Managing your finances can be a daunting task, but with the rise of fintech apps, it has never been easier. Fintech, short for financial technology, is the use of technology to improve and automate financial services. These apps offer a range of features to help you budget, invest, and make payments, all from the convenience of your smartphone. In this blog post, we'll explore 10 fintech apps that can help you manage your money better.
Budgeting apps are a great way to keep track of your spending and ensure that you're living within your means. Here are three budgeting apps that are worth considering:
Mint is a popular budgeting app that has been around since 2006. It allows you to connect your bank accounts, credit cards, and investment accounts all in one place, giving you a complete view of your finances. Mint's budget tracker feature helps you keep track of your expenses by categorizing them and allowing you to set budget limits for each category. You can also set up bill payment reminders, and Mint will send you alerts when bills are due.
Mint's credit score monitoring feature is another useful tool. It provides you with your credit score, as well as recommendations for how to improve it. Overall, Mint is a great app for anyone who wants to get a better handle on their finances.
PocketGuard is another budgeting app that is worth considering. It uses machine learning to categorize your expenses automatically and provide you with personalized advice on how to save money. PocketGuard's budgeting feature allows you to set up spending limits for each category and track your progress in real-time. It also has an "In My Pocket" feature that shows you how much disposable income you have left after all your bills and savings have been taken into account.
One of PocketGuard's standout features is its ability to negotiate bills on your behalf. If you connect your bills to PocketGuard, it will analyze them and look for ways to save you money. If it finds any opportunities, it will try to negotiate a better rate for you. PocketGuard also has a "Find Savings" feature that shows you ways to save money on your bills, subscriptions, and other expenses.
3) You Need A Budget (YNAB)
You Need A Budget (YNAB) is a budgeting app that is based on the principle of "assigning every dollar a job." The app encourages you to allocate your income to specific categories, such as rent, groceries, and entertainment before you spend it. This way, you always know how much money you have left in each category, and you're less likely to overspend.
YNAB also has a "Goals" feature that allows you to set savings goals for things like vacations, car repairs, and emergency funds. The app will help you track your progress toward these goals and suggest ways to save more money.
Investing is an essential part of building wealth over the long term. If you're new to investing or you want to simplify the process, these apps can help:
Robinhood is a commission-free investing app that is aimed at beginners. The app's user-friendly interface makes it easy to buy and sell stocks, ETFs, and cryptocurrencies. Robinhood also offers a range of educational resources, including articles and videos that cover the basics of investing.
One of Robinhood's standout features is its fractional shares feature. This allows you to buy a portion of a share of stock rather than having to buy a whole share. This makes it easier to diversify your portfolio and invest in high-priced stocks without breaking the bank. Robinhood also has a feature called "Robinhood Gold," which offers additional features such as margin trading and after-hours trading for a monthly fee.
Acorns is an automated investment app that uses a "round-up" feature to invest your spare change. Whenever you make a purchase, Acorns rounds up the transaction to the nearest dollar and invests the difference. For example, if you spend $2.75 on a cup of coffee, Acorns will invest $0.25 in your portfolio.
Acorns offers a range of portfolios based on your investment goals and risk tolerance. The app's "Found Money" feature also allows you to earn cash back when you shop with Acorns' partner brands. Overall, Acorns is a great app for anyone who wants to start investing but doesn't have a lot of money to spare.
Stash is another investment app that is aimed at beginners. The app offers a range of pre-built portfolios based on themes such as "Clean and Green" and "American Innovators." Stash also has a range of educational content, including articles and videos that cover the basics of investing.
One of Stash's standout features is its "Auto-Stash" feature. This allows you to set up automatic investments on a weekly or monthly basis, so you can regularly invest without thinking about it. Stash also offers a range of personalized guidance tools, including a "Retirement Calculator" and a "Debt Payoff Calculator."
Payment apps make it easy to send and receive money, pay bills, and manage your finances on the go. Here are three payment apps that are worth considering:
PayPal is a digital wallet that allows you to send and receive money, make online purchases, and manage multiple currencies. The app's "PayPal.me" feature allows you to create a custom URL that you can share with friends and family, so they can send you money directly. PayPal also offers a range of security features, including two-factor authentication and buyer protection.
One of PayPal's standout features is its "PayPal Credit" feature. This allows you to make purchases on credit and pay them off over time. PayPal also has a range of partner offers that allow you to earn cash back and rewards when you use the app to shop.
Venmo is a peer-to-peer payment app that makes it easy to split bills and pay back friends. The app's social media-style feed allows you to see who your friends are paying and what they're paying for. Venmo also allows you to add notes and emojis to your transactions, so you can keep track of what you're paying for.
One of Venmo's standout features is its "Venmo Card" feature. This allows you to use your Venmo balance to make purchases in-store and online. The Venmo Card also offers cash back on eligible purchases.
9) Cash App
Cash App is another payment app that allows you to send and receive money, pay bills, and make purchases. The app's "Cash Card" feature allows you to use your Cash App balance to make purchases in-store and online. The Cash Card also offers rewards and discounts at select merchants.
Cash App also allows you to buy and sell Bitcoin directly from the app. The app's "Boosts" feature allows you to earn cash back on eligible purchases, such as 10% off at your favorite coffee shop.
Finally, here are two fintech apps that offer unique features to help you manage your money better:
10) Credit Karma
Credit Karma is a free app that provides you with your credit reports and scores from two of the three major credit bureaus, Equifax and TransUnion. The app also offers personalized recommendations for credit cards and loans that match your credit profile.
Credit Karma's credit monitoring feature sends you alerts whenever there's a change to your credit reports or scores. The app also has a "Credit Simulator" feature that allows you to see how certain actions, such as paying off debt or opening a new credit card, will affect your credit scores.
Overall, Credit Karma is a great app for anyone who wants to keep track of their credit and improve their credit scores.
TurboTax is a tax preparation app that makes it easy to file your taxes. The app's "SmartLook" feature allows you to connect with a live tax expert via video chat, so you can get personalized guidance and support.
TurboTax's "Turbo" feature allows you to import your financial data directly from your bank accounts and investment accounts, so you don't have to enter it manually. The app also offers a range of guidance tools, including a "Deduction Finder" and a "Tax Bracket Calculator."
Overall, TurboTax is a great app for anyone who wants to simplify the tax preparation process and get the most out of their tax returns.
Fintech apps offer a range of features to help you manage your money better. Whether you're looking to budget more effectively, invest for the future, or make payments on the go, there's an app that can help. In this blog post, we've explored 10 fintech apps that are worth considering.
From budgeting apps like Mint and PocketGuard to investing apps like Robinhood and Acorns to payment apps like PayPal and Venmo, these apps can help you take control of your finances.
We've also looked at two miscellaneous apps, Credit Karma and TurboTax, that offer unique features to help you manage your credit and file your taxes.
When choosing a fintech app, it's important to consider your financial goals and needs. Some apps may be better suited for beginners, while others may be better suited for more experienced investors. By choosing the right app for your needs, you can take the first step towards a more secure financial future.