Personal finance can be a daunting subject for many. As we all navigate the early years of our careers and financial independence, it is important that we start off on the right foot and build a solid foundation. Below are some of the top 5 personal finance apps out there.
1. Rockey Money
Rocket Money, formerly known as True Bill, is one of the top personal finance apps out on the market today. With Rocket Money, you can track all of your subscriptions, checking, savings, and credit card expenses all in one place. You can also set up a budget within Rocket Money and set up alerts for when you get close to your allotted budget. Additionally, Rocket Money lets you know what bills you have upcoming and when your next paycheck is set to hit. Rocket Money allows you to compare your spending categories from one month to the next, enabling you to really see where you are spending your money. You can also automate your saving goals to once again simplify your personal finance journey. Rocket Money also has a web-based software for those who like to have web and app-based software for their personal finance.
2. YNAB (You Need a Budget)
You Need a Budget is a great resource to get you started in building out your personal finance framework. YNAB requires more of a manual set-up and can be a bit more time-consuming, but it can still be just as effective, once completed. With YNAB, you can give every dollar a purpose to make sure that you are fully accounting for every dollar that comes in. YNAB can also help you manage your debt and come up with a plan to crush it once and for all. YNAB also has a web-based platform for those who prefer it.
3. Mint
Mint is a personal finance app from Intuit that is now integrated with Credit Karma. With Mint, you can track all of your assets including your home whilst also keeping tabs on the other elements of your personal finance. Mint also allows you to track the categories of your expenses over different months to see how your spending compares to the previous month’s goals. Unlike RocketMoney, Mint mostly focuses on spending and budgeting, while RocketMoney can help you get a 360-degree view of your personal finances. Mint also has a web-based version for those who prefer it.
4. EveryDollar
Every Dollar, from Dave Ramsey, is a newer personal finance app that focuses primarily on budgeting. Similar to YNAB, it is budgeting-heavy, but EveryDollar has a more simplified interface for those who might find YNAB to be too granular. EveryDollar gives you a cleaner overview of where you stand in your overall budget and utilizes predictive measures to see how likely you are to go over this set budget at that point in the month. EveryDollar also has paycheck planning, so you can keep track of expected income. It also has a “financial roadmap” feature that gives you each stepping stone to get to your end goals. EveryDollar also has a fully free version, unlike other personal finance apps. EveryDollar also has a web-based version for those who prefer it.
5. Monarch Money
Monarch Money is a newer personal finance app that is powered by AI. It is focused on budgeting and utilizes its AI technology to give you recommendations as to where you can best optimize your spending to increase your odds of reaching your personal finance goals. The app also has unique charts and graph overviews to empower you to truly see where all of your money is going. This app lands on the higher end for subscription prices out of all the ones mentioned previously. This might be something to consider in your decision-making process.
Finding the best personal finance app for you is truly a matter of preference, so give them a try and figure out which one you align with most. What is most important is that you are tracking your personal finances and doing so consistently. It doesn’t matter that you have the best tool if you never use it.
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