of having to track people down, you can instead use Venmo to either pay people back on the spot (before you forget) or politely remind people that they still owe you for that bowl of chicken noodle soup from Panera (before they forget). This app also comes in handy if you’re selling to or buying from a stranger. While cash will do, assuming you have exact change, venmo allows you to instantly send and or receive money. Plus it will notify you when the money has been transferred. Just make sure you have the right username before hitting that confirm button!

  1. Wealthsimple (Android and iOS)

Retirement is something we should all aspire towards. And every bit that we can set aside (for future sweaters, hip replacements, and vacations at Disney) counts. That’s why it’s worth it to plan for your retirement using Wealthsimple. 

For those who are unsure what to do when it comes to their savings and investments, Wealthsimple will provide a simple and easy way to invest in socially responsible indexes such as clean energy. Their free version even comes with one free phone call with a financial planner so you can make sure your finances are in order. In addition, Wealthsimple has no account minimum so you can add as much or as little as you like to your account. And while adding to your retirement fund bit by bit may not seem like a big deal, over time, this will make a big difference. 

  1. Ebates (Android and iOS)

Want to get the most out of your shopping? Ebates allows you to save money and even make a little extra change on the side.

In the app, you’ll be able to find coupons, compare prices, and earn cash back when you buy certain items. If you buy a product from one of the 2,500+ retailers they work with, you can earn up to 40% off the price of the product. Most times, however, you will only get 1-2% cash back. You will also receive a $10 award when you use the app for the first time and a $25 award when you refer a friend.

Eligible products include gift cards, Lyft rides, DoorDash or Grubhub orders, vacations, hotel stays, concert tickets, and much more.

Anyone who wants to improve their shopping game should consider downloading this app.

  1. Mint (Android and iOS)

Keep things optimized, organized, and all in one place. With Mint, you can keep track of your transactions, investments, bills, net worth, and credit score easily and conveniently. By having all this financial information at your fingertips, you can start making more informed decisions. 

For instance, if you see that your debt is starting to exceed your account balance, you can try to cut down on your spending for the rest of the month. You can even schedule payments so that you can take care of your bills before you spend the money on anything else. The app will even give you “mintsights” or personalized advice on how you can save money.

  1. Digit (Android and iOS)

Sometimes, too much choice (especially when money is involved) is not a good thing. If you can’t trust yourself to save money (shoutout to all the compulsive shoppers out there) or if you prefer to take choice out of the equation, try Digit. It automatically pulls money from your checking account and puts it into the app as savings. 

To avoid pulling too much money into your savings, it analyzes your income and spending habits to see exactly how much money you need in your checking account. It also alerts you when you have a low account balance to help you avoid overdrafts. Whenever you need to pull money from the app, you can do so without any fees or charges. You will also make 1% annually on your Digit savings which is 15 times more than most savings accounts.

  1. Dollarbird (Android and iOS)

If you’re a geek for calendars and organization, this is the app for you. Dollarbird helps you keep track of your daily transactions, categorize them, and see how they fit into your overall cash flow. It will calculate your daily balance based on what bills you have planned and what you spend that day. Based on your history, the app also forecasts your future spending and income. There is also an option to share your data with a friend or family member so that you can keep one another financially accountable or manage shared expenses (however, this feature is only available with Dollarbird Pro).

For anyone who likes to have things pretty, neat, and broken down into manageable, bite-sized pieces, this app makes financial planning easy and free.

Apps help us with everything from our day-to-day spending habits to our future financial stability. So take a chance on an app, and download one today.