Here’s how to find the right personal finance app for you

Before you start looking, know your personal goals for your finances.

PORTLAND, Maine – Want to do a better job handling your personal finances? Hey, who doesn’t? Sadly, this is a bit like a determination to lose weight and get in shape: We often start out with the best intentions, only to fall back into our old bad habits after only a few weeks.

207 Tech Guy, Rich Brooks New media streaming In Portland, she says one way to improve your chances of success is to find a good personal finance app. How do you find the app best suited to your needs? Here are the talking points offered by Brooks in his interview with 207:

Question: I went searching for the best personal finance apps…what did I find?

Truth be told, I found a lot of similarities there. Most “best of” lists started with MintAnd for good reason.

“I’ve been using Mint for years, and it’s a great way to track my spending, stay on budget, monitor my credit report, and more. It connects to my credit card and bank accounts, and you can also link other investments, like stocks, bonds, and more.

Also, it’s free. It’s supported by ads and affiliate fees, because it often recommends financial services that get ripped off.

“In short, if you only want one personal finance app on your phone, most people will be happy to use Mint.”

Question: But what if you’re not typical, or you’re OK with more than one app on your phone?

“There are some apps that have a unique feature or approach that makes them ideal for a particular audience or needs.

For example, if you are in a relationship and share expenses, you and your significant other may want to check out Honey, financial app for couples. It allows you to see what’s in your personal and joint accounts and see upcoming bills.

The great feature is that it also allows you to review bills and fees together, and message each other to understand where you are spending your money.

“Honeydue is free with ads, though you can set up a monthly ‘tip’ for developers ranging from $1 to $10, and you’ll be reminded to tip if you’re not.”

Question: What if it was more than just the two of you? Whole family, or roommate status?

Then you should check spender. Spendee has all the features you’d expect, but you can also have multiple “wallets” with family members or roommates to keep track of bills and expenses. You’ll never have to argue about who forgot to pay the electric bill again!

“The app is free, but if you want to unlock the multiple wallets feature, you will need to spend $15 per year.”

Question: What about people who feel like they are living paycheck to paycheck?

My recommendation would be YNAB, or need a budget. Instead of looking back, as so many apps do, YNAP looks forward, putting your money to work and reducing the impact of “sudden” expenses, like getting a car repair or going to the emergency room.

“This app requires you to take an active role in your spending and budget, but I feel like that’s a good thing. Plus, they have a great resource of helpful videos that you can find on YouTube. Worth checking out even if you don’t have the app.” I sent the link to my kids.

“The only caveat here is where Mint is free, YNAB costs about $8 a month if you buy it annually at a time.”

Question: What about people looking to invest?

One of the most popular applications for investing, including cryptocurrency, is Robinhood. Although it received a bit of bad press last year during the “stock meme” phase, it is still a popular app that allows you to invest in stocks, bonds, cryptocurrencies, and more.

“The app itself is free, offers commission-free investing, but generates most of its revenue from transaction-based revenue, including payments.”

Question: Any final thoughts on personal finance apps?

“It really comes down to what you’re looking for and what your goals are. Are you looking to monitor your spending, or do you need help putting more aside? Do you need to manage your money alongside someone else or just on your own? Are you looking to save for a vacation or for retirement?”

Knowing your personal goals will help you know which personal finance app is best suited to help you now.

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