The new year is the perfect time to do some revamping of your finances, starting with the tools you use to manage your money.
Two-thirds of Americans have at least one personal finance app on their mobile devices. These apps are used for banking, budgeting, investing or sending and receiving money. But, perhaps you’re looking for new personal finance tools to add to your arsenal.
In addition to the Chime’s money transfer feature, here are 8 personal finance apps and go-to resources that you might fall in love with.
1. Personal Capital
If you need to get clarity on where you stand financially in the new year, Personal Capital is designed with you in mind. The software, which links all your bank and investment accounts, can help you become more financially aware of how you spend, save and invest. It’s great if you want to get a handle on your net worth, check in on how your investments are doing or see where each and every dollar you spend goes.
2. The Penny Hoarder
You love personal finance blogs, right? That’s probably because you’re looking for tips on how to make smarter decisions with your money. The Penny Hoarder delivers that and then some. This personal finance site offers a wealth of information on everything from paying down debt and saving for retirement, to earning more money with a side hustle and snagging deals on groceries. If you want to dig deeper, The Penny Hoarder Academy features in-depth tutorials on budgeting, improving your credit score and job hunting.
3. “You Are a Badass at Making Money: Master the Mindset of Wealth”
Author Jen Sincero took a series of professional twists and turns before finding her calling as a success coach. Her newest book, “You Are a Badass at Making Money: Master the Mindset of Wealth,” is all about how to chase after the income you want instead of settling for the paycheck you’re earning. You might be working your way up the corporate ladder, trying to get a fledgling freelancing business off the ground or somewhere in-between. If you need a road map (and a mental kick in the pants) to focus on leveling up your income, this book is a solid read.
4. You Need a Budget
There are lots of budgeting apps and programs out there and if you’re looking for something free that’s easy to use, the Mint app absolutely fits the bill. You Need a Budget (YNAB), however, offers a bit more. While it’s not free (you’ll need to cough up $6.99 a month to use it) it can be a financial game changer. If you’ve struggled with budgeting before, YNAB can help you stay accountable while getting down to the nitty-gritty of how you spend. Aside from budgeting, YNAB can also help you map out a debt payoff plan and track your big (and small) money goals.
5. So Money Podcast
Farnoosh Torabi knows money and she dishes out her best personal finance advice and tips on her weekly So Money Podcast. The podcast regularly features money, business and success experts, such as Tim Ferriss, Seth Godin and Jim Cramer. Previous episodes have included discussions about money and marriage, managing finances in yours 20s, figuring out retirement and making the leap into entrepreneurship after a stint with a side hustle. The financial questions addressed are relatable and the advice tends to be practical and on-point.
Fees can eat into your returns when you’re trading stocks and trying to build a portfolio of investments. Yet, Robinhood is a mobile app that lets you buy and sell stocks for free from your mobile device or desktop. It may be a good pick for investing newbies who want to play the market but don’t want to shell out hefty fees to a financial advisor. And if you’re a savvy investor, you can also use the Robinhood app to trade options and cryptocurrencies.
7. Credit Karma
Getting your credit score in shape might be one of your top financial resolutions for the new year. The first step is knowing where you stand score-wise and what’s influencing your credit score calculations. This is where Credit Karma can help. This site offers free credit score monitoring and credit education. You can track your score progress each month and use that to improve your finances. For example, boosting your score may help you get approved for better credit card or loan offers. And, consolidating high-interest credit card debt to a single card or loan with a lower rate can save you money over the long-term, help you pay the balance off faster, and improve your finances.
Splitting expenses can be a headache, especially if you’re constantly nagging your roommate to hand over her share of the rent or dealing with that one friend who never seems to carry enough cash to share the dinner tab. Venmo helps eliminate those kinds of hassles by allowing you to send and receive money with just an email or phone number. You can easily share payments for virtually any expense and get paid back through your smartphone. The app makes keeping track of money a breeze and it’s also a speedy way to receive payments. Just watch out for the fees. Venmo charges a three percent fee when you send money using a credit card. Pro tip: Chime also offers a Pay Friends feature that allows you to send fee-free mobile payments to other Chime members.
What’s your preferred money management tool?
These fintech apps and resources can help you get a better grip on saving, spending, debt repayment, investing, and your short-term and long-range money goals. We encourage you to check out all of these 8 resources to see which of them can help you improve your finances in the new year.